Violating Saudi bankruptcy laws could invite fines and prison time | ZAWYA MENA Edition:
"The Shoura Council is set discuss on Wednesday a draft bankruptcy law prepared by the Ministry of Commerce and Investment. The draft law, which includes 231 articles, stipulates that anyone who breaks the law or abuses its measures will be punished by imprisonment for a term not exceeding five years and a fine not exceeding SR5 million ($1.3 million) or one of these penalties. The law also gives the court the right to add other penalties to the violator, including the prohibition of running any profitable establishment, the direct or indirect management of its business, in addition to the sale of violator’s share in the ownership of the enterprise or other rights."
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