The Saudi Press Agency (SPA) said on Thursday that ten investors had been found guilty of breaking Saudi Arabia’s Capital Market Law and were mandated to pay the Capital Market Authority SAR 101.7 million in fines and damages.
Citing a statement from the General Secretariat of the Committees for Resolution of Securities Disputes, the SPA article stated that the Appeal Committee for Resolution of Securities Disputes, or ACRSD, had rendered a “final decision” that condemned one of the convicted persons to incarceration. According to the announcement, the ACRSD released the “final decision” on November/06/1445 Hijri, or December 24, 2023.
The report also stated that the sum of SR101.7 million included SR670,000 in fines for the ten convicted individuals as well as SR101 million in compensation from each of the ten convicted individuals and a female investor for losses brought on by the violations in their investment portfolios.
The following individuals were mentioned in the ruling: Mish’al bin Abdullah bin Abdulmohsen Alkhudari, Naif bin Abdullah bin Abdulmohsen Alali, Abdulaziz bin Abdullah bin Abdulmohsen Alkhudari, Ghada bint Abdullah bin Abdulmohsen Alkhudari, Sami bin Abdullah bin Abdulmohsen Alkhudari, Fawaz bin Abdullah bin Abdulmohsen Alkhudari, Jameel bin Abdullah bin Abdulmohsen Alkhudari, Ali bin Abdullah bin Abdulmohsen Alkhudari, Fawzi bin Abdullah bin Abdulmohsen Alali, and Fawzia bint Abdullah bin Abdulmohsen Alali were mentioned in the ruling.
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