• Violate the financial markets system and its implementing regulations and fining them 99.1 million riyals

The General Secretariat of Securities Litigation Committees has announced the decision of the Securities Litigation Appeal Committee to sentence offenders to the market system and its by-law and has fined 99.1 million riyals.

The General Secretariat of Securities Litigation Committees announced the decision of the Securities Litigation Appeal Panel on December 30, 2018, in a lawsuit filed by the Crown (which was referred to him by the capital market authority), fining 16 people of a value of 41.04 million riyals.

The court said that the trial concerned Sarah bin Faisal bin Didan Abu Ateen, Saud ben Saadane bin Saadane bin Said bin Saidane, bin Saidane bin Saidane bin Saidane, bin Saadane Bin Saidane bin Saidane, bin Saidane bin Saidane, bin bin bin Saidane bin bin Saidane, His & # 39; dan, His & # 39; ad ibn Ibrahim ibn Yusuf al-Shayji, Majid bin Mohammed abdullah al-Araifi, Jawhar bint Mohsen bin Nahar al-Dajani, Abdul Aziz bin Badr bin Saud al-Saud, Thamer bin Faisal bin Thamer al-Saud, Said Abd al-Muhammad Abdullah Al-Shaniber, Samar Bin Simea Al Haq Qamaruddin Malak, Abdul Rahman Bin Muhammad Bin Abdul Rahman Al-Tabishi, Bin Mohammed bin was Abdulrahman Altobaishi.

(BSA), Gulf Cooperative Insurance Company, United Cooperative Insurance Company (UIC), United Cooperative Insurance Company, Union Cooperative Insurance Company, Saudi Cooperative Insurance Corporation (Walaa), Arab Cooperative Insurance Corporation, Saudi Cooperative Insurance, Sanad Cooperative Insurance and Reinsurance Company, SABB Takaful Company, Riyadh Development Corporation, Al-Ahsa Development Company, Saudi Paper Manufacturing Company, Al-Abdalatif Industrial Investment Company, Tihama Advertising and Relations Co. General Contractor, Tourism Projects Company, East Development Company, Mutual Insurance and Reinsurance Corporation Malath, Cooperative Insurance and Reinsurance Corporation for the Mediterranean and the Pacific Islands. Gulf, Al Sagr Cooperative Insurance Company, Unified Co-operative Society Al, United States Insurance Company Kassa Nce, Amanah Insurance Company, Saudi Arabia Insurance Company.

The violations occurred between 1 January 2012 and 30 April 2014, as these manipulative and fraudulent acts and practices gave rise to a misleading and mistaken impression of the securities of the aforementioned companies, including the imposition of a number of sanctions; According to the following details:

First: Sarah Faisal Didan Abu Sheneen

– the imposition of a fine of 300 000 riyals for these violations.

– Require to pay 8.03 million SAR on account of the AMC for illegal gains made on its investment portfolio.

Second: Saud Abdullah Saadane bin Saadane

– A fine of 1.88 million RS was imposed for these violations.

– Requiring to pay RS 6.13 million to the Capital Market Authority (CMA) for illegal gains made on its investment portfolio.

– Prevent him from trading for three months the purchase of shares of listed companies on his behalf or his agent on behalf of third parties.

Third: Naif Abdullah Saadane bin Saadane

– The imposition of a fine of 90 000 riyals for these violations.

– The obliging to pay 130.11 SAR on the account of the CMA for illegal gains made on its investment portfolio.

Fourth: Turki Abdullah Saadane bin Saadane

– The imposition of a fine of 660,000 riyals for these violations.

– Requiring to pay 2.19 million RS to the CMA's account for illegal gains made on its investment portfolio.

– Prevent him from trading for three months the purchase of shares of listed companies on his behalf or his agent on behalf of third parties.

Fifth: Sarah Suleiman Ibrahim Abu Hamid

– The imposition of a fine of 210 000 riyals for these violations.

– forcing them to pay to the CMA account an amount of 1.94 million euros for the illegal gains made on his investment portfolio.

Sixth: Khalid Abdullah Saadane bin Saadane

– the imposition of a fine of 500 000 riyals for these violations.

– Forcing him to pay $ 6.69 million to the CMA account for illegal gains made on his investment portfolio.

Seventh: Saad Ibrahim Yousef Al-Shayji

– The imposition of a fine of 165 000 riyals for these violations.

– Compelling to pay 743.4 thousand SAR on the account of the CMA for illegal gains made on its investment portfolio.

