Saudi prince’s assets frozen by Saudi court in first court case against a Saudi Emir

Saudi prince’s assets frozen by court in first case

By Staff, Emirates 24/7
Published Sunday, December 01, 2013

A Saudi court froze the domestic assets of a local prince involved in a financial case and banned him from traveling outside the Gulf Kingdom in the first tough sentence against a Saudi Emir, a newspaper reported on Sunday.

The unnamed prince was found to be indebted to a Saudi businessman for SR21 million (Dh20.7 million) and ordered to pay back within five days, Sabq said.

But the prince failed to pay within the deadline, prompting the court to freeze all his assets inside the Gulf Kingdom and ban him from traveling abroad.

“The court found that there was a sum of SR10 million in the Emir’s account at a local bank…it ordered the bank to pay that sum to the plaintiff and told the Emir to pay the remaining SR11 million,” the paper said, quoting justice ministry sources.

“The court made clear that it will not lift the travel ban and the asset freeze until the Emir pays back all his debt to that man.”

It said the court also ordered the suspension of all “electronic” services to the Emir inside the Kingdom. “This is the first time that a court takes such a sentence against a Saudi Emir and it showed that no one is above the law,” it said.

 

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