Saudi Cabinet raises penalty for violating finance companies control law to SAR 2 mln

19/10/2021 Argaam

King Salman bin Abdulaziz


The Saudi Cabinet, in a meeting chaired by King Salman bin Abdulaziz today, approved amending Article 35/2 of the Finance Companies Control Law, raising the penalty for violating the Finance Companies Control Law to not more than SAR 2 million, instead of SAR 500,000, Saudi Press Agency reported.
 

Therefore, the penalty shall be SAR 2 million, or 10% of the value of the finance to which the violation was carried out, or imprisonment for a period of not more than two years, or one of those two penalties.
 

The Cabinet also approved the final accounts of the Saudi Industrial Development Fund for the previous two fiscal years.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.