Announcement from the General Secretariat of CRSD Regarding the Issuance of ACRSD Decision Convicting a Number of Etihad Etisalat (Mobily) Company Former Executives of Violating the Capital Market Law and its Implementing Regulations

Sunday, October 11, 2020 at 3:57 PM

Sun Oct 11, 2020 15:57

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes’ (ACRSD) decision dated 14/01/1442 H., corresponding to 02/09/2020, convicting a number of Etihad Etisalat (Mobily) Company executives of violating Article (49/a) of the Capital Market Law, for practicing acts that created a false and misleading impression about the value of the security of Etihad Etisalat (Mobily) Company by proving misleading and incorrect information in the Company's financial statements for the second quarter, third quarter and fourth quarter of 2013, as well as the first quarter, second quarter and third quarter of 2014, which inflated the revenues in the Company's financial statements during such periods.
The Capital Market Authority (CMA) in this regard would like to notify traders and investors in the Saudi Exchange that any person who was affected by these practices has the right to file a compensation claim, either through an individual case or a class action with the CRSD in accordance with statutory procedures, provided that such claim is preceded by a complaint filed with the CMA on this regard via the following link.
Further, GS-CRSD will announce to the public on its official website whenever a class action is registered, so that any investor affected by such violations can apply to join the class action lawsuit via an announced website link at the CMA official website to facilitate procedures for any affected persons to claim their compensations and to minimize litigation time, effort and costs.
The details of the GS-CRSD announcement can be seen at its published announcements page in its official website: