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. 2674 / SP / 2022 AD for the year 1444 AH on 03/07/1444 AH corresponding to 10/03/2022 AD, in the public criminal case Filed by the Public Prosecution (and referred to it by the Capital Market Authority) once morest the Islamic Gulf Investment Company.
The operative part of the decision ended with condemning the aforementioned of violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations, for practicing a securities business represented in the (management) activity in addition to the (dealing) and (custody) activity in the Saudi financial market. By managing investment funds and accepting participation in them from investors inside the Kingdom, and signing agreements with them through its representative in the Kingdom of Saudi Arabia without obtaining a license from the Capital Market Authority.
The decision included imposing a number of penalties on her according to the following details:
Imposing a fine on her in the amount of (15,000,000) fifteen million riyals, for violating Article Thirty-One of the Capital Market Law and Article Five of the Securities Business Regulations.
Obliging it to stop practicing securities business without a license.
Requiring it to appoint certified accountants to be chosen under the supervision of the Capital Market Authority to count all investments provided by the Islamic Gulf Investment Company, the number of investors in it, and the total value of profits or losses according to the contracts signed with investors, and to establish a special mechanism under the supervision of the Capital Market Authority that guarantees the liquidation of the company’s investment assets and the return of capital All investors inside the Kingdom.