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Unsold goods valued KD 15m accumulate in cooperatives suppliers paid their dues

KUWAIT CITY, Jan 1: Deputy Board Director of Voluntary Consumer Protection Society MP Khaled Al-Subei’e disclosed that unsold goods valued at KD 15 million accumulate in the cooperative societies. He added each cooperative society is presumed to be holding between KD 200-500 thousand worth of unsold commodities, reports Al-Shahid daily. MP Al-Subei’e pointed out that the issue became known at the annual inventory of the cooperative societies recently, and the most shattering aspect is the absence of credit facilities to cover unsold goods while the suppliers have already been paid. He indicated the goods belong to some beneficiaries in the administrative board.

He also said the goods are unsold because they are either low-grade or overpriced and consumers are not interested in their purchase. Al-Subei’e called upon the Ministry of Social Affairs and Labor, in its capacity as overseer and the body in charge of cooperative societies, to perform its by sending auditors and administrators to intervene to protect the stockholders against losses. He also called for swift action, especially at a time when various administration boards are exerting efforts to cover corruption by cooperating with auditors, while preparing to close the budgets. He wondered why the Ministry of Social Affairs declines to implement the new cooperative society law.

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