The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 4/9/1439H corresponding to 19/5/2018G on the lawsuit filed by The Public Prosecution (referred to it by the Capital Market Authority) against Mohammed bin Ali bin Saleh Alshenaifi and Majid bin Abdulaziz bin Abdullah bin Akrsh. The verdict concluded with the conviction of the defendants of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations when trading the shares of Riyad Bank on 17/12/2015G. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned company. The Appeal Committee decision included the imposition of a number of penalties on the defendants, detailed as follows:
First defendant: (Mohammed bin Ali bin Saleh Alshenaifi)
- Imposing a fine on him amounting to (10,000) Ten Thousand Riyals.
- Obliging him to pay (50,400) Fifty Thousand and Four Hundred Riyals to the Capital Market Authority’s account for the illegal gains achieved as a result of these violations.
- Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.
Second defendant: (Majid bin Abdulaziz bin Abdullah bin Akrsh)
- Imposing a fine on him amounting to (10,000) Ten Thousand Riyals.
- Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.
The Capital Market Authority affirms on its devotion to apply the Capital Market Law and its Implementing Regulations as well as protecting the investors from illegal practices, and whoever is affected by these practices 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.
(To view the security and the date on which the suspected trading occurred)
