A cashier embezzles 500 million riyals from Shabwa projects
English - Sunday 01 November 2020 الساعة 02:47 pm
Shabwa, NewsYemen, Exclusive:
A money exchange company in Shabwa province embezzled about 500 million riyals (half a billion) from contractors' dues for projects in the governorate for the year 2020, through a literal corruption process by converting cash exchange from a dollar to a Saudi riyal.
Sources said that the local authority in Shabwa governorate contracted with contractors to implement investment projects in dollars, and acted under the directives of Shabwah Governor Muhammad Saleh bin Adiu, and through a money exchange company, whose owners have a lineage relationship with the governor bin Adiou.
It stated that the exchange company paid the contractors' dues in Shabwa in Saudi riyals at a price of 3.50 Saudi riyals per US dollar, with a decrease of 25 fils on the official exchange rate of the dollar against the Saudi riyal.
The exchange rate of the dollar against the Saudi riyal is 3 riyals and 75 fils, or 27 cents for each Saudi riyal.
The sources explained that these operations, converting the dollar into Saudi riyals, exceeded during the year 2020 more than 10 million US dollars.
And by calculation, the conversion of 10 million dollars into Saudi riyals at the official exchange rate of one dollar for every 3 riyals and 75 fils, the total amounts to 37 million and 500 thousand Saudi riyals.
When converting $ 10 million into Saudi riyals at the price of the exchange company that approved it for contractors in Shabwa, one dollar for every 3 riyals and 50 fils, the total amounts to 35 million Saudi riyals, which is less by 2 million and 500 thousand Saudi riyals and it goes to the owner of the exchange company.
Corruption of currency exchange in the project account is a kind of trick and corruption practiced against public money, in the absence of the state, oversight and accountability, in addition to the fact that every project goes through a series of deductions and commissions.
