Latest news with #Anti-ConcealmentLaw
Gulf Insider
6 days ago
- Business
- Gulf Insider
Three Convicted In Riyadh For Commercial Concealment In Mobile Accessories Trade
The Ministry of Commerce has publicly named two Saudi citizens and a Yemeni resident after they were convicted of engaging in a commercial concealment scheme involving the sale of mobile phone accessories in Riyadh. According to a ruling by the Criminal Court in Riyadh, the Saudi business owner and his agent were found guilty of allowing the Yemeni resident to operate the business independently, without a foreign investment license. The resident was granted full control over the establishment's operations and was found to have financial dealings far exceeding his declared income as a sales representative, transferring illicit profits abroad. The court imposed a SR15,000 fine to be shared among the convicted individuals, revoked the business license, cancelled the commercial registration, and ordered the business to be liquidated. It also mandated the collection of all due taxes, zakat, and government fees. The convicted Saudis were banned from engaging in commercial activity, while the Yemeni national will be deported and barred from re-entering the Kingdom for work. The Ministry of Commerce reaffirmed that under the Anti-Concealment Law, penalties can reach up to five years in prison and SR5 million in fines, along with the seizure of illicit funds once a final verdict is issued.
Saudi Gazette
7 days ago
- Business
- Saudi Gazette
Three convicted in Riyadh for commercial concealment in mobile accessories trade
Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named two Saudi citizens and a Yemeni resident after they were convicted of engaging in a commercial concealment scheme involving the sale of mobile phone accessories in Riyadh. According to a ruling by the Criminal Court in Riyadh, the Saudi business owner and his agent were found guilty of allowing the Yemeni resident to operate the business independently, without a foreign investment license. The resident was granted full control over the establishment's operations and was found to have financial dealings far exceeding his declared income as a sales representative, transferring illicit profits abroad. The court imposed a SR15,000 fine to be shared among the convicted individuals, revoked the business license, cancelled the commercial registration, and ordered the business to be liquidated. It also mandated the collection of all due taxes, zakat, and government fees. The convicted Saudis were banned from engaging in commercial activity, while the Yemeni national will be deported and barred from re-entering the Kingdom for work. The Ministry of Commerce reaffirmed that under the Anti-Concealment Law, penalties can reach up to five years in prison and SR5 million in fines, along with the seizure of illicit funds once a final verdict is issued.
Saudi Gazette
27-07-2025
- Business
- Saudi Gazette
Citizen, Syrian expat publicly named over commercial concealment in Riyadh
Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named a Saudi citizen and a Syrian resident following a final court ruling that found them guilty of engaging in commercial concealment involving the sale of restaurant equipment in Riyadh. According to the ministry, the Saudi national had unlawfully enabled the Syrian expat to run commercial operations under his business license. The expat was granted full control over the establishment, managing its operations and transactions for personal gain in violation of the Anti-Concealment Law. Investigations revealed solid evidence of the violation, including the expat signing contracts, supervising workers, handling purchases and sales, collecting revenues from the illicit business activity, and covering business expenses and rent. The Criminal Court in Riyadh issued a final verdict that includes the public naming of both individuals, a shared fine of SR20,000, the cancellation of the commercial registration, revocation of the license, liquidation of the business, and payment of all due taxes, zakat, and fees. The court also barred both individuals from engaging in commercial activity and ordered the deportation of the Syrian expat, with a permanent ban on returning to work in the Kingdom. The Ministry of Commerce reminded the public that under the Anti-Concealment Law, violators face penalties of up to five years in prison, fines of up to SR5 million, and the confiscation of illicit funds once a final court ruling is issued.
Saudi Gazette
10-07-2025
- Business
- Saudi Gazette
Saudi citizen and Yemeni resident convicted in perfume trade concealment case in Riyadh
Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named and shamed a Saudi citizen and a Yemeni resident for engaging in a commercial concealment crime involving the trade of perfumes and cosmetics in Riyadh. Investigations revealed that the Saudi citizen enabled the Yemeni resident to conduct business activities without obtaining a foreign investment license. Authorities seized large sums of money in seven foreign currencies, gold bars, and other evidence proving the resident was operating a commercial enterprise for his own benefit. The resident acted as the de facto owner of the business and engaged in financial transactions far exceeding the scope of his official job as a sales representative. He admitted receiving 20% of the annual net profits in exchange for the Saudi sponsor's concealment. The final ruling, issued by the Criminal Court in Riyadh, includes a joint fine of SR60,000, revocation of the commercial registration, cancellation of the business license, liquidation of the enterprise, and collection of due taxes, zakat, and fees. Both individuals have been banned from commercial activity, while the Yemeni national is to be deported and permanently barred from working in the Kingdom. The Anti-Concealment Law stipulates penalties of up to five years in prison, fines of up to SR5 million, and confiscation of illicit assets following final judicial rulings.
