JEDDAH: The country’s courts have recovered SR111 billion from people and companies who had owed money to their creditors, according to Justice Minister Walid Al-Samaani.
Al-Samaani revealed these statistics on the sidelines of an agreement signed between the ministry and the Saudi Credit Bureau (SIMAH), which would ensure the courts have access to the financial and credit history of all litigants, a local publication reported, quoting a statement issued by the minister.
He said the agreement would ensure judges can make informed decisions that would promote justice and transparency. The pact was signed by the undersecretary for sentencing Hammad Al-Khudairi and SIMAH’s chief executive Nabil Al-Mubarak.
The agreement would see the courts have access to accurate and updated financial and credit information of individuals and companies in accordance with current laws. This includes debts, defaults, payments and other related financial information.
Al-Khudairi said this would allow judges to issue verdicts that would contribute to a healthy economy. It would serve to protect the rights of all parties involved in litigation in the country’s courts.
Al-Mubarak said the agreement would contribute to building a healthy environment for investors. “The ministry will benefit from two systems in this regard. The first will involve individuals under the name Simahti, and the other involves companies under the name Simahtuna. Both systems will provide credit information, either positive or negative,” said Al-Mubarak.
Al-Samaani revealed these statistics on the sidelines of an agreement signed between the ministry and the Saudi Credit Bureau (SIMAH), which would ensure the courts have access to the financial and credit history of all litigants, a local publication reported, quoting a statement issued by the minister.
He said the agreement would ensure judges can make informed decisions that would promote justice and transparency. The pact was signed by the undersecretary for sentencing Hammad Al-Khudairi and SIMAH’s chief executive Nabil Al-Mubarak.
The agreement would see the courts have access to accurate and updated financial and credit information of individuals and companies in accordance with current laws. This includes debts, defaults, payments and other related financial information.
Al-Khudairi said this would allow judges to issue verdicts that would contribute to a healthy economy. It would serve to protect the rights of all parties involved in litigation in the country’s courts.
Al-Mubarak said the agreement would contribute to building a healthy environment for investors. “The ministry will benefit from two systems in this regard. The first will involve individuals under the name Simahti, and the other involves companies under the name Simahtuna. Both systems will provide credit information, either positive or negative,” said Al-Mubarak.
