Investment Law

1. An investor who commits a non-serious violation of any of the provisions of Articles 7 or 8 of this Law shall be notified by the Ministry using any means determined thereby in order to rectify said violation within a period to be specified in the Regulations. 2. Without prejudice to any harsher penalty provided for in any other law, an investor who fails to rectify the non-serious violation referred to in paragraph (1) of this Article after the expiration of the period specified for rectification, or who commits a serious violation of any of the provisions of Articles 7 or 8 of this Law, shall be subject to one or more of the following penalties: a) A warning. b) A fine not exceeding three hundred thousand riyals (SAR 300,000). The fine may be doubled in case of a repeat violation. c) Cancellation of registration. 3. The Regulations shall specify the serious violations and the procedures for detecting and recording violations. 4. A committee or more shall be formed pursuant to a decision by the Minister comprising not less than three members, one of whom at least shall be a legal specialist. Such committee shall consider the violations and impose the penalties provided for in paragraph (2) of this Article, and shall, upon determining the penalty, consider the gravity and frequency of the violation and the size of the establishment. 5. The Regulations shall specify the work rules and procedures of the committee, and the Minister shall, pursuant to a decision issued thereby, determine the remuneration of committee members.