Riyadh, July 3: The Banking Dispute Resolution Committee has issued decisions in cases totaling more than SR12 billion, involving restoration of the financial rights of individuals and institutions and compensating affected bank clients.
Dr. Ahmad Al-Saleh, the committee’s Secretary General, said the committee received 8,700 cases in 2010. A total of 7,700 decisions were issued while 1,000 cases are still being processed.
He said the committee does not deal with any criminal cases, such as embezzlement or hacking of bank accounts, until it is resolved by the judiciary.
It does not issue verdicts in absentia. It allows aggrieved parties to send in their complaints and documents by fax. It also interacts with parties through its website.
The committee recently issued a 428-page reference document containing the rules governing banking disputes between banks and clients, aimed at lawyers, bankers and investors.
—Agencies