Riyadh - Mubasher: The Capital Market Authority (CMA) announced that the Appeal Committee for Securities Disputes issued a final decision convicting three officials in Abdullah bin Abdul Mohsen Al-Khodari Sons Company on charges related to misleading financial statements and inflating revenues. The committee ordered them to pay fines and impose a prison sentence on one of them .

The decision included the conviction of Suhail bin Saeed bin Mohammed Saeed, the company’s financial manager, Kailash Nath Sadangi, and Fawaz bin Abdullah bin Abdul Mohsen Al-Khudari, the company’s CEO, for violating the financial market regulations by inflating the revenues of four construction projects in the company’s financial statements from 2010 to 2017, through manipulating the application of revenue standards and international accounting standards, which gave a false impression about the value of the company’s securities .

The committee also convicted Fawaz bin Abdullah Al-Khudari of concealing the losses of six construction projects withdrawn from the company in the financial statements for the year 2017 with the aim of improving the image of the financial position, and decided to imprison him for six months and fine him 3.25 million riyals for violating the companies’ system, and an additional 400 thousand riyals for violating the capital market system.

Suhail bin Saeed bin Mohammed Saeed and Kailash Nath Sadangi were fined 100,000 and 200,000 riyals respectively, and all of them were banned from working in companies listed on the financial market for three years .

The Capital Market Authority confirmed that it continues to monitor violations and take strict measures to enhance confidence in the market and protect investors, as it calls on those affected to file individual or collective complaints to claim compensation for damages resulting from these violations, with the possibility of submitting a complaint to the Securities Disputes Resolution Committee after submitting the complaint to the Capital Market Authority .

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