(MENAFN - Arab News) An administrative court in the Eastern Province has ordered Saudi scammer Juma Al-Juma to reimburse funds totaling SR 76 million to 60 investors, local media sources reported.
According to the court ruling, Al-Juma has to pay capital worth SR 60 million together with an interest rate of 28 percent thus bringing the total amount to SR 76 million, which is roughly equivalent to the money he received from his victims for his bogus investments.
The ruling came after a hiatus of 10 years when the case related to bogus investment surfaced in the province. A ruling issued by the court at the time to seize and control assets of the defendant was not implemented because he had appealed the decision.
Mishaal Al-Sharif, the lawyer of the investors, said the total funds to be reimbursed by the defendant are SR 76 million. He said the defendant said during court hearings that he had assets whose value exceeded shareholder equity and those assets were generating profits exceeding 64 percent.
Al-Juma also told the court hearings that 95 percent of his investments and properties were located in Sudan and claimed that he had purchased land valued at 11 million. His investments have thus been allegedly estimated at 200 million, he said.
Al-Sharif said Al-Juma had tended to conceal some of his funds and assets in the name of some of his relatives to evade imposition of receivership on his money. The investors were surprised to hear that the dependent's lawyer, Ali Al-Mulla, had carried out fake sales of some branches of Quick Meal Restaurants owned by his client, he said.
On the other hand, judicial sources in the Eastern Province have predicted that the Court of Appeal in Dammam would finalize the case within a one and a half months, local media sources said. Meanwhile, another 2,000 investors are filing law suits against Al-Juma asking for reimbursement of their money.
Courts in the Eastern Province are currently considering a number of other cases against Al-Juma, including a lawsuit filed by his former lawyer Fahad Al-Qahtani who is asking for SR 200 million for legal services he had provided in 10 years to his client.
Some 8,900 people with a combined investment estimated at SR 1.06 billion have sued Al-Juma. Most of them have filed lawsuits individually while others formed a cartel to claim their rights collectively.
A year ago, a court issued a ruling whereby Al-Juma was banned from dealing with his movable and fixed assets, was told to leave the country and to appoint a financial controller over his assets.