MCI, Defaming a Citizens and an Expat Convicted of the crime of Commercial Concealment, relevant to Insurance Brokerage Services

05 Jul 2019

 

The Ministry of Commerce and Investment has defamed a citizen and an expat of Egyptian nationality, after a judicial ruling condemning them for commercial concealment. It has been proved that the citizen is involved of enabling the expat to engage in commercial activities related to Medical Insurance Brokerage Services, and work for his own account.
 
A verdict was issued by the criminal court in Buraidah, imposing a fine on the violators, prohibiting the citizen from practicing the same trade activity, also deporting the expat from the Kingdom, after the execution of the sentence, and not to be allowed to return for work, besides defamation by publishing the verdict in a local newspaper at the expense of the violators.
 
In details, MCI inspection teams received a tip about a suspected case of commercial concealment, related to an expat who works in the field of medical insurance. After carrying out the necessary investigation, evidences have been detected, showing his increased financial transactions with companies and institutions in amounts that are disproportionate to his salary, besides money deposit, withdrawal, remittance with big amounts.
 
The investigation results also showed that the citizen had been enabling the expat to practice an unauthorized business activity, and to work for his own account. Accordingly, the case was referred to the competent authorities for taking the legal measures against the violators in accordance with the Anti-Commercial Concealment law.
 
The Ministry of Commerce and Investment calls on all citizens and residents in all regions of the Kingdom to report cases of commercial concealment through the Ministry's Consumer Call Center (1900) or through the application of a Commercial Violation Report, or via the Ministry's website. Notably, MCI is granting an award of up to 30% of the total sentenced fines after collection. The fine may reach one million riyals against each violator.

It is worth mentioning that the Royal Supreme Authority has approved recently the implementation of the recommendations of the National Program for Combating the Commercial Concealment, which involves ten government agencies. This program aims to address and combat commercial concealment in all sectors, besides developing relevant regulations and legislations, also stimulating e-commerce and using technical solutions. This program aims as well at regulating and organizing the financial transactions to eliminate transferring of money abroad, as well as enhancing development in the private sector, also creating attractive jobs for Saudis and encouraging them to invest in various trade activities, more over finding solutions to the problem of illegal ownership of foreigners in the private sector.


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Last Modified 07 Jul 2019
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