Muthami noted that the Cabinet reviewed a number of topics on its agenda and issued the following decisions: The Cabinet approved the amendment of item (VII) of the Cabinet Decision No. (220) dated 22/08/1426H. After the amendment, the item shall call for the formation of a committee headed by the Minister of Commerce and Industry and has the membership of two representatives (at the rank of Miniatry Undersecretarias) from each of the Ministry of Municipal and Rural Affairs, Ministry of Interior, Ministry of Justice and Ministry of Finance as well as the Secretary General of Saudi Organization for Certified Public Accountants and Secretary General of Saudi Council of Engineers. The Committee shall exercise a number of tasks including: 1- Considering all existing real estate sharing (licensed and unlicensed) as of the issuance date of the Cabinet Decision No. (220) dated 22/08/1426H. 2- Authorizing any office of Certified Accountants to prepare a financial position for each sharing and prepare detailed reports on shareholders' records, their financial rights and the legal and technical aspects of the sharing in addition to submitting periodical reports on such sharing. 3- Any sharing shall be assigned to a liquidator -if the committee found a reason for that. If it is proven that some people are defrauding, irresponsive or abusing funds of the sharing, the Committee may refer them to the competent judicial authorities. 4- Preparing a mechanism for the work of the referred Committee to enable it to preserve the rights of shareholders and liquidate these contributions. --More
