Saudi Paper ex-board members, executives convicted of CMA violations, fined SAR 1.8 mln

Logo of Saudi Paper Manufacturing Co.

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the resolution of the Appeal Committee for the Resolution of Securities Disputes (ACRSD), dated Dec. 26, 2022, in the public penal case referred to the Public Prosecution by the Capital Market Authority (CMA) against several former board members as well as senior executives at Saudi Paper Manufacturing Co. (SPM).

These members are Bader bin Suleiman bin Hamad Alsulaie, Saad bin Ammash bin Saad Alshammari, Suleiman bin Abdulaziz bin Abdulrahman Alzaben, Hassaan bin Murizen bin Ali Asiri, Fahad bin Muhammad bin Saleh Aldaoud, Walid bin Muhammad bin Jaser Alshabanat, Watheq Muhammad Hassan Shehadeh, Fahad bin Saad bin Muhammad Alshuaibi, and Abdulrahman bin Saleh bin Abdulrahman Alobaid.

They were accused of violating Article (49/a) of the Capital Market Law, and the accounting standards approved by the Saudi Organization for Chartered and Professional Accountants (SOCPA) when preparing the company’s financial statements for the periods ended on June 30, 2019, and Sept. 30, 2019.

They were fined SAR 1.8 million, ranging between SAR 100,000-300,000 each. They were also banned from working with Tadawul-listed companies for a period of three-six months.