The Mayor of Jeddah has handed over to the District Court the title deeds of property belonging to businessman Ahmed Solaiman Al-Suraisiri, currently serving a 15-year prison sentence for stealing SR600 million of investors' money. The move, ordered by Prince Khaled Al-Faisal, Emir of Makkah region, after he received an urgent court letter stating that the Mayor's Office had prolonged the handover of the documents for more than six months, paves the way for the sale of the property in order to pay back cheated investors. The District Court has now taken receipt of the deeds, which pertain to SR200 million-worth of Al-Suraisiri's most prized real estate on the Jeddah Corniche, but has according to sources called in the Monitoring and Investigation Commission to look into the reason for the delay which has held up repayments to investors. The court has taken possession of around SR30 million in money from Al-Suraisiri's bank account and placed it in an account set up to compensate investors. The same sources said that the Emir's Office has passed on to the District Court 23 case files concerning the heads of investment groups after the investigation committee assigned to the case drew up a list of accusations charging them with being complicit with Al-Suraisiri in the squandering of some SR600 million. According to the sources, the court is expected to hold its first hearings at the end of the month when the 23 will be summoned and the charges put before them. Those charges will implicate them with Al-Suraisiri in agreeing, encouraging, and assisting in acts of fraud and deception. Al-Suraisiri is currently in the fourth year of his 15-year prison term. The sentence, brought through public legal action, also entailed lashes of the whip and a 10-year travel ban after his release. Private action against him is currently being studied.
