Jeddah police have warned people of organized gangs targeting accountants and treasury trustees of private companies and institutions while transporting funds to and from banks, a local newspaper reported.
Security forces said this process is risky, making the employee vulnerable and exposed to attacks. Officials in the Ministry of Interior have detected a number of recent cases of assault on accountants working with private firms.
Spokesman of Jeddah police First Lt. Nawaf Al-Bouq said these incidents are not common, as compared to many other countries in the world. “They are not disturbing, but it is better to be cautious, as prevention is the best medicine,” he said.
The Council of Saudi Chambers issued a binding decision to companies and institutions to have them transfer their deposits through security companies in an attempt to minimize such incidents.
Al-Bouq pointed out that the decision involves firms and institutions that deposit large amounts of money in banks and money exchanges.
“Security firms that guard and transport money are safer, as this is their field of specialty, considering that there are organized gangs that stalk, search and monitor accountants from the moment they leave their firms for banks,” explained Al-Bouq.
He noted that most such incidents involved security men who are supposed to guard the funds, with sometimes the accountant himself an accomplice.
The police announcement was made under the direction of Interior Minister Prince Mohammed bin Naif after a report by the chief of police, Brig. Said Al-Qahtani.
Barrie Ajaj, economist and member of the securities and exchange committee at the Jeddah Chamber of Commerce and Industry, confirmed that companies that make their own arrangement for the transfer of funds risk losing their money through theft or damages as a result of an accident.
“The Saudi Arabian Monetary Agency forces banks to assign and contract a security company to transport funds,” said Ajaj, adding the cost incurred is reasonable considering the risk.
Organized gangs targeting Jeddah treasury officials
