The Committee for the Settlement of Disputes in the Saudi Market imposes fines and penalties on 7 violators

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Riyadh – Mubasher: The General Secretariat of the Committees for the Resolution of Securities Disputes announced the issuance of the Appeal Committee’s decision No. 2223 / L.S. / 2021 AD for the year 1442 AH, convicting 7 violators of the Capital Market Law and its Implementing Regulations, in the lawsuit filed by the Capital Market Authority against Hanspeter Ackermann and Ahmed bin Abdullah bin Ali Bamkhair, Sultan bin Abdullah bin Ali Al-Shehri, Ibrahim bin Abdulrahman bin Yahya Al-Sharida, Nayef bin Abdul Mohsen bin Saleh Al-Rasheed, Mufaddal Muhammad Kanta Walla, and Samba Asset and Investment Management.

The decision’s operative ended, according to a statement by the secretariat today, Wednesday, convicting the defendants Hanspeter Ackermann, Ahmed bin Abdullah bin Ali Bamkhair, Sultan bin Abdullah bin Ali Al-Shehri, Ibrahim bin Abdulrahman bin Yahya Al-Sharida, and Nayef bin Abdul Mohsen bin Saleh Al-Rasheed, for committing violations on 11 shares. A listed company, as these actions and practices constitute fraud and manipulation.

The violations were committed in their trading in the shares of: Mohammed Al-Moajil Group, Abdullah Abdulmohsen Al-Khodari Sons Company, Saudi Ceramic Company, Saudi Chemical Holding Company, Qassim Cement Company, Saudi Electricity Company, Mediterranean and Gulf Cooperative Insurance and Reinsurance Company, National Glass Industries Company, and Advanced Petrochemical Company. , SABIC Agro-Nutrients Company, and the Saudi Dairy and Food Products Company, during the period from January 1 to March 30, 2011.

The defendant, Mufaddal Muhammad Kanta Walla, was convicted of violating Paragraph (a) of Article 24 of the Authorized Persons Regulations, for violating the following principles: (effective performance and control, skill, care and diligence, and protection of clients’ assets), and the defendant was convicted: Samba Asset and Investment Management Company Violating the principles stipulated in Paragraph (b) of Article (5) of the Authorized Persons Regulations, for violating the following principles: (effective performance and control, skill, care and diligence, and protection of clients’ assets); This is due to its failure to take the necessary arrangements to prevent violations of Article 49 of the Capital Market Law and Articles (II) and (Third) of the Market Conduct Regulations, which were committed through investment funds and private portfolios managed by it..

The decision included imposing a number of penalties on violators; These included fining Hanspeter Ackermann (in absentia) with a value of 50,000 riyals, preventing him from trading shares of companies listed in the market for his own account or acting on behalf of others for a period of one year, and preventing him from practicing any obligatory job, managing portfolios, or working as an investment advisor in the Saudi stock market for a period of 3 years..

And it was decided to fine Ahmed bin Abdullah bin Ali Bamkhair with a value of 100,000 riyals, and prevent him from trading the shares of companies listed in the market for his own account or on behalf of others for a period of one year, and prevent him from practicing any obligatory job, managing portfolios or working as an investment advisor in the Saudi financial market for a period of 3 years..

The Appeal Committee imposed a fine of 100,000 riyals on Sultan bin Abdullah bin Ali Al-Shehri, preventing him from trading the shares of companies listed in the market for his account or acting on behalf of others for a period of one year, and preventing him from practicing any obligatory job, managing portfolios, or working as an investment advisor in the Saudi financial market. for 3 years.

The committee fined Ibrahim bin Abdul Rahman bin Yahya Al-Shareeda by 100,000 riyals, and prevented him from trading shares of companies listed in the market for his own account or on behalf of others for a period of one year, and prevented him from practicing any obligatory job, managing portfolios, or working as an investment advisor in the Saudi financial market for a period of 3 years..

The decision also included fining Nayef bin Abdul Mohsen bin Saleh Al-Rasheed 100,000 riyals, preventing him from trading the shares of companies listed in the market for his own account or acting on behalf of others for a period of one year, and preventing him from practicing any obligatory job, managing portfolios or working as an investment advisor in the Saudi financial market for a period of 3 years. Years.

Mufaddal Muhammad Kanta Wala was fined 50,000 riyals, and banned from trading the shares of companies listed in the market for his own account or on behalf of others for a period of one year, and prevented him from practicing any obligatory job, managing portfolios or working as an investment advisor in the Saudi financial market for a period of 3 years..

Finally, the Samba Assets and Investment Management Company was fined 100,000 riyals, and obligated to pay the illegal gains made on the investment funds and private portfolios managed by it in question as a result of the violations committed by the defendants: Ahmed bin Abdullah bin Ali Bamkhair, and Sultan bin Abdullah bin Ali Al-Shehri, Ibrahim bin Abdul Rahman bin Yahya Al-Sharida, and Nayef bin Abdul Mohsen bin Saleh Al-Rasheed, to the account of the Capital Market Authority, amounting to 6.01 million riyals.

The secretariat noted that the person harmed by these practices has the right to file a compensation claim with the committee under Article 57 of the Capital Market Law, provided that a complaint is submitted to the Authority in this regard.

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