CMA announces a decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 3-6-1433H/24-4-2012 regarding the case raised by CMA against Mahmoud bin Mohammad bin Abbas Hajiyyah and Adel bin Ali bin Yaseen AlJaber. The final decision affirmed (CRSD)'s decision to convict the accused with the violation of Chapter Seven of the Capital Market Law as well as Articles (3) and (8) of the Offers of Securities Regulations because they offered and promoted securities for Initial Public Offering (IPO) without CMA’s approval. The imposition of the following penalties and sanctions is in order:
1. Impose a fine on both of them amounting to (SR. 100,000) One Hundred Thousand Saudi Riyals.
2. They shall refrain for three years from working in companies of which their shares are traded in the Exchange Market.
By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.
