RIYADH: Minister of Commerce and Industry Abdullah Zainal Alireza announced on Wednesday that liquidation agreements have been signed for 70 percent of insolvent real estate share businesses worth SR1.33 billion, adding that money received from the firms would be deposited at Bank Albilad.

Speaking to reporters after signing the agreements at his office, Alireza said the liquidated businesses have been transferred to official receivers and chartered accountants. “We have signed a memorandum of understanding with Bank Albilad to deposit all amounts received from insolvent share businesses,” he said.

He said shareholders would get back their money invested in the businesses through the bank’s branches across the country after completing the necessary legal measures.

He praised the keenness shown by Custodian of the Two Holy Mosques King Abdullah to protect the rights of shareholders in the businesses. Alireza urged citizens to invest their money in authorized and sound business firms.

Informed sources told Arab News that the 10 firms liquidated on Wednesday were Kunuz Jeddah, Bushra in Makkah, Rabue Makkah, Ardh Asharafa in Makkah, Talal Arar, Al-Yasmin in Riyadh, Durrat Al-Khaleej in Alkhobar, Dhilal in Jeddah, North Jeddah Real Estate and Anwar in Makkah. Al-Durabi’s Venice real estate project is not among them, they added.

Some of the troubled investment projects go back to 40 years. Abdul Rahman Al-Makhdoub, chairman of the executive panel of the Real Estate Share Business Com-mittee, said the panel would not look at unauthorized businesses established before 22/08/1426. “Shareholders of those companies should approach relevant judicial and executive authorities to get their rights,” he said. Al-Makhdoub said it was difficult to calculate the amounts invested in those old businesses, as the value of real estate was unstable.

He, however, pointed out that the panel, which has been reviewing 217 unauthorized businesses during the past six months, was successful in solving 21. “This is a good number,” he added.

Executive President of Bank Albilad Khaled Al-Jasser said his bank was happy to participate in this humanitarian venture to end the suffering of thousands of citizens who have invested their hard-earned money in real estate share businesses. He added that the bank's 68 branches across the country would distribute money to rightful beneficiaries.