An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict a violator of the Capital Market Law and its implementing regulations
Thursday, March 10, 2016 at 3:43 PM
2016-03-10 (1437-06-01) 15:43:29
The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 17/05/1437H corresponding to 26/02/2016 regarding the lawsuit filed by the Capital Market Authority against Abdulrahman bin Mohammad bin Sulaiman Al Luhaidan ( Previous chairman of the board of directors of Saudi Transport and Investment Co.) and Khalid bin Abdullah bin Mohammad Alsudais ( previous board member of Saudi Transport and Investment Co.) . The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant s for violating Article (44) of the Listing Rules as the defendant Abdulrahman Al Luhaidan had an agreement with a private company to invest an amount of money that belongs to the company in some shares and he gave the manager of that company the authority to buy and sell those shares which resulted in losses for the company. And the defendant Khalid Alsudais did not do anything in regard to the mentioned violation. The decision included the following sanctions:
First: Abdulrahman bin Mohammad bin Sulaiman Al Luhaidan
1. Impose a fine on him in the amount of 30,000 Thirty Thousand Riyals.
2. He shall refrain from working in companies listed in the Saudi Stock Exchange for two years.
Second: Khalid bin Abdullah bin Mohammad Alsudais
He shall refrain from working in companies listed in the Saudi Stock Exchange for six months.
The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.