Hawally and Capital cooperatives suspected of embezzling KD 2.5m

This news has been read 14166 times!

KUWAIT CITY, Oct 25: In light of what was revealed by the initial reports of the review committees recently formed by the Ministry of Social Affairs on some cooperative societies against which complaints were submitted by the financial and administrative controllers appointed within them, Al- Jarida learned that some of these reports revealed the existence of millions of financial manipulations within two cooperatives in the Hawalli and the Capital Governorates, reports Al-Jarida daily.

According to the Ministry of Social Affairs sources these manipulations are estimated at about 2.5 million dinars, related to the supply of vegetables and fruits in the first association, at a value of one million, while it appeared in the form of a shortage of goods not present in the central market of the second cooperative, with an estimated value of 1.5 million, in addition to a number of flagrant violations of the sanctity of the shareholders’ funds.

She stressed that this came out of the ministry’s keenness on these funds, and to preserve the financial positions of the associations, in the process of taking deterrent legal measures against the successive councils on the management of the two cooperatives, “and against any financial and administrative abuses that would weaken the financial solvency of the associations.”

In addition, the sources revealed the imminent issuance of an administrative decision regarding the formation of a committee to review the business and accounts of the Wafra Cooperative Society, against the background of complaints submitted by some shareholders, and reports submitted by the financial and administrative observers appointed within it that there are suspicions of financial and administrative abuses, in addition to the appointment of a manager within the Fahd Al- Ahmad Society.

This news has been read 14166 times!