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The Capital Market Authority (CMA) said that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a final decision on Feb. 18, 2021, on the case filed by the Public Prosecution against Thonayan bin Abdulaziz Al Thonayan and Abdulrahman bin Muhammad bin Ali bin Rayes.
Al Thonayan and Abdulrahman bin Rayes were convicted of violating the capital market law and the market conduct regulations, when trading the shares of the following companies and funds units: Saudi Ceramic Co., Nama Chemicals Co., Hail Cement Co., Dur Hospitality Co., Saudi Printing and Packaging Co., Swicorp Wabel REIT Fund, MEFIC REIT Fund, Al Gassim Investment Holding Co., Al-Jouf Agricultural Development Co., and CHUBB Arabia Cooperative Insurance Co., during the period between Sept. 14, 2017 and Dec. 17, 2018.
Such acts and practices constituted manipulation and fraud regarding the securities of the abovementioned companies and funds, the market regulator added in a statement.
Under the decision, Al Thonayan was fined SAR 110,000. He was also ordered to pay to the CMA a total of SAR 16,631 in illegal gains realized in his portfolio as a result of such violations.
Moreover, Abdulrahman bin Rayes was fined SAR 260,000 and was ordered to pay to the CMA a total of SAR 47,683 in illegal gains realized in his portfolio as a result of such violations.
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