The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 12/09/1438H corresponding to 07/06/2017G on the lawsuit filed by the Bureau of Investigation and Public Prosecution against Mana Ibrahim Gaziy Aldajani Alotaibi (which was referred from the Capital Market Authority). The decision convicted the defendant for violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations when trading the shares of (National Industrialization Co., Hail Cement Co. and The Company for Cooperative Insurance) during the period from 21/10/2012G until 25/05/2013G. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned companies. The Appeal Committee decision included imposing a number of penalties on the defendant, detailed as follows:
- Imposing a fine on him of (140,000) One Hundred and Forty Thousand Riyals for these violations.
- Obliging him to pay (1,435,392.20) One million, Four Hundred and Thirty Five Thousand, Three Hundred and Ninety two Riyals and Twenty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts, and whoever is affected by these acts can file a suit for compensation to the committee as per Article (57) of the Capital Market Law, this must be preceded by a complaint filed to the CMA.
(the To view the security and the date on which the suspected trading)
