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...
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