Riyadh - Mubasher: The General Secretariat of the Securities Disputes Resolution Committees announced the issuance of the final decision No. 3585/L.S./2024 of 1446 AH, dated 24/06/1446 AH (corresponding to 25/12/2024 AD), by the Appeal Committee for Securities Disputes, in the general criminal case filed by the Public Prosecution (and referred to it by the Capital Market Authority) against Abdulrahman bin Saleh bin Abdulrahman Al-Rashid and Nasser bin Abdulaziz bin Nasser Al-Turki.

The decision, according to a press release issued today, Thursday, concluded that the aforementioned persons were convicted of violating Paragraph (a) of Article 49 of the Capital Market Law and Paragraph (a) of Article 2 of the Market Conduct Regulations, for their individual and joint involvement in entering buy orders with the aim of influencing the price of companies’ shares, entering buy orders with the aim of influencing the price of fund units, then entering sell orders, and entering buy orders with the aim of achieving a high closing auction price, when they traded in the shares of the following companies and fund units: Naseej International Trading Company (Naseej), Electrical Industries Company (Electrical Industries), Saudi Steel Pipe Company (Saudi Pipes), Saudi Arabian Refineries Company (Refineries), Saudi Cable Company (Saudi Cables), Saudi Industrial Development Company (SIDC), Saudi Paper Manufacturing Company (Paper Manufacturing), Al-Abdullatif Industrial Investment Company (Al-Abdullatif) - (Artex Industrial Investment), Rabigh Refining and Petrochemical Company (Petro Rabigh), Al-Kathiri Holding Company (Al-Kathiri), Lazurde Jewelry Company (Lazurde), and Anaam International Holding Group (Anaam Holding). Tihama Advertising and Public Relations Company (Tihama), Saudi Industrial Export Company (Sadarat), Thimar Development Holding Company (Thimar), Fitaihi Holding Group (Fitaihi Group), Red Sea International Company (Red Sea), Aljazira REIT Fund (Aljazira REIT), Food Development Business Company (Food Development), Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF), Al Ahlia Cooperative Insurance Company (Union Gulf Ahlia), Chubb Arabia Cooperative Insurance Company (Chubb), International Cooperative Insurance Company (Al-Alamiya) - (LIVA Insurance), National Insurance Company (Al-Watania), Enaya Saudi Cooperative Insurance Company (Enaya), and Alinma Tokio Marine Company (Alinma Tokio M), during the period from 04/02/2019 to 10/18/2022, while trading through their investment portfolios and investment portfolios belonging to other investors managed by Abdulrahman bin Saleh bin Abdulrahman Al-Rasheed.

The decision continued: "These actions and practices constituted manipulation and fraud, and created a misleading and incorrect impression regarding the securities of the aforementioned companies."

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

First: Abdul Rahman bin Saleh bin Abdul Rahman Al Rashid:

- Imposing a fine on him in the amount of (1,675,000) one million, six hundred and seventy-five thousand riyals.

Obligating him to pay an amount of (1,252,693.82) one million, two hundred and fifty-two thousand, six hundred and ninety-three riyals and eighty-two halalas to the account of the Capital Market Authority, in exchange for the illegal gains achieved on his investment portfolio.

- Obligating him to pay an amount of (2,261,906.94) two million, two hundred and sixty-one thousand, nine hundred and six riyals and ninety-four halalas to the account of the Capital Market Authority, in exchange for the illegal gains achieved on the investment portfolios of his two minor sons.

Second: Nasser bin Abdulaziz bin Nasser Al-Turki:

- Imposing a fine on him in the amount of (230,000) two hundred and thirty thousand riyals.

- Obligating him to pay an amount of (538,982.29) five hundred and thirty-eight thousand, nine hundred and eighty-two riyals and twenty-nine halalas, to the account of the Capital Market Authority, in exchange for the illegal gains achieved on his investment portfolio.

The decision also included obligating investors to pay a total amount of (1,864,348.50) one million, eight hundred and sixty-four thousand, three hundred and forty-eight riyals and fifty halalas, in exchange for the illegal gains achieved on their investment portfolios, resulting from the illegal trades committed by the convict, Abdulrahman bin Saleh bin Abdulrahman Al Rashid.

The person harmed by the violations subject to this lawsuit has the right to submit an individual or collective lawsuit to the Resolution 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). Note that the General Secretariat of the Resolution Committees will announce to the public on its website when any class action lawsuit is registered, so that the remaining investors harmed by the same violations can submit a request to the Committee to join the class action lawsuit.