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Monday , December 5 2022

Factory owner under ‘probe’ for money laundering

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KUWAIT CITY, Aug 24: Informed sources revealed government investigation was recently opened into the existence of suspected money laundering related to the owners of one of the factories and about 30 branches that sell the same factory product with the same violation, reports Al-Rai daily.

The sources stated that the Ministry of Commerce and Industry is preparing to submit a report to the Financial Intelligence Unit stating that it has monitored the suspicion of a factory violating the instructions to combat money laundering and terrorist financing, noting that the ministry had recorded earlier a violation on the suspected factory for packing a product that does not conform to standard specifications and that it distributes the product to a large segment of shops to sell it in the local market.

The sources stated that “during the examination and audit of the books of the factory and the violating stores, it was found that there is a relationship between the owners; they are Syrians and some of them repeatedly appeared on the ownership list of the factory and the 30 violating stores.

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