------------- --------------

Companies Law violators licenses to be cancelled

KUWAIT CITY, Feb 29: The Ministry of Commerce and Industry has collated files of companies that failed to submit their financial statements for more than three years and those found to have violated the Companies Law in order to impose penalties such as license cancellation, reports Al-Shahid daily quoting sources. Sources added the ministry intends to liquidate the accounts of 10 companies because they lost more than 75 percent of their capital while the value of their assets has declined remarkably.

Meanwhile, the office of Dow Chemical Company in Kuwait will close in June, following completion of procedures for the termination of its projects here, reports Al-Anba daily quoting sources. Sources revealed the company started taking steps towards closure of the office on Nov 12, 2014 when it announced its decision to reduce its shares in MA Global by selling some to Equate Company.

Sources said the office has been operating without any budget from the mother company for many months in order to shut it down and transfer or lay off its staff. On the other hand, sources affirmed that Kuwait Petrochemical Company and Dow Chemical have been making good progress in terms of preparations to offer 15 percent of Equate’s shares to citizens through public subscription in the coming months.

In another report, the Arab Forum for Environment and Development (AFED) report for 2015 revealed that Kuwait has the highest individual electricity consumption rate – equal to that of 13 five-member Sudanese families, reports Al-Qabas daily. According to the report, air conditioning units constitute 70 percent of the total power consumption of every individual in Kuwait. Moreover, the Arab region has the highest energy consumption rate in the world while its rate of dependence on production industries and manufacturing is 20 percent.

Also, the region’s population increased by 2.2 percent from 2005 to 2012 and it is expected to reach 646 million by 2050 so the energy consumption rate will be double by then. Meanwhile, head of the Public Authority for Roads and Transportation Abdullatif Al-Dakhel said the institutional phase for the establishment of the authority will be completed soon while preparations are ongoing to finalize the organizational structure; in coordination with the concerned authorities such as the Kuwait Municipality, ministries of Public Works, Interior and Communications to pave way for the transfer of relevant sections and departments in accordance with law on the establishment of the authority, reports Al-Seyassah daily.

In a press statement, Al-Dakhel confirmed the start of procedures to fill up various posts in the authority within two months. He added the activation of departments and transfer of staff are in line with the strategies of the authority, which will work in collaboration with international consultants to develop roads and land transportation network in Kuwait.

Check Also

Diverse reasons for companies’ failure to disclose status on time

KUWAIT CITY, Feb 6, (KUNA): A number of companies enlisted by Boursa Kuwait have abstained …

Translate »