Who will bear the responsibility of the real estate contributions irregular?
Mohammed bin Fahd Al Omran
In 2006, revealed the Capital Market Authority for a list of real estate investment trusts, where the effect of the issuance of this regulation is not entitled to any natural or legal person carrying out any activity related to raising funds to fund real estate investment, marketing, advertising or manage his money only in accordance with the provisions of these Regulations, where seeking body of this procedure to regulate the establishment of REITs in the Kingdom and to organize their administration and application of the rules of transparency and disclosure by the goal to conserve and protect the rights of participants in these funds.
In my personal opinion I think that what was done by the Capital Market Authority came as a reaction to a natural series of contributions troubled real estate (if in good faith from some real estate or in bad faith of others) that did not stop for decades of time, which affected tens of thousands and perhaps hundreds of thousands of ordinary citizens, without exception, at the time failed when the Ministry of Trade and Industry on the off this series boring, is not an exaggeration to say it in all cases, and stood idly in front of citizens' complaints (knock on their affairs), who took refuge in turn then to the governors is also known everyone!!
I say this because I noticed in the recent emergence of a dangerous phenomenon is the return of the real estate contributions irregular again in many major cities of the kingdom and if we do not want to learn from our mistakes earlier, where I started staring at us contributions of real estate not subject to the rules and regulations of the Capital Market Authority claims its commitment to systems and regulations of the Ministry of Trade and Industry, where the use of newspaper ads and mobile phone messages are the lure of simple citizens fictional investment returns. More importantly, it is the collection of funds in an open front sight and the Ministry of Trade and Industry that have not yet taken a clear position and specific about what is happening.
Strange thing is that the money collected from the real estate contributions irregular (which is huge funds arrived in one of these contributions only for about one billion riyals) to be deposited later in the accounts of companies overseeing these contributions to the commercial banks at a time wondering where Scott officials commercial banks and Scott SAMA officials to what is happening and they know very well that it funds have been collected in a manner totally incompatible with the rules of anti-money laundering and terrorist financing issued in the foundation of the SAMA!!
There is no doubt that what is happening is a serious matter can not be tolerated by the disclaimer. Here it must be noted that there might be some of these contributions are managed well and in good faith by people who respected them a good reputation, but this does not mean we will not see in the future new cases to find the real estate contributions regardless of the reasons that led to that, and then to allow me to officials of the Ministry of Trade and Industry officials and Monetary Agency (whom we all respect and appreciate) that hold them, and now the full responsibility to preserve the rights of ordinary citizens by the rich of them.
Mohammed bin Fahd Al Omran
In 2006, revealed the Capital Market Authority for a list of real estate investment trusts, where the effect of the issuance of this regulation is not entitled to any natural or legal person carrying out any activity related to raising funds to fund real estate investment, marketing, advertising or manage his money only in accordance with the provisions of these Regulations, where seeking body of this procedure to regulate the establishment of REITs in the Kingdom and to organize their administration and application of the rules of transparency and disclosure by the goal to conserve and protect the rights of participants in these funds.
In my personal opinion I think that what was done by the Capital Market Authority came as a reaction to a natural series of contributions troubled real estate (if in good faith from some real estate or in bad faith of others) that did not stop for decades of time, which affected tens of thousands and perhaps hundreds of thousands of ordinary citizens, without exception, at the time failed when the Ministry of Trade and Industry on the off this series boring, is not an exaggeration to say it in all cases, and stood idly in front of citizens' complaints (knock on their affairs), who took refuge in turn then to the governors is also known everyone!!
I say this because I noticed in the recent emergence of a dangerous phenomenon is the return of the real estate contributions irregular again in many major cities of the kingdom and if we do not want to learn from our mistakes earlier, where I started staring at us contributions of real estate not subject to the rules and regulations of the Capital Market Authority claims its commitment to systems and regulations of the Ministry of Trade and Industry, where the use of newspaper ads and mobile phone messages are the lure of simple citizens fictional investment returns. More importantly, it is the collection of funds in an open front sight and the Ministry of Trade and Industry that have not yet taken a clear position and specific about what is happening.
Strange thing is that the money collected from the real estate contributions irregular (which is huge funds arrived in one of these contributions only for about one billion riyals) to be deposited later in the accounts of companies overseeing these contributions to the commercial banks at a time wondering where Scott officials commercial banks and Scott SAMA officials to what is happening and they know very well that it funds have been collected in a manner totally incompatible with the rules of anti-money laundering and terrorist financing issued in the foundation of the SAMA!!
There is no doubt that what is happening is a serious matter can not be tolerated by the disclaimer. Here it must be noted that there might be some of these contributions are managed well and in good faith by people who respected them a good reputation, but this does not mean we will not see in the future new cases to find the real estate contributions regardless of the reasons that led to that, and then to allow me to officials of the Ministry of Trade and Industry officials and Monetary Agency (whom we all respect and appreciate) that hold them, and now the full responsibility to preserve the rights of ordinary citizens by the rich of them.
