News

Home News Saudi

Court sentences Jeddah businessman for defaulting on SAR192m of loans

Saudi court sentences Jeddah businessman for defaulting on SAR192m of loans

2 hours   ago  /  78

A businessman in Jeddah has been given a jail sentence for defaulting on loans amounting to SAR192m ($51.1m).

Saudi Gazette reports that the Execution Court in Jeddah also ordered the man’s computer services to be halted and the freezing of his banks accounts until the dues are settled.

 

This followed lawsuits from three unnamed local banks, which sought the court’s intervention to have the loans repaid.

The judgement is among the first issued under a new electronic payment verification service that does not require a court visit.

This allows applicants to lodge complaints on the justice ministry’s online portal with supporting data.

If the execution judge determines it meets regulatory requirements and the case is authentic they issue an order to the debtor.

These sanctions are then lifted once it is confirmed the debt has been repaid.

 /  Source: gulfbusiness

Comments