Eighth: Majid Mohammed Abdullah Al Arifi

– the imposition of a fine of 525 000 riyals for these violations.

– Obligation to pay 4.6 million SAR to the Capital Market Authority (CMA) for illegal gains made on its investment portfolio.

– Prevent him from trading for three months the purchase of shares of listed companies on his behalf or his agent on behalf of third parties.

Ninth: Jawahar Mohsen Nahar al-Dajjani

– The imposition of a fine of 270 000 riyals for these violations.

– Forcing him to pay SR 860,000 to the CMA for the illegal gains made on his investment portfolio.

Tenth: Abdul Aziz Badr Saud Al Saud

– The imposition of a fine of 540 000 riyals for these violations.

– The obligating to pay the sum of $ 403.9 thousand to the account of the CMA for illegal gains made on its investment portfolio.

Eleventh: Thamer Faisal Thamer Al Saud

– A fine of SR 435,000 for these offenses.

– Requiring to pay SR 843,000 to the Autorité des marchés financiers (AMC) for illegal gains made on its investment portfolio.

Twelfth: Hisham Abdullah Mohammed Al-Rajeh

1 – impose a fine of 210,000 riyals for these violations.

2. The compelling amount to be paid to the CMA in the amount of 516.4 thousand RS for the illegal gains made on his investment portfolio.

Thirteenth: Maher Hamad Abdullah Al-Shaniber

– The imposition of a fine of 150 000 riyals for these violations.

– Requiring to pay 1.37 million RS on the CMA's account for illegal gains made on its investment portfolio.

The fourteenth: Samar Sameeq Al – Haq

– The imposition of a fine of 30,000 riyals for these violations.

Fifteenth: Abdulrahman Mohammed Abdul Rahman Al-Tabishi

1. A fine of 195 000 SR for such offenses.

2. He is required to pay SAR 44,700 into the CMA account for illegal gains made on his investment portfolio.

Sixteen: Rakan Mohammed Abdul Rahman Al-Tabishi

1 – impose a fine of 105,000 riyals for these violations.

2. The compelling to pay 164,1 thousand riyals to the account of the AMC for the illegal gains made on his investment portfolio.

The General Secretariat of Securities Dispute Resolution Committees announced the decision of the Securities Litigation Appeals Committee No. 1613/2019 of 1440H of 1440/04/30H corresponding to 6 January 2019 in the case of the Financial Markets Authority Abdulaziz bin Abdulrahman bin Abdulaziz Al Saud, Khalid bin Saleh bin Hamad al Rayes and Ghadir bin Saleh bin Ghadir Al Rashid.

The board of directors said in a statement today that the decision had ended with the conviction of those mentioned in violation of article (49) of the Law on Capital Markets and Securities. Article (2) of the regulation of market behavior. Saudi Arabia for transport and investment (PATEC for investment and logistics), Saudi Arabia for industrial exports, Al Watan (KEC), Tabuk Agricultural Development, Al Jouf Agriculture, Jazan Energy and Development , Al Ahlia Cooperative Insurance, Unified Cooperative Insurance Group), between January 1, 2012 and April 15, 2013.

The Commission pointed out that these practices and practices were manipulative and fraudulent and gave a misleading and erroneous impression on the securities of the companies mentioned.

The decision of the Appeal Board provided for a number of sanctions; According to the following details:

First: Abdulaziz bin Abdulrahman Bin Abdulaziz Al Saud

– a fine of 1.4 million RS for such offenses.

– He is obliged to pay 18.01 million SAR on the account of the CMA for the illegal gains made on his investment portfolio.

– Prevent him from buying for two years the shares of companies listed on the market.

Second: Khalid bin Saleh Bin Hamad Al Rayes

– The imposition of a fine of 60 000 riyals for these violations.

– Require CSR 5.45 million to be paid to the CMA for illegal gains made on its investment portfolio.

Third: Ghadir bin Saleh bin Ghadir al-Rashid

– the imposition of a fine of 500 000 riyals for these violations.

The decision requires a number of investors to pay RS 32.6 million to the account of the Authority for illegal gains made on their portfolios as a result of the offending transactions committed by the convict Ghadir bin Saleh bin Ghadir Al-Rasheed.

The AMC has confirmed that the victim of such practices is entitled to submit a complaint to the Commission for the settlement of securities disputes in accordance with section 57 of the Act, provided that a complaint is submitted to the AMF in this regard.