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

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.