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Real Estate Firms Licenses Cancelled
The Ministry of Commerce and Industry has cancelled the license of three real-estate companies and banned 8 persons from engaging in any activity related to the real estate sector, reports Al-Rai daily.
Speaking to the daily, a reliable source said the decision stands until a verdict in the case has been issued by the court. The suspension decision came based on the law No 106 of the year 2013 with regard to combating money laundering and financing terror.
The decision is also based on a ministerial resolution No 430 of the year 2016 which regulates the works of institutions and companies who work as real-estate brokers and real-estate offices.
SOURCE : ARABTIMES
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