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Announcement for the referral of suspicions of violating paragraph (a) of Article (49) of the Capital Market Law, Article (7) of the Market Conduct Regulations and paragraph (B) of Article (211) of the Companies Law to the Public Prosecution

In line with the Capital Market Authority’s (CMA) responsibilities to protect the Capital Market from unfair or unsound practices, and aiming to achieve fairness, efficiency and transparency in securities transactions, and based on Article (17) of the Capital Market Law, the CMA informs the investors and participants in the capital market that the CMA has carried out an inspection of the National Agricultural Marketing Co. (Thimar) (“the Company”) and reviewed the Company’s accounts under Article 220 of the Companies Law, and based on the result of such inspection, a CMA Board resolution has been issued regarding the referral of a number of suspicions of violations to the Public Prosecution. A referral is regarding a suspicion of violating paragraph (a) of Article (49) of the Capital Market Law by the Board Chairman and a number of Directors of the Company during the board session from 22/01/2014G. until 05/03/2017G., for the responsibility of each of them in approving the interim financial statements of the Company for the financial period ending on 31/03/2015G., published on the website of the Saudi Stock Exchange Company (Tadawul) on 21/04/2015G., and the financial statements of the Company for the annual financial period ending on 31/12/2015G., published on the website of the Saudi Stock Exchange Company (Tadawul) on 16/03/2016G., which included misleading information that affected the security value, which in turn resulted in creating a false and misleading impression about the security. Another referral is regarding; the suspicions of violations, of paragraph (a) of Article (49) of the Capital Market Law and Article (7) of the Market Conduct Regulations by the Managing Director of the Company, for his responsibility for the content of the announcement published on the Tadawul’s website on 31/03/2015G. regarding the sale procedures completion of a share in an affiliate of the Company, and paragraph (B) of Article (211) of the Companies Law, for using the Company’s funds against its interests to fulfil personal purposes.
The CMA would like to further inform the investors and participants in the capital market that the CMA had previously issued a Board Resolution to impose fines with a total amount of (600,000) Six Hundred Thousand Saudi Riyals, on the Board Chairman, the Managing Director and the Chief Financial Officer of the Company, for their conviction of violating paragraph (M) of Article (213) of the Companies Law, where they did not comply with the provisions of Article (221) of the Companies Law; as they failed to provide all the information and clarifications related to the inspection work to CMA representatives, which led to impeding the CMA representatives from reviewing the company's papers, files, accounts and necessary documents according to Article (220) of the Companies Law.
The CMA calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities, and assures its devotion to apply the Capital Market Law and the Companies Law and their Implementing Regulations to enhance the protection of the capital market and the investors from unfair practices.
 

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