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Wednesday , August 17 2022

Absence of MoCI monitoring has led citizens falling prey to ‘e-auctions’

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Shuaib clarifies rumors circulating on social media

KUWAIT CITY, July 10: Electronic auctions have become widespread and many citizens have fallen into this trap, reports Al- Rai daily.

The absence of monitoring by the Ministry of Commerce and Industry is glaring despite the fact that his phenomenon is spreading rapidly. Those responsible at the ministry pointed out this is not part of the functions of the ministry as electronic auctions are managed by bodies which are not licenced by the ministry.

Such auctions usually start at very low prices but the race escalates such that, in most cases, the prices become twice or triple the actual value. Although it seems that e-auctions save time for consumers and facilitate the purchase of commodities like rare watches, cars and antiques; there is a high probability of manipulation in terms of selling fake or stolen commodities. It is also possible that some individuals connive with the organizers of auctions in order to raise the prices by pretending to be buyers who are willing to pay high prices.

Meanwhile, Assistant Undersecretary for Cooperative Affairs at Ministry of Social Affairs Abdulaziz Shuaib clarified the rumors that were circulating on social media concerning a decision to dismiss some board members of one of the cooperative societies, reports Al-Anba daily. He explained that the ministry took the decision based on a recommendation submitted by the higher committee after conducting a study and bringing to light the results of the works of audit committees that agreed with the conclusions of the cooperative society’s audit and accounts committee.

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