Al-Marsad Newspaper: The Supreme Court issued judicial decisions annulling about 110 sukuk and bonds on the Jeddah Sea, after it was proven that they were illegally extracted, not based on approved regulatory schemes.
The canceled sukuk are owned by former princes and ministers, businessmen and women, companies, government and private agencies, in addition to sukuk of unknown ownership, according to Okaz.
In the cancellation decisions, the judicial authorities took into account that good faith was not harmed. In order to ensure the reliability of real estate deeds, and to enhance real estate security, as well as to protect the lands of the state.
It took about two years to examine and review the canceled sukuk, due to the huge amount of work by going back to the original transactions and old records.
She stressed that the competent authorities continue to study other instruments for a number of sites on the Jeddah Sea, and in the event that it becomes clear that they violate the regulations and instructions, legal measures will be taken in their regard.
