Final verdict issued against former Thimar board members

Logo of Thimar Development Holding Co. (Thimar)

The General Secretariat of Committees for Resolution of Securities Disputes announced today, June 18, that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a final decision on the public case filed by the Capital Market Authority (CMA) against a number of former board members of Thimar Development Holding Co. (Thimar).

This includes former Chairman Ibrahim Almayouf and Managing Director Sari Almayouf, as well as the following board members: Abdulaziz Alghanim, Ibrahim Alshabeeb, Abdulkarim Almayouf, Mut'ib Alsaif, Najla' Abunayyan, Musfer Alomorat, and Abdullah Alhamoudi.

Under the decision, the board members were convicted of violating article 44 of the listing rules, as well as article 66 of the rules on the offer of securities and continuing obligations. They did not practice their authorities or perform their duties as board members as regards taking the legal procedures related to claiming the remaining amount of selling a portion of the company's stake in Thimar and Wasmi Agricultural Markets Co. from the buyer.

Ibrahim Almayouf, Sari Almayouf, and Abdulaziz Alghanim were charged with violating Article 67 of the rules on the offer of securities and continuing obligations, as they did not provide the Capital Market Authority (CMA) with a copy of the documents relating to certifying the procedures of selling a portion of the stake in Thimar and Wasmi Agricultural Markets.

The decision included some sanctions upon such board members, as follows:

First: Ibrahim Almayouf:

1- A fine of SAR 200,000

2- Ban from work in Tadawul-listed companies for two years

Second: Sari Almayouf:

1- A penalty of SAR 200,000

2- Ban from work in Tadawul-listed companies for two years

Third: Abdulaziz Alghanim:

1- A penalty of SAR 200,000

2- Ban from work in Tadawul-listed companies for two years

Fourth: Ibrahim Alshabeeb:

A fine of SAR 65,000

Fifth: Abdulkarim Almayouf:

A fine of SAR 65,000

Sixth: Mut'ib Alsaif:

1- A fine of SAR 65,000

2- Ban from work in Tadawul-listed companies for one year

Seventh: Najla' Abunayyan:

1- A penalty of SAR 53,000

2- Ban from work in Tadawul-listed companies for one year

Eighth: Musfer Alomorat:

A penalty of SAR 25,000

Ninth: Abdullah Alhamoudi:

1- A penalty of SAR 50,000

2- Ban from work in Tadawul-listed companies for one year