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KSA investment firms banned
- Saudi Arabia: Thursday, December 26 - 2002 at 14:10
Saudi Arabia has banned 24 investment companies for operating without licenses and offering highly exaggerated interest rates. On advice from a special ministerial committee and Saudi central bank SAMA, the Ministry of Interior ordered the companies to cease operations immediately. SAMA also ordered local commercial banks to freeze the barred company's accounts and withdrawal or transfer of money from them.
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Peter J. CooperThursday, December 26 - 2002 at 14:10 UAE local time (GMT+4)
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This article was updated on Sat Jan 11 2003.
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