Saudi Arabia.. Cancellation of illegal sukuk in the Sea of Jeddah

 Saudi Arabia.. Cancellation of illegal

sukuk in the Sea of Jeddah

Judicial authorities in the Kingdom of Saudi Arabia have ordered the cancellation

of some 110 sukuk and bonds located in the "Sea of Jeddah", after it was proven

that they had been mined illegally and without relying on approved regulatory

devices.

These sukuk belong to former princes and ministers, businessmen and women,

companies, government and private agencies, as well as sukuk of unknown

ownership, according to the Saudi Okaz.

In the annulment decisions, the judicial authorities took into account the fact

that good faith was not impaired. In order to ensure the reliability of real estate

titles and to improve real estate security, as well as to protect public lands.

The newspaper revealed that the cancellation orders were issued by the

Supreme Court, after studying the sukuk and monitoring the violations of it that

warrant its cancellation and the resulting sukuk.

He pointed out that the competent authorities continue to study other instruments

for a number of sites in the sea of Jeddah, and if they are found to violate the

rules and instructions, legal action will be taken against them. this regard.

He mentioned that the courts have experienced in recent years a state of alert

regarding the examination and audit of sukuk, and the arguments for

contravention.