Friday 22 June 2018

Bahrain to crack down on bogus investments

Manama, March 11, 2014

Bahrain will soon introduce a new law to crack down on companies and individuals offering unlicensed and bogus investments, a report said.

The Shura Council yesterday (March 11) approved a bill that carries a BD100,000 ($261,780) fine or jail sentences ranging between three and 20 years for those who fail to comply with the Central Bank of Bahrain regulations, reported the Gulf Daily News, our sister publication.

Middlemen and agents mediating in such activities could also be fined up to BD50,000 or jailed for a period between one day and three years. Attempting such crimes will carry half of those punishments.

Council members and MPs have been disputing for the last 14 months over fines and jail sentences mentioned in the bill.

The bill will now be ratified by His Majesty King Hamad. - TradeArabia News Service

Tags: Bahrain | law |

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