- JEDDAH: The administrative court in Jeddah has upheld a decision to freeze a Saudi businessman’s bank accounts and stop him from traveling abroad after he broke an agreement over the rental of a lake in the city.
Court sources did not reveal the name of the investor, who also had his properties repossessed, but said he had rented the lake from the local municipality at SR750,000 a year for 15 years.
When he was unable to honor his commitment, the municipality rescinded the contract and rented the lake, located at the northern Corniche, to another investor.
The claimant had asked the court to reverse the municipality’s decision, overturn the fines imposed on him and compensate him with SR3 million for the buildings he had constructed on the lake front.
Sources said the court refused all the claimant’s demands and endorsed the municipality’s actions.
