Al-Marsad Newspaper: The General Secretariat of the Committees for Resolution of Securities Disputes announced the issuance of the decision of the Appeal Committee in Securities Disputes, peremptory No. 2749 / SP / 2022 AD for the year 1444 AH on 05/21 1444 AH corresponding to 12/15/2022 AD, in the public criminal case Filed by the Public Prosecution (and referred to it by the Capital Market Authority) against Salman bin Abdullah bin Saedan Real Estate Group Company, and Salman bin Abdullah bin Muhammad bin Saedan.
Violation
The operative part of the decision ended with convicting the aforementioned of violating Article (31) of the Capital Market Law, and Article (5) of the Securities Business Regulations for practicing two securities business, represented in the activities of (management) and (dealing as an agent) in the Saudi financial market, By receiving subscription amounts for a number of investors with the aim of subscribing to them in several investment funds, and managing an investment fund in return for a commission, without obtaining a license from the Capital Market Authority.
The decision included imposing a punishment on them. According to the following detail:
First: Salman bin Abdullah bin Saedan Real Estate Group Company:
Imposing a fine on her in the amount of (200,000) two hundred thousand riyals, for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations.
Second: Salman bin Abdullah bin Muhammad bin Saedan:
Imposing a fine on him in the amount of (100,000) one hundred thousand riyals, for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations.