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The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued its final decision on the public penal case filed against Ammar bin Salim Bakhreebah, Elmar Capital, and Elmar Finance. 
The abovementioned person and entities were convicted of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations.
Bakhreebah practiced securities business, represented in the activity of “managing”, by offering and managing an investment fund, receiving money from clients to invest in such investment fund. This was with the participation of both Elmar Capital and Elmar Finance without obtaining a license from the CMA.
The committee decided to impose a fine of SAR 1 million on Bakhreebah and the two entities each, and imprisoning Bakhreebah for 90 days.
Logo ofCapital Market Authority
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued its final decision on the public penal case filed against Ammar bin Salim Bakhreebah, Elmar Capital, and Elmar Finance.
The abovementioned person and entities were convicted of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations.
Bakhreebah practiced securities business, represented in the activity of “managing”, by offering and managing an investment fund, receiving money from clients to invest in such investment fund. This was with the participation of both Elmar Capital and Elmar Finance without obtaining a license from the CMA.
The committee decided to impose a fine of SAR 1 million on Bakhreebah and the two entities each, and imprisoning Bakhreebah for 90 days.
