Jail term, fine on billionaire approved

By Adnan Al-Shabrawi JEDDAH — The Court of Appeals on Tuesday approved a six-year jail term and a fine of SR3 million on a billionaire for money laundering. A source said the Court of Appeals approved the sentence issued by the Penal Court a month ago against the billionaire who worked as an expediter. “The man was charged with money laundering and running an illegal business. He became a billionaire in a short period of time due to his illegal actions. The man was also banned from travel for six years after his release,” said the source. The source also said the Supreme Court instructed the Penal Court to also fine the defendant’s brother as he was an accomplice in the money laundering committed by the defendant. “The Supreme Court proposed to fine the brother of the defendant with SR3 million as well. The Economic Crimes Department at the Bureau of Investigation and Public Prosecution interrogated the 30-year-old defendant for the sudden inflation of his bank account to billions,” said the source. The source also said the man owned several fake international businesses and had many clients deposit large sums of money in his local bank account. “The defendant’s bank noticed the suspicious money transfer and reported to the BIPP. The defendant was arrested upon his returned from an African country,” said the source.