GAA recovers SAR 1.5B for endowments; safeguards SAR 100B worth of assets

The General Authority of Awqaf (GAA) safeguarded endowment entities with a variety of financial assets at a total amount of nearly SAR 100 billion, while building corrective plans to recover amounts in favor of the endowments of about SAR 1.5 billion.

In a statement, GAA noted that this came after the end of the deadline of the settlement period granted by the regulation of trusteeship business. The authority conducted the examination and audit in order to ensure the commitment of the trustees to the terms of the endowment and the provisions of the relevant regulations.

The step ended with monitoring a number of violations by the trustees or those who manage those endowments.

Accordingly, the authority ended up issuing administrative decisions against the violators in accordance with the pre-issued rules and regulations.

These violations represented in most cases mixing the endowment funds with the return of the endowment assets, ignoring the preparation of the reports and financial data, and refraining from paying the return to the beneficiaries as well as the seizure of the endowment funds, in addition to other violations related to the registration of the endowment and its assets with the authority.