The Council of Saudi Chambers (CSC) said this week that commercial concealment was the topic of a meeting with Ministry of Commerce Commercial Fraud Combat Department General Director Omar Al Sehebani.
Al Sehebani and CSC National Committee on Trade Chairperson Sulaiman Al Ayeeri discussed the impacts that commercial concealment, hiding information that would impact an insurance contract, has on the country. Al Ayeeri said both private and public sectors should cooperate in order to mitigate this kind of fraud.
Concealment is common in transportation, retail, real estate and automobile oils industries.
Al Shebani and Al Ayeeri also discussed possible ways to combat concealment, including supervision by business owners and increased awareness among investors.
The Fraud Combat Department is tasked with monitoring fraudulent activities across the country. Al Sehebani said individuals that suspect this kind of activity should report it through special communication lines including a smartphone application and certain phone numbers. Those that report a case are able to receive approximately 30 percent of the fines paid by the violator.