The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) final decision No. (4254/L.S/2026) of 1447 H., dated 18/11/1447 H., corresponding to 05/05/2026, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against a number of members of the Board of Directors and the Audit Committee of the Middle East Healthcare Company (Saudi German Health), being: Subhi Abduljalil Ibrahim Battrajee, Makarem Subhi Abduljalil Battrajee, Sultan Subhi Abduljalil Battrajee, Khalid Abduljalil Ibrahim Battrajee, Muhammad Abdulrahman Muhammad Mu'menah, Ahmad Muhammad Khalid Abdulrazzaq Aldahlawi, Ali Abdulrahman Abdullah Alquwaiz, Amr Muhammad Khalid Khashoggi, Muhammad Mustafa bin Muhammad Omar bin Siddiq, Walid Abdulaziz Abbas Ahmad Saleh Kayyal, and Saleh Ahmad Ali Hafni.
The decision concluded with the conviction of the abovementioned individuals of violating Article (49.a) of the Capital Market Law and Article (7) of the Market Conduct Regulations, when they - as members of the Board of Directors of the Middle East Healthcare Company (Saudi German Health) and as members of the Audit Committee - inflated the revenues of the Company, and created a false and misleading impression regarding its book value; by acknowledging undue total revenues that reached (SR. 358,044,138) in spite of the Company's Board of Directors and its Audit Committee knowledge that the possibility of collecting such revenues is weak. This act resulted in proving incorrect information in the financial statements under violation that covered the financial year ending on 31/12/2018 till the initial financial period ending on 30/09/2021, which affected the Company's total assets, presented its financial statements in contrary of reality, and inflated its revenues.
The decision included the imposition of a number of sanctions upon them according to the following:
First: Subhi Abduljalil Ibrahim Battrajee:
- Imposing a fine upon him amounting to (SR. 2,100,000) two million one hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Second: Makarem Subhi Abduljalil Battrajee:
- Imposing a fine upon him amounting to (SR. 3,100,000) three million one hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Third: Sultan Subhi Abduljalil Battrajee:
- Imposing a fine upon him amounting to (SR. 2,100,000) two million one hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Fourth: Khalid Abduljalil Ibrahim Battrajee:
- Imposing a fine upon him amounting to (SR. 2,100,000) two million one hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Fifth: Muhammad Abdulrahman Muhammad Mu'menah:
- Imposing a fine upon him amounting to (SR. 2,100,000) two million one hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Sixth: Ahmad Muhammad Khalid Abdulrazzaq Aldahlawi:
- Imposing a fine upon him amounting to (SR. 1,980,000) one million nine hundred eighty thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Seventh: Ali Abdulrahman Abdullah Alquwaiz:
- Imposing a fine upon him amounting to (SR. 1,080,000) one million eighty thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Eighth: Amr Muhammad Khalid Khashoggi:
- Imposing a fine upon him amounting to (SR. 1,600,000) one million six hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for One year.
Ninth: Muhammad Mustafa bin Muhammad Omar bin Siddiq:
- Imposing a fine upon him amounting to (SR. 500,000) five hundred thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for Six months.
Tenth: Walid Abdulaziz Abbas Ahmad Saleh Kayyal:
- Imposing a fine upon him amounting to (SR. 580,000) five hundred eighty thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for Six months.
Eleventh: Saleh Ahmad Ali Hafni:
- Imposing a fine upon him amounting to (SR. 680,000) six hundred eighty thousand Saudi Riyals.
- Banning him from working in entities under the supervision of the CMA for Six months.
Furthermore, any person affected by these violations in this case is entitled to file a compensation claim (as individual or class action) with the CRSD for the damage he/she suffered from due to these violations, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following link: (File Complaint)
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.