The Ministry of Commerce issued a statement revealing the issuance of a defamation ruling against a Saudi citizen and four residents from Yemen, after a final judicial ruling was issued by the Criminal Court in Medina proving their involvement in the crime of commercial concealment in the gold and jewelry sector in two facilities in the region.
The penalties issued to the convicts included imprisonment for a total period of 14 years, as the citizen involved was sentenced to 3 years in prison, and three other residents were sentenced to 3 years in prison each.
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In addition, the fourth resident was imprisoned for two years for his participation in the crime and his supervision of the illegal revenues.
The penalties also included the seizure and confiscation of illegal funds and proceeds, the value of which exceeded six million riyals, including cash, bank balances, gold, a private car, and a smartphone.
In addition to the serious penalties, a fine of 100,000 riyals was imposed, the establishment’s activity was liquidated, the commercial registry was cancelled, the license was cancelled, the involved citizen was banned from practicing commercial activity for a period of 5 years, and the collection of zakat, fees and taxes.
According to the ruling, the fraudster was proven to be involved in enabling residents to engage in trade in gold and jewelry using the commercial registry, and physical evidence was seized confirming that they were practicing commercial activity illegally and without a foreign investment license.
It is noteworthy that the National Program to Combat Commercial Concealment specifies 10 standards for establishments’ compliance with approved market rules, and these standards are monitored continuously.
The anti-cover-up system stipulates the imposition of prison sentences, a fine, and the seizure and confiscation of illicit funds after judicial rulings are issued against those involved.
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