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The General Secretariat of Securities Dispute Resolution Commissions has declared the decision of the Securities Litigation Appeals Commission No. (1650 / SP / 2019) for the year 1440H of 1440/06/06 AH corresponding as of 8 February 2019 in the case filed by the Public Prosecutor Against the Capital Market Administration) against Ali bin Abdullah Bin Shaiban al-Shamrani and put an end to the conviction of the person cited in violation of Article 49) of the Financial Markets Act and Article 2) The following companies:
(Saudi Insurance and Packaging Company, Al Ahlia Cooperative Insurance Company, Arab Cooperative Insurance Company, Bupa Arabia Cooperative Insurance Company, International Cooperative Insurance Company, Al Alamiya Cooperative Insurance Company (Priority Rights) , Alinma Tokyo Marine Company) during the period from 2014-2019 to 2015 / 03/22 AD, and the movement of shares The following companies:
(National Insurance Company AXA, National Insurance Company, Amanah Insurance Company), during the period from 2015/04/2015 to 08/04/04, these practices and practices being manipulative and fraudulent and creating a misleading and erroneous impression concerning And the Appeal Board's decision to impose a number of penalties; According to the following details:
– The imposition of a fine of 190 000 riyals for these violations.
– The obliging to pay 14.2 thousand SAR to the CMA for the illegal gains made on its investment portfolios.
– prevent him from trading for three months the purchase of shares of companies listed on the market on his behalf or by proxy on behalf of third parties.
The Secretariat stated in a statement that the victim of such practices had the right to file a complaint with the Commission under Section 57 of the Capital Markets Act, provided that a complaint be filed with the Board of Directors in this regard.
For the trading date and the financial document relating to the violation, see the annex below:
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