Riyadh - Mubasher: The General Secretariat of the Securities Disputes Resolution Committees announced the issuance of the final decision No. 3548/L.S./2024 of 1446 AH, dated 08/05/1446 AH corresponding to 11/10/2024 AD, by the Appeal Committee for Securities Disputes. This decision was in the general criminal case filed by the Public Prosecution (and referred to it by the Capital Market Authority) against Osama Wafiq Tawfiq Asaad (Assistant Director of Investment Banking at the Financial Advisor of the Mohammed Al Mojil Group during the initial public offering phase).

The ruling concluded with convicting the aforementioned person of violating Paragraph (a) of Article 49 of the Capital Market Law, after his liability was proven, along with others - who were convicted by the decision of the Appeal Committee for Securities Disputes No. 1189/L.S./2017 of 1438 AH, which was announced on the Capital Market Authority’s website on 06/14/1440 AH corresponding to 02/09/2019 AD - for omitting, in the prospectus for the initial public offering of Mohammed Al Mojil Group Company (“the Company”), material information, namely a decrease in the value of the Company’s existing projects in the first quarter of 2008 AD, which affected the initial valuation price of the Company’s shares during the offering of its shares for public subscription.

The decision included imposing a number of penalties on him, as detailed below:

Imposing a fine on him in the amount of (100,000) one hundred thousand riyals.
- Preventing him from managing portfolios or working as an investment advisor for a period of (five) years.
- Preventing him from working in entities subject to the supervision of the Capital Market Authority for a period of (five) years.
The person harmed by the violations subject to this lawsuit has the right to submit an individual or collective lawsuit to the Adjudication Committee to claim compensation for the damage resulting from these violations, provided that this is preceded by submitting a complaint to the Capital Market Authority in this regard, via the following link (link to submit a complaint).

She indicated that the General Secretariat of the Adjudication Committees will announce to the public on its website when any class action lawsuit is filed, enabling other investors harmed by the same violations to submit a request to the committee to join the class action lawsuit.