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Al-Marsad Newspaper: General Secretariat of Securities Litigation Committees Announces Publication of Appeal Panel Decision in Securities Litigation no. Public authority and seized by the Authority of the markets of the capital against Saad bin Abdullah bin Mohammed Albawardi.
Operative Judgment
The Secretariat explained in a statement that the operational decision of the decision ultimately condemned the foregoing for violation of Articles 49 and 31 of the Capital Market Act, Article 2 of the Code of Market Conduct and of Article 5 of the Securities Trading Regulations when trading the shares of real estate development company Dar Al-Arkan.
During the period from June 5, 2017 to June 7, 2017, these acts and practices amounted to manipulation and fraud and gave a misleading and erroneous impression of the safety of the company named.
Number of penalties
She pointed out that the decision included the imposition of several sanctions, according to the following details:
Imposition of a fine of 900,000 RS for violating Article 49 of the Capital Market Act and Article 2 of the Code of Market Conduct.
2. Impose a fine of 50,000 RS for violating Article 31 of the Capital Market Act and Article 5 of the Securities Regulations.
3 – Obligation to pay an amount of 7.92 million riyals to the Autorité des marchés financiers for the illegal gains made on its investment portfolio.
4. Prevent him from trading for the purchase of shares of companies listed on the market on his behalf or by proxy on behalf of third parties for a year, except for transactions made by the investment funds bias of approved persons.
Prevent him from managing investment portfolios in the financial market for a year
Illegal profits
She added that the decision included the obligation for an investor to pay an amount of 842,900 euros to the Commission's account for illegal gains made on his investment portfolio, resulting from the offenses committed by the convict Sa'd bin Abdullah bin Mohammed Albawardi.
Rights of the people affected
The AMF has noted that the victim of such practices by a found guilty of a violation of Article 49 is entitled to refer to the Committee the claim for compensation under Section 57 of the Contracts Act. of capital.
In the event of a violation of Article 31, any person who has entered into an agreement or a contract with the convicted person for violation of Article 31 shall have the right to request the Commission to claim the dissolution of the agreement or the contract and the recovery of any other property or paid in accordance with the agreement or contract. Article 60 (b) of the Capital Market Law.
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