JEDDAH, 14 August 2005 — Omar Bakheet, chairman of Saudi European Cooperative Insurance Company, is facing financial demands of more than SR270 million collected illegally from citizens, Madinah newspaper reported. A committee formed from several government departments is currently investigating the case that was classified as money laundering case. The time period given to Bakheet to return the money to investors is over. Omar Bakheet will not be able to pay investors unless he sells some of the companies he owns. Some businessmen have proposed to buy his companies including the insurance company.