‎Violator of Capital Market Law convicted

‎Violator of Capital Market Law convicted

The Appeal Committee for the Resolution of Securities Disputes (ACRSD) issued final decision, on July 19, 2023, on the public penal case filed by the Public Prosecution against Fahad bin Abdulaziz bin Abdullah Albanyan.

Albanyan was convicted for violating the Capital Market Law when trading in the shares of the following companies: Naseej International Trading Co., Saudi Cable Co., National Metal Manufacturing and Casting Co., Tihama Advertising and Public Relations Co., Red Sea International Co., Saudi Fisheries Co., Ash-Sharqiyah Development Co., Allianz Saudi Fransi Cooperative Insurance Co., Abdullah Saad Mohammed Abo Moati for Bookstores Co., Al-Omran Industrial Trading Co., Raydan Food Co. and Sumou Real Estate Co., during the period between Jan. 15, 2019 and Nov. 25, 2020.

Such acts and practices represent fraud and manipulation, and created a false and misleading impression regarding the security of the abovementioned companies. His violation is represented in his act through his portfolio of entering purchase orders aiming to affect the share price of the abovementioned companies, and entering purchase orders aiming to achieve high bid closing price.

The decision included the imposition of a number of sanctions upon him according to the following: Imposing a SAR 2.15 million fine upon him, obliging him to pay