​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 25/07/1437H corresponding to 02/05/2016 regarding the lawsuit filed by the Capital Market Authority against Fahad bin Abdulrahman bin Abdulaziz ALShaalan. 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) of the Market Conduct Regulations for trading the shares of the following companies: (Chemanol, Wafrah for Industry and Development ,Saudi Industrial Development ,Al-Ahsa Development, Emaar, Etihad Atheeb Telecommunication, Knowledge Economic City, Al Sorayai Trading and Industrial Group, Qassim Agricultural, Filing and Packing Materials Manufacturing) during the period from 23/04/2012 until 10/07/2012 and 29/12/2012 until 22/04/2013. 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  470,000 Four Hundred and Seventy Thousand Riyals.
2. Oblige him to pay 798,689.10 Seven Hundred and Ninety-Eight Thousand,  Six Hundred and Eighty Nine riyals and Ten Halalas to CMA’s 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 one year.

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.