Logo ofCapital Market Authority (CMA)
The Capital Market Authority (CMA) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a final decision against ten investors for violating Article (49.a) of the Capital Market Law and Article (2.a) of the Market Conduct Regulations. 
They were fined a total of SAR 860,000 and obligated, along with other investors, to pay more than SAR 96 million against illegal gains resulting from these violations.
According to ACRSD’s decision, the following individuals: Ibrahim bin Abdullah bin Muhammad Aljunaidli, Ahmad bin Ali bin Sulaiman Alyahya, Ismail bin Saleh bin Muhammad Alhathlol, Khaled bin Abdullah bin Shlash Alshlash, Daham bin Muhammad bin Hamoud Aldaham, Abdulrahman bin Abdullah bin Abdulrahman Aloraini, Abdulmalik bin Abdulaziz bin Suliman Alsukait, Ali bin Saleh bin Ali Alothaim, Majed bin Romi bin Sulaiman Alromi, and Sulaiman bin Muhammad bin Saleh Alothaim, were convicted of violating Article (49.a) of the Capital Market Law and Article (2.a) of the Market Conduct Regulations, for their act solely and collectively of entering purchase and sale orders with the aim of influencing the share price, and entering sale orders with the aim of achieving higher closing bid price, when trading on the shares of Dar Alarkan Real Estate Development Co. during the period between Feb. 3, 2019 until Dec. 5, 2020, through their portfolios or other portfolios that they manage.
Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned company, it statement added.
The ACRSD obligated the ten convicted individuals to pay SAR 64.2 million against illegal gains achieved in their investment portfolios as a result of the violations for which they were convicted. In addition, a number of investors were obligated to pay a total amount of SAR 31.9 million to the CMA’s account, against the illegal gains achieved in their portfolios that resulted from the illegal trading committed by the convicted persons: Ismail bin Saleh bin Muhammad Alhathlol, Ali bin Saleh bin Ali Alothaim, and Majed bin Romi bin Sulaiman Alromi, or as a result of benefiting from such illegal trading.
Additionally, the ACRSD ruled to impose a fine of SAR 860,000 on the convicted individuals and banned all of them from trading by purchasing shares, directly or indirectly, in the capital market for periods ranging from two to three years.
Logo ofCapital Market Authority (CMA)
The Capital Market Authority (CMA) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a final decision against ten investors for violating Article (49.a) of the Capital Market Law and Article (2.a) of the Market Conduct Regulations.
They were fined a total of SAR 860,000 and obligated, along with other investors, to pay more than SAR 96 million against illegal gains resulting from these violations.
According to ACRSD’s decision, the following individuals: Ibrahim bin Abdullah bin Muhammad Aljunaidli, Ahmad bin Ali bin Sulaiman Alyahya, Ismail bin Saleh bin Muhammad Alhathlol, Khaled bin Abdullah bin Shlash Alshlash, Daham bin Muhammad bin Hamoud Aldaham, Abdulrahman bin Abdullah bin Abdulrahman Aloraini, Abdulmalik bin Abdulaziz bin Suliman Alsukait, Ali bin Saleh bin Ali Alothaim, Majed bin Romi bin Sulaiman Alromi, and Sulaiman bin Muhammad bin Saleh Alothaim, were convicted of violating Article (49.a) of the Capital Market Law and Article (2.a) of the Market Conduct Regulations, for their act solely and collectively of entering purchase and sale orders with the aim of influencing the share price, and entering sale orders with the aim of achieving higher closing bid price, when trading on the shares of Dar Alarkan Real Estate Development Co. during the period between Feb. 3, 2019 until Dec. 5, 2020, through their portfolios or other portfolios that they manage.
Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned company, it statement added.
The ACRSD obligated the ten convicted individuals to pay SAR 64.2 million against illegal gains achieved in their investment portfolios as a result of the violations for which they were convicted. In addition, a number of investors were obligated to pay a total amount of SAR 31.9 million to the CMA’s account, against the illegal gains achieved in their portfolios that resulted from the illegal trading committed by the convicted persons: Ismail bin Saleh bin Muhammad Alhathlol, Ali bin Saleh bin Ali Alothaim, and Majed bin Romi bin Sulaiman Alromi, or as a result of benefiting from such illegal trading.
Additionally, the ACRSD ruled to impose a fine of SAR 860,000 on the convicted individuals and banned all of them from trading by purchasing shares, directly or indirectly, in the capital market for periods ranging from two to three years.
