Saudi Gazette report

JEDDAH — The General Secretariat of the Securities Disputes Settlement Committees announced the conviction of two Saudi businessmen for the violation of the Capital Market Law and the Market Conduct Regulations. The convicts were ordered to pay a total of SR11.1 million ($2.96 million). They were found guilty of violating article 49 of the Capital Market Law and article 8 of the Market Conduct Regulations.

The General Secretariat revealed in a statement on its X account on Thursday that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued its final decision in the general criminal case filed by the Public Prosecution against Mohammed bin Nawaf Al-Harbi and Nawaf bin Mohammed Al-Harbi. It was found that the convicts urged others to buy or sell shares in 17 companies.

Mohammed bin Nawaf Al-Harbi was slapped with a fine of SR 500000 in addition to prohibiting him from buying and selling in the Saudi capital market, whether directly or indirectly, with the exception of trading through investment funds at financial market institutions for a period of two years. He was also banned from working in entities subject to the supervision of the Capital Market Authority for two years.

Nawaf bin Muhammad Al-Harbi was slapped with a fine amounting to SR10.6 million. He will be banned from buying or trading in the Saudi financial market, whether directly or indirectly, with the exception of trading through investment funds at financial market institutions for a period of five years. He is also prohibited from working in entities subject to the supervision of the Capital Market Authority for a period of five years.