JEDDAH, 30 June 2005 — The case of the Saudi European Insurance Company took a new turn when, in order to protect himself from investors, the chairman of the company, Dr. Omar Bakheet, surrendered himself to police in Riyadh.
Dr. Bakheet claims that he received death threats from some investors. A large number of investors gathered outside the police station, asking for their money back plus the profits that Dr. Bakheet had promised them, according to Al-Madinah newspaper.
Investors denied Dr. Bakheet’s allegations saying they had not threatened him. Turki Al-Shamrani, one of the investors, said that Dr. Bakheet’s claim that investors had gathered outside his house and threatened him was false.
Al-Shamrani said they had gathered outside his house to discuss the problem and find how they could get their money back. Police searched the crowd but found no weapons.
At the police station, Dr. Bakheet suggested that investors give him 20 days in which to return their money. Investors refused the suggestion, saying they had heard enough empty promises.
Al-Shamrani said that Dr. Bakheet had promised a weekly profit of SR2,600 per share when the shares were SR8,500. Investors are accusing Dr. Bakheet of transferring their money outside the Kingdom.
