An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict a violator of the Capital Market Law and its implementing regulations

​​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 14/05/1438H corresponding to 11/02/2017 regarding the lawsuit filed by the Bureau of Investigation and Public Prosecution (which was referred by the Capital Market Authority) against Muqrin bin Abdullah bin Abdulaziz Alrajhi. The decision convicted the defendant for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations for trading the shares of the following companies: (Saudi Industrial Services Co., National Agricultural Marketing Co., Jazan Development Co., Etihad Atheeb Telecommunication Co., Salama Cooperative Insurance Co., Arabian Shield Cooperative Insurance Co., Saudi Arabian Cooperative Insurance Co., Al-Rajhi Company for Cooperative Insurance, Saudi Enaya Cooperative Insurance Co.) during the period from 28/01/2013 until 15/04/2013. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The Appeal Committee for the Resolution of Securities Disputes decision included obliging him to pay (18,416.40) Eighteen Thousand, Four Hundred and Sixteen Riyals and Forty Halalas to Capital Market Authority’s account for the illegal gains in his investment portfolio. In addition, the decision imposed a fine on him in the amount of (90,000) Ninety Thousand Riyals for these violations.
 
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, and whoever is affected by these acts can file a suit for compensation to the committee as per Article (57) of the Capital Market Law, this must be preceded by a complaint filed to the CMA.