“The Financial Market”: condemning two companies, investors and others and obligating them to pay 8.9 million riyals … and imprison 3

The Capital Market Authority has announced the issuance of two definitive decisions from the Appeals Committee in Securities Disputes against two Malita and Investors, and a number of members of the Board of Directors of a listed company and its executive management and members of the Review Committee and its external references, by condemning the two financial companies and investing in violation of Article (31) of the financial market system, the fifth article of the Securities Business Regulations, the condemnation of a number of members of the Board of Directors, the executive management, members of the review committee, The external references of the company listed in violation of paragraph (a) of Article (211) of the companies system issued by Royal Decree No. (M / 3) dated 01/28/1437 AH, and imposing fines on the 12 convicts with a total of 8.9 million riyals, and three of them were imprisoned between 3 and 6 months.

According to the Appeals Committee, the first definitive decision condemned both Ammar bin Salem bin Ahmed Bakhrabia, Elmar Capital, and Emmar Financial Company, for Ammar bin Salem bin Ahmed Bakhrabia to practice a work of securities and the activity of (administration) through offering and management of an investment fund, receiving customer funds to invest in that fund, and the participation of the Emmar Capital and the Emmar Financial Company in practice That activity is through the management of that fund and the receipt of customer money to invest in it, in exchange for obtaining a percentage of the investments invested, without obtaining a license from the Capital Market Authority, and the committee imposed a fine on the three convicts of one million riyals on each of them and a total of 3 million riyals, and the prisoner Ammar bin Salem bin Ahmed Bakhrabia for a period of 90 days.

As for the second final decision, the condemnation of the Appeals Committee in Securities Disputes included a number of employees of the Saudi Industrial Export Company «the company), and they are: Hatem bin Hamad bin Abdullah Al -Suhaibani (Chairman of the Board of Directors), Abdullah bin Abdulaziz bin Abdullah Al -Mishaal (member of the Board Muhammad bin Ali Al -Aini (member of the Board of Directors and member of the Review Committee), Muhammad bin Azzam bin Muhammad Al -Shuwayer (member of the Review Committee), Mahmoud Muhammad Mukhtar Metwally (Financial Director), Ahmed Hassan Al -Banna Ibrahim Ahmed (Director of Review at the External Reference, and Director of the “Company” accounts in a later period), as well The annual financial statements ending on 12/31/2019 AD, the initial financial statements ending on 03/31/2020 AD, and the initial financial statements ending on 06/30/2020 AD, which led to the amplification of the company’s revenues, by recognizing the income of a deal with one of the institutions at an amount of (12,356,508) riyals, without fulfilling the conditions for recognition according to the accounting and audit standards From the Saudi Authority for Auditors and Accountants, and the participation of the review committee by registering misleading data in the initial financial statements ending on 06/30/2020 AD, by recognizing the referred to the deal referred to without completing the conditions for recognition in accordance with the accounting and audit standards approved by the Saudi Authority for auditors and accountants, and neglecting the CEO and member of the Board of Directors to include the initial financial lists ending on 03/31/2020 AD, And the initial financial statements ending 06/30/2020 AD, a fundamental incident related to the deal referred to with the intention of hiding the financial position of the company, and the neglect of the Board of Directors to include the financial statements ending on 06/30/2020 AD, a fundamental incident related to the deal referred to with the intention of concealing the financial position of the company, and the delay of the Board of Directors and the review committee to address the deal in the initial financial statements ending 31/3 / 2020 AD, and the initial financial statements ending 06/30/2020 AD, although there are doubts about the procedures of the deal, as they were only dealt with in the initial financial statements ending on 09/30/2020 AD, the participation of the external references and his review manager and the director of the company’s accounts in registering misleading data in the annual financial statements ending 12/31/2019 AD, and the initial financial lists ending on 03/31 / 2020 AD, and the external references register misleading data in its report submitted to the General Assembly of the company, by including it in recognition that the financial statements of the company “were subjected to fairly from all the fundamental aspects, the unified financial center of the company and its financial flows in accordance with the international standards of approved financial reports.