Unlicensed portfolio management poses risks to owners: Aldakhil

Turki Aldakhil, journalist, writer and former ambassador

Turki Aldakhil, journalist, writer and former ambassador, said managing investment portfolios through unlicensed parties exposes owners to risks and breaches regulations.

In a tweet responding to his condemnation by the Appeal Committee for Resolution of Securities Disputes (ACRSD) for violating capital market laws, he acknowledged his error and cautioned others against it.

He stated that upon receiving the account details, he promptly implemented the committee's decision by depositing the required amounts into the Capital Market Authority’s (CMA) account on 1445/10/9 AH.

Aldakhil emphasized that the issue with his portfolio was a clear violation of Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations, which is an undeniable mistake.

Managing someone else's portfolio, despite being a regulatory violation, doesn't relieve him of responsibility or justify the error, he said.

Aldakhil noted that the money he paid to the authority will compensate for potential damages to traders, urging affected individuals to contact the authority to claim compensation, apologizing for his actions.

He highlighted that he breached capital market regulations, paid the penalty promptly, adding the accusations of corruption or power abuse as baseless, intending to take legal action against those who falsely accused him.

ACRSD convicted 13 investors recently for breach of capital market laws, ordering them and others to pay SAR 42.9 million in total, according to data compiled by Argaam.

ACRSD fined the 13 investors SAR 17 million for manipulating stock prices through specific buy orders linked to selling orders while trading shares of various listed companies.

They and additional investors were also required to pay SAR 25.9 million for illicit gains on their investment portfolios, the CMA said in a statement.

ACRSD's final decision convicted the following individuals: Hmoud Aldhiyab, Nouf Aljeraiwi, Ibrahim Aljeraiwi, Mesha'el Alharbi, Yazeed Almahmoud, Sahar Musalam, Turki Aldakhil, Muhammad Altamimi, Noura Aljeraiwi, Abdulrahman Aljeraiwi, Abdullah Alshethri, Khaled Aljeraiwi, and Musa'ed bin Almunifi. The decision found them guilty of violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations.