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MP queries minister over losses faced in land trade

Deception, fraud cited in deals

MP Riyadh Al-Adsani

KUWAIT CITY, July 15: MP Riyadh Al- Adasani has asked the minister of commerce and industry to verify news that the value of real estate trading, including cases of deception and fraud, reached KD 605 million in recent years, reports Al-Qabas daily.

He affirmed that in recent years, certain tools were used for deception and fraud in the real estate business including money laundering by some real estate companies operating in the local market. The objective of these companies was to attract capital by exploiting investors and clients when the local market witnessed low investment returns. “This led to loss of huge money belonging to citizens and expatriates who were deceived by companies without fear of Almighty Allah and punishment of the law as they focused on marketing suspicious businesses in and outside Kuwait. This is done through casual exhibitions, full or part ownership, and buying through the system called ‘Time Share’,” noted the MP.

In his question, Al-Adasani requested for information like the number of cases and victims in the ministry’s record whether in the Public Prosecution or courts or complaints which the ministry received, and the measures it has taken so far. He inquired if the ministry formed a committee or a team tasked to list and follow up cases of deception and fraud involving real estate companies, study reasons behind such cases, examine files, and implement a mechanism for curbing such violations.

He also asked if the ministry strived to organize real estate and marketing exhibitions. If yes, he demanded for copies of regulations and decisions taken in relation to organizing real estate exhibitions, as well as studies and measures taken in this regard.

Meanwhile, MP Osama Al-Shaheen said the number of MPs, who signed the ‘National Assembly building storming’ petition, has so far reached 20 and he expects the number to increase in the following days; while calling for continuous efforts to rectify consequences of the multi-million deposit scandal, reports Al-Qabas daily.

In a statement to the daily, MP Al-Shaheen disclosed the meeting they held recently included consultation and deliberation on a case which has been open for many eyes and has not been handled properly. He attributed mishandling of the case to various judicial, political and governmental issues; indicating the situation has reached a point where those who protested against political bribery are being convicted and pursued legally.

“Those proven, in one way or another ,to have blotted accounts are free and reassured that the law will not catch up with them. We are not pursuing the matter just to support our friends, colleagues, activists and former MPs being haunted by this case. Instead, we are standing for a general principle which calls for reforms in the political arena,” Al-Shaheen asserted.

The MP praised the meeting’s atmosphere, describing it as positive. He also voiced optimism that there will be a breakthrough in terms of comprehensive solution to this case in order to put everyone on a strong and united national platform which can withstand major political and economic challenges amid the erratic political climate in the region and across the world as stated in the speech of HH the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah. “This leaves us responsible for various weights which we carry in confronting such challenges and solving them while maintaining the best possible image for the nation and its people,” he stressed.

He affirmed that the responsibility of rectifying ramifications of the multi-million scandal case on political and legal level necessitates collective effort as opposed to individual effort. Personally, he thinks it needs the efforts of others in order to complete and support this trend.

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