Businessman swindles Dh260m from firm

A Turkish businessman swindled nearly SR260 million (Dh260m) from a Saudi company before fleeing the Gulf kingdom, a newspaper reported on Wednesday.

The Saudi firm had awarded a contract to the businessman who owns a construction company to build villas for its employees in the eastern province, ‘Sabq’ said.

After it was paid the sum, the company could not execute the project, prompting the Saudi firm to report its owner to the police.

‘Sabq’ said police arrested the owner before releasing him on bail pending trial on charges of embezzlement and failure to execute his contract.

It said that after he was released, the Turkish businessman sneaked out of Saudi Arabia via the King Fahd Causeway linking the Gulf kingdom with neighbouring Bahrain.

“He fled with SR260m without being stopped by the authorities…sources said the businessman managed to escape after he was given his passport upon his release…he was banned from travel nearly a week after his release,” it said.

 

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