- EDDAH: A Saudi businessman who invested $300,000 into a shipment of fabric from a South Korean company found on its arrival in Jeddah that eight of the shipment’s 10 containers consisted of waste material, Al-Eqtisadiah newspaper reported.
A source from the Jeddah Chamber of Commerce and Industry (JCCI) said the businessman was shocked when the shipment arrived at Jeddah Islamic Seaport. The waste material is of no value.
The businessman has been instructed to write a letter of complaint about the fraud to the JCCI. Based on documents that the man provides, the company will be contacted and made liable for losses.
The JCCI will also contact the business section of the Korean embassy. The same source said that similar incidents occurred in the past in which a number of Saudi businessmen were duped, something that then led to their bankruptcy.

