Introduction

Today, Sunday, the General Secretariat of the Securities Dispute Committees announced the final decision of the Securities Appeals Committee on a public action filed by the Capital Markets Authority against a number of board members of Themar Development Holding Company “Themar” and (former) managing director of the company.

The Lawsuit

And she explained in a statement today Sunday that the lawsuit involved Ibrahim bin Abdul Karim bin Ibrahim Al Mayuf (Chairman of the Board of Directors), Sari bin Ibrahim bin Abdul Karim Al Mayuf (Managing Director), Abdulaziz bin Ahmed bin Abdullah Al- Ghanem (Board Member) and Ibrahim bin Muhammad bin Ibrahim Al Shabib (Board Member), Abdul Karim bin Ibrahim bin Abdul Karim Al Mayuf (Board Member), Mutaib bin Saif bin Abdullah Al Saif (Board Member), Naglaa bint Fahd bin Muhammad Abounayan (board member), Misfer bin Mohammed bin Hamad bin Mutlaq al-Amurat (board member) and Abdullah bin Abdul Rahman bin Fahd al-Hamoudi (board member).

The Decision

In a statement from the Authority, it is indicated that the operative part of the decision ended with the conviction of the above-mentioned persons for violating article 44 of the Rules for registration and listing and article 66 of the Rules for the placement of securities and the continuation of obligations, for not exercising their powers and failing to fulfill their duties as members of the board of directors of the company in the interests of the company, for failure to take the necessary action. Necessary legal requirements to claim the remaining amount from the sale of part of the share held by the company in the agricultural markets of Thimar Wasmi. The company from the share buyer.

She added that the judgment included the conviction of Ibrahim bin Abdul Karim bin Ibrahim Al Mayuf, Sari bin Ibrahim bin Abdulkarim Al Mayuf and Abdulaziz bin Ahmed bin Abdullah Al Ghanim for violating Article 67 of the Securities Offering Rules and Continuing Duty, for failing to provide them copies of the relevant documents to the Capital Markets Authority Documenting the procedures for the sale of a part of the company’s share in Thimaar Wasmi Agriculture Markets Company upon the request of the Authority.

Fines and Penalties

The solution included imposing a series of fines on them. For the following details:

First, the imposition of a fine of 200,000 rials on Ibrahim bin Abdul Karim bin Ibrahim Al Mayuf and deprivation of his right to work in companies whose shares are traded on the Saudi financial market for a period of two years.

Second, the imposition of a fine of 200,000 riyals on Sari bin Ibrahim bin Abdul Karim Al Mayuf and deprivation of his right to work in companies whose shares are traded on the Saudi financial market for a period of two years.

Third: imposing a fine of 200,000 rials on Abdul Aziz bin Ahmed bin Abdullah Al Ghanim and depriving him of the right to work in companies whose shares are traded on the Saudi financial market for a period of two years.

Fourth: the imposition of a fine of 65,000 rials on Ibrahim bin Muhammad bin Ibrahim al-Shabib.

Fifth: Imposition of a fine of 65,000 rials on Abdul-Karim bin Ibrahim Abdul-Karim Al-Mayuf.

Sixth: imposition of a fine of 65,000 rials on Mutaib bin Saif bin Abdullah al-Saif and deprivation of his right to work in companies whose shares are traded on the Saudi financial market for a period of one year.

Seventh: Imposition of a fine of 35,000 rials on Naglu bint Fahd bin Muhammad Abunayan and deprivation of her right to work in companies whose shares are traded on the Saudi financial market for a period of one year.

Eighth: Imposition of a fine of 25,000 rials on Misfer bin Muhammad bin Hamad bin Mutlaq Al-Amurat.

Ninth: imposing a fine of 50,000 riyals on Abdullah bin Abdul Rahman bin Fahd al-Hamudi and prohibiting him from working in companies whose shares are traded on the Saudi stock market for one year.

Individual or Class Action

A person affected by the violations that are the subject of this action shall have the right to file an individual or class action with the Arbitration Commission for damages caused by these violations, provided that this is preceded by filing a complaint with the Capital Market Authority in this respect.