Real Estate Shareholding Commission Stopped Cars Auction for the Owner of a Stumbled Shareholding

13 Feb 2014
The MCI Real Estate Shareholding Commission stopped an auction for the sale of a group of government used cars in Riyadh last week , stating that the owner of the car exhibition, who announced for  holding the auction,  has several stumbled shareholding for many years , and he refuses to cooperate with the said Commission for the re- Equity of shareholders. Resolutions had been issued against him by the said commission including stopping his services and preventing him from travel and to be arrested.
The aforementioned person is the owner of one of car showrooms in Riyadh, who announced for the auction dedicated for selling a group of government cars, had put a condition that he would not accept checks, but payment should be made in cash, in order to circumvent the circulars issued against him, and to evade seizing his money to pay the due amounts of shareholders. 
The said  Commission indicated that stopping the auction came after addressing the Principality in   Riyadh, after observing the announcement stating his intention to hold a public auction for the sale of a number of government used cars, published in a number of local newspapers , and according to the mechanism of the commission and through the help of the competent authorities, it had issued a resolution to seize the property and any Real Estate property belonging to the owner of the shareholding both in his own name or under the name of the companies or institutions he owned, until the issue of the  shareholding is settled.  
The said commission stressed the continuation of its work for the benefit of the citizens involved in these shareholding, and work hard to resolve defaulting and to enable the shareholders receive their due amounts and get their rights , and deal firmly with manipulators and evaders.  
It is worth mentioning that the mechanism of Real Estate Shareholding Commission depends on the Resolution of the Council of Ministers No. (48) Date of 14/02/1430 AH, which stipulates that if the Commission felt the need to seize the fixed or movable funds of the owner, then it can ask the competent authority to do so, including fixed assets, current accounts including securities and investment portfolios and funds that have been transferred from his account to other accounts until the issue of shareholding is settled.
Last Modified 26 Dec 2018