An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict a violator of the Capital Market Law and its implementing regulations
Wednesday, April 27, 2016 at 3:19 PM
2016-04-27 (1437-07-20) 15:19:03
The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 06/07/1437H corresponding to 13/04/2016 regarding the lawsuit filed by the Capital Market Authority against Abdulaziz bin Mohammad bin Saad Almatrood. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant for violating Article (49) of the Capital Market Law and Article (2) and Article (3) of the Market Conduct Regulations for trading the shares of the following companies: (Al Hassan Ghazi Ibrahim Shaker Co. , Saudi Research and Marketing Group , Fawaz Abdulaziz Alhokair Co. , Saudi Printing and Packaging Co. , Alkhaleej Training and Education Co. , Herfy Food Services Co. , Salama Cooperative Insurance Co. , Saudi Arabian Cooperative Insurance Co. , Alahli Takaful Co. , Allied Cooperative Insurance Group, ACE Arabia Cooperative Insurance Co. , AXA Cooperative Insurance Co. , Wataniya Insurance Co.) during the period from 06/12/2011 until 26/09/2012. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The following fines and sanctions shall be applied:
1. Impose a fine on him in the amount of 200,000 Two Hundred Thousand Riyals.
2. Oblige him to pay 80,104.70 Eighty Thousand and One Hundred and Four Riyals and Seventy Halalas to CMA account for the illegal profits in his investment portfolio..
3. He shall refrain from trading the shares of companies listed on the Saudi Stock Exchange (buying) whether in person or on behalf of someone else for six months.
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