Saudi Arabia offers rewards of up to SR10 million for reporting unknown endowments

RIYADH — The General Authority for Endowments has implemented a reward system for reporting unknown endowments, capping the incentive at five percent of the endowment's value or a maximum of SR10 million. This initiative aims at creating a regulatory framework to identify, address, and revive dormant endowments, ensuring they align with the original intentions of the donors while promoting their long-term sustainability and development within the Kingdom.

The authority can uncover these unknown and dormant endowments through public reports, collaboration with government and judicial entities for data acquisition, or direct requests for intervention from various stakeholders. An endowment is considered unknown if its beneficiary has been suspended and adheres to specific criteria, such as lacking a trustee, the trustee concealing it, or being unaware of its location, trusteeship, or supporting documents.

Similarly, a dormant endowment is one where the trustee's principal revenues have ceased for two consecutive years or the direct benefit from an endowed asset has been entirely suspended due to the endower's stipulated conditions for the same duration. Any interested party can initiate an investigation into an unknown endowment or request assistance in reviving and developing a dormant endowment.

To be eligible for the reward, a report must be presented to the authority for the first time, supported by valid documentation in line with the rules of evidence, and cannot be a duplicate of a previously reported case, unless a subsequent report aids in resolving the matter. The person reporting the endowment will receive a reward determined by the Committee for Unknown Endowments, contingent upon meeting the stipulated requirements and contributing significantly to resolving the issue.

Priority is given to the first reporter, unless a subsequent report proves productive. The committee may also consider rewarding multiple reporters or individuals who have actively contributed to addressing the endowment. It is worth noting that the authority will not accept reports concerning dormant endowments during the first year after the regulations' implementation, giving administrators time to assess their status.

Post this period, the authority will take charge of addressing dormant endowments independently or through delegated methods. Economic expert Ahmed Al-Shehri elaborates that these regulations pertain to endowments or bequests involving undisclosed or dormant assets, encompassing real estate, movable property, or other forms, as well as certain reports submitted to the authority prior to the regulation's introduction, as long as they align with the specified cases.