Condemnation of an offense of collecting money from investors in Saudi Arabia without a license


Riyadh – Mubasher: The General Secretariat of the Committees for Resolution of Securities Disputes at the Saudi Capital Market Authority announced today, Tuesday, the issuance of the decision of the final resolution of securities disputes, in the case filed by the Public Prosecution (and referred to it by the Capital Market Authority) against Abdul-Baqi Bin Mohammed bin Isa Al-Hudairi.

The secretariat stated in a statement that the text of the decision ended with the aforementioned being convicted of violating Article (thirty-first) of the Capital Market Law, and Article (five) of the Securities Business Regulations, for practicing a securities business without a license, which is represented in the activity (dealing) as an agent of While working as an agent for a company registered outside the Kingdom of Saudi Arabia in (United Kingdom), which is a company (BMO-Markets) It carries out trading activity.

And she continued: “The convict received money from investors inside the Kingdom of Saudi Arabia and then transferred it to other bank accounts inside the Kingdom registered in the name of an institution he owned (Kahraman East Commercial Corporation) and then transferred these funds to bank accounts in foreign countries (China, Hong Kong, Turkey) is owned by a company (BMO-Markets)This is in return for the convicted person obtaining a percentage of those funds, and the decision included imposing a fine on him of 100,000 riyals for these violations.

It affirmed that the person who entered into an agreement or contract with the convicted person regarding this offense has the right to file a lawsuit with the committee to demand the termination of the agreement or contract and the recovery of any money or other property that he paid or transferred under the agreement or contract as stipulated in Paragraph (b) of Article (60) From the system, provided that a complaint is submitted to the authority in this regard.


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