SANA'A March 02. 2023 (Saba) - The Public Funds Court in the capital Sana'a decided to close the pleadings and reserve the case of Sultana Palace Group for judgment and pronounce in the session scheduled for the 24th of next May.
Presided over by Chairman of the Court Judge Sawsan al-Houthi, the court began its first session in this case on the 18th of August 2021, in which the Prosecution accused 82 defendants.
The background of the case in January 2016 until July 15 2020 and at a later date - the court's indictment mentioned that the defendants got a material benefit using fraud and incorrect commercial traits.
The defendants deceived more than 100,000 citizens who were victims of commercial activities that generate quarterly and annual profits under the name of speculative contracts and the sale of shares in what they called the Sultana Palace Group for Textiles and Silver.
According to the indictment, the defendants - during that period - collected sums of money estimated at about YER 66,314,000,000 without a legal entity licensed by the relevant official authorities.
The defendants distributed YER 44,869,000,000 for themselves and other shareholders under the title quarterly and annual profits from the money of the recent shareholders of which an amount of YER 11,284,000,000 were handed over to those who were unjustly named beneficiary shareholders.
H.H
resource : Saba
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