COOPERATIONS HAWALLY AND CAPITAL ARE SUSPECTED OF EMBEZZLING KD 2.5 M

  • 26/10/2022

Kuwait City: Some of the initial reports of the review committees, which the Ministry of Social Affairs recently established, on some cooperative societies against which complaints had been made by the financial and administrative controllers appointed within them, revealed the existence of millions of dollars in financial manipulations within two cooperatives in the Hawalli and the Capital Governorates. 


These manipulations, which are reportedly worth about 2.5 million dinars, were related to the first association's supply of vegetables and fruits, valued at one million dinars, while they manifested in the second cooperative's central market as a shortage of goods, estimated to be worth 1.5 million dinars, in addition to several egregious violations of the shareholders' funds' sanctity. 

She emphasised that the ministry was concerned about these funds and wanted to protect the associations' financial positions while taking deterrent legal action against the two cooperatives' successive management councils "and against any financial and administrative abuses that would weaken the financial solvency of the associations."

Additionally, the sources indicated that an administrative decision regarding the creation of a committee to examine the operations and financial records of the Wafra Cooperative Society would soon be issued. This is due to shareholder complaints, reports from the financial and administrative observers appointed within the organisation that there may have been financial and administrative abuses, and the appointment of a manager within the Fa.

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