KUWAIT CITY, Dec 13: Board member of Bayan Cooperative Society Nabil Yousef Al-Kandari blamed the Ministry of Commerce and Industry for the hike in prices of various commodities, saying “the ministry has the right to seize violators and price manipulators in accordance with ministerial decisions and laws but unfortunately, it just keeps blaming the cooperatives,” reports Al-Watan Arabic daily.

Al-Kandari said the country witnessed a strong hike in prices of vegetables, especially that of tomatoes which were costing KD 5 per box and “although many studies showed that prices are highest in Kuwait compared to other countries in the region, the ministry did not take any action.”
Al-Kandari pointed out that cooperatives play a very important role in controlling prices, and offer best services to shareholders.

Stressing that the new law for cooperative sector will help revive the sector, he said “the current law was ratified many years ago and so there is a need to upgrade and update to keep in tune with the changing times and the growing number of cooperative societies.” The new law will be able to limit abuses and will help in the development of the cooperative movement.

 It is aimed at eliminating the loopholes in the current law and protect the money of shareholders, noted Al-Kandari.