Saudi Arabia raises penalty for violating finance companies law

Following the amendment, the penalty shall be $53,000 or 10% of the value of 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

  
Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

Kingdom Centre, Riyadh, Saudi Arabia. Image used for illustrative purpose.

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RIYADH: Saudi Cabinet on Tuesday approved raising the penalty for violating the Finance Companies Law to not more than SR2 million ($0.53 million), the Saudi Press Agency reported.

Following the amendment, the penalty shall be SR2 million or 10 percent of the value of 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.

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