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. (2763/LS/2022) of 1444 AH, dated 06/02/1444 AH, corresponding to 12/26/2022 AD, in the case The public prosecution instituted by the Public Prosecution (and referred to it by the Capital Market Authority) once morest a number of members of the Board of Directors of the Saudi Paper Industry Company and its senior executives, namely Badr bin Suleiman bin Hamad Al-Sulaie, Saad bin Ammash bin Saad Al-Shammari, and Suleiman bin Abdulaziz bin Abdulrahman Al-Zabin, Hassan bin Marizen bin Ali Asiri, Fahd bin Muhammad bin Saleh Al-Daoud, Walid bin Muhammad bin Jaser Al-Shabanat, Wathiq Muhammad Hassan Shehadeh, Fahd bin Saad bin Muhammad Al-Shuaibi, and Abdul Rahman bin Saleh bin Abdul Rahman Al Obaid.
The operative part of the decision ended with convicting the aforementioned of violating paragraph (a) of Article 49 of the Capital Market Law, for their participation – each according to his position – in preparing and approving the company’s initial financial statements for the initial period ending on 06/30/2019, and the initial period ending on 2019. 09/30G, in violation of the accounting standards approved by the Saudi Organization for Certified Public Accountants, which showed the company’s financial position contrary to reality, and led to an incorrect impression regarding the value of the security.
The decision included imposing a number of penalties on them. According to the following details:
First: Badr bin Suleiman bin Hamad Al-Sulaie:
1- A fine of (200,000) two hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Secondly: Saad bin Ammash bin Saad Al-Shammari:
1- A fine of (300,000) three hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of six months.
Third: Suleiman bin Abdulaziz bin Abdul Rahman Al-Zaben:
1- A fine of (200,000) two hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Fourth: Hassan bin Merizen bin Ali Asiri:
1- A fine of (200,000) two hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Fifth: Fahd bin Muhammad bin Saleh Al-Dawood:
1- A fine of (300,000) three hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of six months.
Sixth: Waleed bin Mohammed bin Jasser Al-Shabanat:
1- A fine of (100,000) one hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Seventh: Watheq Muhammad Hassan Shehadeh (in absentia):
1- A fine of (100,000) one hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Eighth: Fahd bin Saad bin Muhammad Al-Shuaibi:
1- A fine of (200,000) two hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
Ninth: Abdul Rahman bin Saleh bin Abdul Rahman Al Obaid:
1- A fine of (200,000) two hundred thousand riyals.
2- Preventing him from working in companies whose shares are traded in the Saudi Stock Exchange for a period of three months.
