المملكة: The “Endowments” sets the conditions for the dismissal of principals… and financial violations are the top reasons

I approved The General Authority for Endowments Strict procedures to remove the endowment supervisor and replace him immediately, in accordance with competent decisions, with the aim of protecting the endowment assets and ensuring their efficient management in accordance with legal and regulatory controls.

The General Authority for Endowments clarified that the removal process takes place when cases of infringement or deliberate negligence in management are proven, based on the endowment’s basic condition that guarantees the safety and sustainability of the system.

It revealed The supervisory authorityThe most prominent cases requiring dismissal include the supervisor committing any legally stipulated crime while assuming his duties, or deviating from the endowment’s objectives and violating its approved paths.

The General Authority for Endowments indicated that mixing endowment funds with other accounts without legal or legal justification is considered a “serious violation” that requires immediate accountability and direct dismissal.

It pointed out that It monitored the conduct of suspicious fraudulent actions in the name of the endowment, stressing that this circumvention of the regulations to achieve illegal gains would oust the principal and require his replacement with another qualified one.

She added The General Authority for Endowments The reluctance of the principal to open an independent bank account in the name of the endowment without legal justification represents a clear violation that exposes him to isolation, due to its negative impact on the transparency of transactions.

It indicated that committing any violation of the procedures and provisions related to the disposal of the endowment’s assets in any way, is classified as a threat to the integrity of the management of those assets and requires decisive intervention.

The General Authority for Endowments stressed at the conclusion of its controls that Preventing its teams from conducting office or field examinations, or withholding the required documents, legitimizes taking deterrent legal measures that end with “isolating the principal.”