KUWAIT CITY, March 20: Ministry of Commerce and Industry is planning to ask owners of about 130 general trading and contracting companies, whose licenses have expired for over one year and are yet to be renewed, to choose one of both activities or lose their licenses, reports Al-Rai daily.
According to informed sources, this recommendation was contained in a report submitted by the Situation Adjustment Committee of the ministry. They stressed that applications will be accepted for renewal of licenses under the condition that they will go through procedures like new companies. The sources revealed that the Assistant Undersecretary for Companies Ahmad Al-Fares heads the committee.
They explained that the committee recently reviewed files of some aggrieved companies that wanted to restore their licenses. The officials indicated that the reasons for suspending renewal of the licenses were beyond their control. Some of the reasons were due to failure in presenting financial statements to the ministry, or the companies did not hold general assemblies for almost three years consecutively. The sources declared that the soft landing for these companies in such a situation is to follow the international code of activities by splitting the two activities.