The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 02/09/1437H corresponding to 07/06/2016 regarding the lawsuit filed by the Capital Market Authority against Suleiman bin Abdullah bin Suleiman Al-Jibreen. 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) and Article (3) of the Market Conduct Regulations for trading the shares of Al Abdullatif Industrial Investment Co. during the period from 03/09/2012 until 21/11/2012. These practices formed 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 Impose a fine on him in the amount of 80,000 eighty thousand riyals. In addition, the decision obliged another investor to pay the amount of 2,479,524.30 two million, four hundred and seventy-nine thousand, five hundred and twenty four riyals and thirty halalas. To the Capital Market Authority account for the illegal profits made on her investment portfolio due to the unlawful trades committed by the convicted Suleiman bin Abdullah bin Suleiman Al-Jibreen.
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. Whoever is affected by these acts can file a compensation claim to the committee as per Article 57 of the Law. This must be proceeded by a complaint filed to the Authority.
