VOL. XLVI

No 1

6-January-2003

SAUDI ARABIA

Saudi Arabia Freezes Unlicensed Investment Companies Assets

The Saudi authorities have closed around two dozen unlicensed investment companies which, using a religious cover, lured investors away from traditional banks by offering exaggerated returns on deposits. Following advice from a special ministerial committee and the Saudi Arabian Monetary Agency (SAMA), the Interior Ministry ordered the companies to cease operations late in December. SAMA also...