CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 6-9-1432H/6-8-2011 regarding the lawsuit filed by the Capital Market Authority (CMA) against Nabeel bin Ma’eedh bin Yahya Al Kahtani. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant of violating Article (49) of the Capital Market Law as well as Article (2) and Article (3) of the Market Conduct Regulations when trading the shares of Bishah Agriculture Development Co. during the period from 28/11/2006 until 5/12/2006. The following fines and sanctions shall be applied:
1. Impose a fine on him amounting to (SR. 100,000) One Hundred Thousand Saudi Riyals.
2. He shall refrain for five years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
3. He shall refrain for five years from trading through the purchase of shares in companies listed in the Exchange Market.
4. He shall refrain for five 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.