Saturday , October 21 2017

‘Rents may go down by 25 percent by end of this year’ – Disciplinary authority holds 1st session to tackle finance offenses

KUWAIT CITY, June 26: There are indications that the rents of investment apartments will reduce by 25 percent before the end of this year due to several factors including the slump in the real estate sector during the summer season, reports Al-Shahed daily quoting sources from the real-estate sector.

They revealed that the number of vacant flats throughout Kuwait has reached 100,000 which is the main reason why there are possibilities of the lowering of rental costs.

The sources explained that the trade of the real-estate market was KD 800 million during the first half of the year 2016. The commercial real-estate sector will continue to be stable but rents in other real-estate sectors might reduce.

They revealed that the committee might be formed to study the market and adjust the rents accordingly during the coming phase.

A disciplinary authority tasked with handling financial offenses held its inaugural and “historic” session last Wednesday, Head of the Department of Fatwa and Legislation Salah Al-Masaad said on Sunday. The disciplinary authority’s session tackled a myriad of financial cases as the offenders were summoned to face charges leveled against them, Al-Masaad said in a press statement to KUNA, adding that this represents a major step towards justice and protection of public funds.

Moreover, he revealed that the session reviewed eight fi nancial offenses, with the next one slated for July 13 where these trials will continue. Al-Masaad also added that all those found guilty of financial misconduct would be held fully accountable.

Meanwhile, the State Audit Bureau has referred a total of 37 financial offenses in various government bodies to these disciplinary trials, where they will be inspected thoroughly, Al-Masaad added.

The disciplinary authority, a special council formed by way of an edict issued by the State Audit Bureau, is authorized to indict anyone accused of financial offenses.

In disciplinary trials, defendants are required to personally appear in court with their lawyers to answer charges against them, where they reserve the right to rebut these charges, as a final verdict can only be issued once the rebuttal process is over

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