‎ACRSD issues final decision on imposing SAR 1.7 mln fine on Capital Market Law violator

‎ACRSD issues final decision on imposing SAR 1.7 mln fine on Capital Market Law violator

The General Secretariat of Committees for Resolution of Securities Disputes announced today, Dec. 5, that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a resolution on Oct. 3, 2022, on the public penal case filed by the Public Prosecution against Abdullah Almutairi, according to the Capital Market Authority's (CMA) website.

Almutairi was convicted of violating the Capital Market Law as well as the Market Conduct Regulations, when trading the shares of Middle East Paper Co. (MEPCO), Astra Industrial Group, Bawan Co., Electrical Industries Co., Al Yamamah Steel Industries Co., Saudi Steel Pipe Co., National Gypsum Co., AYYAN Investment Co., National Metal Manufacturing and Casting Co. (Maadaniyah), Saudi Chemical Holding Co. (SCCH), Al Abdullatif Industrial Investment Co., Sinad Holding Co., Fitaihi Holding Group, Red Sea International Co., Alandalus Property Co., Jazan Energy and Development Co., Saudi Arabian Cooperative Insurance Co. (SAICO), Buruj Cooperative Insurance Co. and Al Alamiya for Cooperative Insurance Co., from March 30, 2020, to Sept. 13, 2020.

Such acts and practices constituted manipulation and fraud. They created a false and misleading impression regarding the securities of the abovementioned companies.

The violation includes entering purchase orders on shares of these firms and then promoting them through Almutairi's account on Twitter