KUWAIT CITY, Nov 15: The Court of Appeals has decided to adjourn, for the second time, to December 5 the cases related to real estate fraud and money laundering filed against a Kuwaiti citizen and an Iraqi expatriate who have been accused of laundering money worth KD 64 million through bogus projects in Khairan area in Sabah Al-Ahmad Maritime City.
The case was adjourned in order to announce the second accused in the case. In the recent session, the victims’ defense team represented by Lawyer Ali Al-Attar affirmed that the evidence of conviction are the bank account statements, which confirm the fraudulent companies’ association with each other, the transfer of funds to the personal accounts of the accused, and the emptying of the company’s accounts of funds, as well as the company’s lack of ownership of land. He stressed that there are suspected infringements on public money and state rights, with fees exceeding KD 24 million.
The Criminal Court had sentenced the first accused — the citizen — to two and a half years in prison, and the Iraqi expatriate to seven years with hard labor, with a fine of KD 128 million. It then referred the civil aspect of the case to the competent civil court for consideration. The Public Prosecution charged the defendants with committing money laundering of funds amounting to KD 64,294,023 during the period from January 2014 to December 31, 2017, by deliberately possessing and acquiring these funds, knowing that they were obtained from the victims for the purpose of investing in real estates with “Al-Sarab Real Estate Development, and Al-Misk Holding”, owned by the first accused, and deposited the funds in the local bank accounts of the two companies By Jaber Al-Hamoud Al-Seyassah Staff