01/06/2009
Hassan Fadl Aqeel, Deputy Minister of Commerce and Industry for Internal Trade and official spokesman for the Real Estate Investment Commission, revealed to Iqtisaadiyyah Newspaper that Abdullah Zainal, Chairman of the Board for the Ministry of Commerce and Industry, requested that real estate investment project owners who do not cooperate with the Commission and who did not report their investments during the last quarter, be placed on a travel ban list. He also proposed, based on the recommendations of the Executive Committee, that a number of them be arrested and brought to the Investment Commission. A number of relevant government authorities were also informed about the difficulties some investors were facing.
The decision came after the Executive Committee, headed by Dr. Abdel-Rahman Al-Makhdoob, Director General of Rights for the Ministry of Internal Affairs, and Dr. Ahmed Al-Maghaamis, Secretary-General of Saudi Organization for Certified Accountants, were informed of the problem. They conducted a thourough investigation of all information submitted by the real estate investment project owners, and all information provided by the shareholders and their complaints. At which time the Commission issued issued several resolutions which require failed project owners to liquidate as soon as possible and repay shareholders in full.
