The Saudi Public Prosecution seized more than $7.46 million after an institution’s founder and an employee were convicted of commercial cover-up and money laundering by Jeddah’s Penal Court. The two people were also sentenced to nine-year imprisonment, local media reported, citing a source familiar with the matter at the Public Prosecution. The sentence came after a complaint was filed by a local bank to the Saudi Arabia Financial Investigation Unit (SAFIU) about suspected money laundering by the bank account holder. Investigations into the claim proved that the corporation owner and one employee were accused of money laundering and commercial concealment, the source added. Powered by Argaam