Latest news with #AbdulrahmanbinSalehAl-Rashed
Zawya
14-03-2025
- Business
- Zawya
Saudi: $4.53mln fines slapped on 16 individuals and companies convicted of violating Capital Market Law
RIYADH — The Committee for the Resolution of Securities Disputes, under the Capital Market Authority (CMA), has slapped fines amounting to more than SR17 million on 16 individuals and companies for violating the provisions of the Capital Market Law. Nine officials of the Saudi Exports Development Authority were convicted and fined SR6.9 million for violations including recording misleading data in the annual financial statements for various periods and violating the Companies Law. The violations committed by the officials included recording misleading data by the executive management in the annual financial statements. This resulted in inflating the company's revenues by recognizing revenue from a deal with an institution, amounting to SR12 million, without meeting the recognition requirements in accordance with the accounting and auditing standards approved by the Saudi Organization for Certified Public Accountants (SOCPA). In other cases, a company and the three persons were fined SR4.1 million. Two convicted persons and other investors were also ordered to pay a fine of SR 5.91 million, while another convicted person was sent to jail for 90 days. The CMA explained that these actions and practices constituted manipulation and fraud, creating a misleading and incorrect impression regarding the securities of the mentioned companies. A fine of SR1.675 was imposed on the convicted Abdulrahman bin Saleh Al-Rashed, in addition to requiring him to pay SR1.252 million for the illicit gains made on his investment portfolio and SR2.261 million for the illicit gains made on the investment portfolios of his two minor children. Additionally, a fine of SR230,000 was imposed on the convicted Nasser bin Abdulaziz Al-Turki, along with an obligation to pay SR538,000 for the illicit gains obtained from his investment portfolio. Other investors were also required to pay SR1.864 million for illicit gains obtained from their investment portfolios, which resulted from the violative trades committed by Abdulrahman bin Saleh Al-Rashed. The committee convicted Ammar Salem Bakhriba, Elmar Capital, and Elmar Financial Company of violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations. Bakhriba engaged in securities activities, including management, by offering and managing an investment fund and receiving clients' funds for investment in that fund. Elmar Capital and Elmar Financial Company also participated in this activity by managing the fund and receiving clients' funds for investment in it, in exchange for a percentage of the invested amounts, without obtaining a license from the Capital Market Authority. The decision included imposing a number of penalties on them. Ammar Salem Bakhriba was sentenced to 90 days in prison and fined SR1 million, while Elmal Capital was fined SR1million. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
14-03-2025
- Business
- Saudi Gazette
SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law
Saudi Gazette report RIYADH — The Committee for the Resolution of Securities Disputes, under the Capital Market Authority (CMA), has slapped fines amounting to more than SR17 million on 16 individuals and companies for violating the provisions of the Capital Market Law. Nine officials of the Saudi Exports Development Authority were convicted and fined SR6.9 million for violations including recording misleading data in the annual financial statements for various periods and violating the Companies Law. The violations committed by the officials included recording misleading data by the executive management in the annual financial statements. This resulted in inflating the company's revenues by recognizing revenue from a deal with an institution, amounting to SR12 million, without meeting the recognition requirements in accordance with the accounting and auditing standards approved by the Saudi Organization for Certified Public Accountants (SOCPA). In other cases, a company and the three persons were fined SR4.1 million. Two convicted persons and other investors were also ordered to pay a fine of SR 5.91 million, while another convicted person was sent to jail for 90 days. The CMA explained that these actions and practices constituted manipulation and fraud, creating a misleading and incorrect impression regarding the securities of the mentioned companies. A fine of SR1.675 was imposed on the convicted Abdulrahman bin Saleh Al-Rashed, in addition to requiring him to pay SR1.252 million for the illicit gains made on his investment portfolio and SR2.261 million for the illicit gains made on the investment portfolios of his two minor children. Additionally, a fine of SR230,000 was imposed on the convicted Nasser bin Abdulaziz Al-Turki, along with an obligation to pay SR538,000 for the illicit gains obtained from his investment portfolio. Other investors were also required to pay SR1.864 million for illicit gains obtained from their investment portfolios, which resulted from the violative trades committed by Abdulrahman bin Saleh Al-Rashed. The committee convicted Ammar Salem Bakhriba, Elmar Capital, and Elmar Financial Company of violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations. Bakhriba engaged in securities activities, including management, by offering and managing an investment fund and receiving clients' funds for investment in that fund. Elmar Capital and Elmar Financial Company also participated in this activity by managing the fund and receiving clients' funds for investment in it, in exchange for a percentage of the invested amounts, without obtaining a license from the Capital Market Authority. The decision included imposing a number of penalties on them. Ammar Salem Bakhriba was sentenced to 90 days in prison and fined SR1 million, while Elmal Capital was fined SR1million.
Argaam
13-03-2025
- Business
- Argaam
Investment firm, 3 persons fined on violating Capital Market Law
The Capital Market Authority (CMA) imposed a fine on an investment company and three investors for violating the Capital Market Law. The company and the three persons were fined SAR 4,1 million. Two convicted persons and other investors were also ordered to pay a fine of SAR 5.91 million, while another convicted person was sent to jail for 90 days. The CMA explained that these actions and practices constituted manipulation and fraud, creating a misleading and incorrect impression regarding the securities of the mentioned companies. A fine of SAR 1.675 riyals was imposed on the convicted Abdulrahman bin Saleh Al-Rashed, in addition to requiring him to pay SAR 1.252 million for the illicit gains made on his investment portfolio and SAR 2.261 million for the illicit gains made on the investment portfolios of his two minor children. Additionally, a fine of SAR 230,000 was imposed on the convicted Nasser bin Abdulaziz Al-Turki, along with an obligation to pay SAR 538,000 for the illicit gains obtained from his investment portfolio. Other investors were also required to pay SAR 1.864 million for illicit gains obtained from their investment portfolios, which resulted from the violative trades committed by Abdulrahman bin Saleh Al-Rashed. As for the second final ruling, it included the conviction of both Ma'na Investment Co. and Faisal bin Saad bin Mubarak Al-Qarnain Al-Dosari, in his capacity as its Chairman. They were found guilty of engaging in securities-related activities, specifically dealing and arranging, and the company publicly advertised these activities by signing agreements with "Twenty Sixty Agricultural Company" and "Mutqin Delivery for Parcel Transport Establishment." These agreements involved Ma'na Investment Company committing to manage the IPO process for these entities after their legal transformation, completing capital increase procedures, securing investors, meeting with potential subscribers, collecting subscription funds, and receiving payments for these services—all without obtaining a license from the Capital Market Authority. As a result, the Appeal Committee for Securities Disputes imposed a total fine of 1.5 million riyals on the company and a fine of SAR 750,000 on Faisal bin Saad Al-Dosari, along with a 90-day prison sentence. The authority clarified that the final rulings issued by the Appeal Committee for Securities Disputes resulted from joint coordination and cooperation between the authority and relevant entities, based on public criminal cases filed by the Public Prosecution following referrals from the Capital Market Authority, due to violations of the Capital Market Law and its implementing regulations.
