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A Raydan Food branch
The Capital Market Authority (CMA) announced the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision convicting nine board members of Raydan Food Co. for violating Article (211/b) of the Companies Law and obligating them to pay SAR 36 million, with each being fined SAR 4 million.
According to the ACRSD, the final decision was issued convicting each of Hassan bin Shaker bin Saleh Alsahafi, Abdulraouf bin Alsadiq bin Albakr Alqaidi, Saud bin Saeed bin Aqel Alsulami, Muhammad bin Awadhallah bin Ahmad Alsulami, Khalid bin Awadhallah bin Ahmad Alsulami, Mish'al bin Awadhallah bin Ahmad Alsulami, Nasser bin Awadhallah bin Ahmad Alsulami, Mansour bin Awadhallah bin Ahmad Alsulami, and Awadhallah bin Ahmad bin Ayedh Alsulami.
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The final decision was issued after it was evidenced that the above-mentioned individuals, in their capacities as Raydan Food board members, used the company's funds to favor the owners of Aljonah Co. - one of the two owners was a former member in Raydan Food board, both of whom are family relatives with a number of the convicted individuals – by signing a partnership agreement between the two companies on Sept. 1, 2018, in which Raydan Food Co. owns 30%)of Aljouna Co. as well as 30% of Aljouna's 90% share in Alhana Sweet Factory.
In addition, the convicted individuals disregarded to claim to re-register the additional financing and general reserve in Aljouna's annual financial statements for the year 2018, which was transferred to the retained earnings account and distributed it between the partners of Aljouna according to the proportion of each partner in the company's capital prior to the entry of the new partner (Raydan Food) or revalue the investment.
Also, they disregarded the claim to register the value of Raydan Food Co. investment as an increase in the capital of Aljouna Company instead of accepting its transfer to current accounts of previous owners in Aljouna Company. Such acts resulted in showing the financial position of Raydan Food Co. to be contrary to the truth, hence led to inflating the value of the Aljouna Company.
Furthermore, any person affected by these violations, in this case, is entitled to file a compensation claim (as individual or class action) against those convicted persons with CRSD for the damage they suffered from due to these violations, provided that such claim is preceded by a complaint filed with the CMA on this regard.
However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors affected by such violations to apply to the CRSD to join the class action.
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