Tuesday 5 November 2024
 
»
 
»
Story

Bahrain plans tough crackdown on embezzlers

MANAMA, January 12, 2015

Embezzlers in Bahrain will soon face up to three years in jail and BD5,000 ($13,260) fines if they are convicted of forging signatures, signing documents without proper authorisation or destroying original deeds or receipts for the purpose of conning others.

The Shura Council yesterday (January 11) passed an amendment to the Penal Code in a tight vote, with 19 members in favour, 12 against and two abstaining, said a report in the Gulf Daily News (GDN), our sister publication.

It will now be referred to His Majesty King Hamad for ratification after being approved by parliament in June.

Those who voted against it argued the punishment was too lenient.

However, Education Minister and acting Parliament and Shura Council Affairs Minister Dr Majid Al Nuaimi said it was an important amendment that would help combat fraud.

Justice, Islamic Affairs and Endowments Ministry legal adviser Dr Saeed Abdulmotalib explained that the issue of bogus companies would come under a separate law already approved and awaiting implementation by the Central Bank of Bahrain (CBB).

Meanwhile, the council's foreign affairs, defence and national security committee chairwoman, Sawsan Taqawi, explained that any contracts or deals signed through embezzlement would automatically be declared void.

"Everything taken from the victim will be returned," she said. - TradeArabia News Service




Tags: Bahrain | fine | Jail | amend |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads