Saudi Public Prosecution announced Today, seizing more than $7.46 million after an institution’s founder and an employee were convicted of commercial cover-up and money laundering by Jeddah’s Penal Court, according to local media report. According to Public Prosecution, the two people were also sentenced to nine-year in jail.
The sentence came after a complaint was filed by a local bank to the Saudi Arabia Financial Investigation Unit (SAFIU) about suspected money laundering by the bank account holder.
Meanwhile, the investigations into the claim proved that the corporation owner and one employee were accused of money laundering and commercial concealment, according to Arab news.
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