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On February 4, 2019, the General Secretariat of Securities Litigation Committees announced the Committee's decision regarding the acceptance of a class action limitation application filed by an investor against the members of the Board of Directors of Mohammed Al-Mujal Company when subscribing for its shares And some of its senior executives and auditors, namely: Muhammad bin Hamad bin Abdul Karim Al Mujal, Adel bin Mohammed Bin Hamad Al Mujal, bin al-bin bin al-rutan, bin bin bin bin al binah al-rutan bin bin bin bin al binad bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin bin al bin Khair & Co.) and Bakr Bin Abdullah Al-Khair, responsible for offenses against the shares of the Company (during the IPO phase), made a final decision on February 8, 2017 of the Commission d Recourse to securities litigation Which included their conviction for violation of Article 49 (a) of the Capital Markets Act and Article 7 of the Code of Conduct for the Conduct of acts that create an erroneous and misleading impression of the value of the security of the company at the stage of the IPO of its shares.
According to a statement by the Secretariat, the complainant requested in his motion to restrict the collective action of the Commission and to compel the defendants to compensate him for the harm caused to his contribution to society as a result of the said violations.
In accordance with Article 52 of the Rules of Procedure for the Settlement of Securities Litigation, any person who has subscribed or purchased shares of the Company prior to the publication of its first financial statements on July 12, 2008 and having been affected by such violations , applies to the Board 90 days from the date of this declaration, the Committee will review its application according to the usual procedures, through the authority of the capital market authority, to the. following address: https://cma.org.sa/Services. /Pages/ClassActionSuit.aspx.
According to the data available "Numbers"In April 2017, the AMC completed all necessary investigations into the violations that occurred after the initial public offering stage of "Al-Mojil Group" and filed a complaint regarding related violations. misrepresentation and manipulation in the Corporation's financial statements, the Securities Litigation Committee.
It should be noted that the board of directors of the Autorité des Marchés Financiers decided in May 2017 to cancel the listing of the shares of the "Mohammed Al-Majel group" in the Saudi market. , "Tadawul" for not having engaged the company in the regulatory procedures necessary to remedy its situation in accordance with the financial market system and its regulations.
The losses accumulated by the company amounted to about R $ 3,749.7 million, or 300% of its capital.
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