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Monday , September 27 2021

Panel okays bill to set up fund to compensate estate fraud victims

KUWAIT CITY, April 13: The parliamentary Legal and Legislative Affairs Committee has approved the bill on establishing a fund for compensating the victims of real estate fraud. According to the bill, the fund will pay 80 percent of the compensation and the remaining 20 percent will be paid once those behind the real estate fraud are convicted and are then obligated to compensate the victims. The bill was referred to the Financial and Economic Affairs Committee prior to its submission to the Parliament.

The Legal and Legislative Affairs Committee also approved the bill submitted by MP Fayez Al-Jomhour to amend Law No. 46/2006 regarding Zakat and contributions of companies to the economy of the State. The bill mandates the Ministry of Finance to collect 2.5 percent of the gains of shareholding companies. The collected money will be handed over to Zakat House to be used for the implementation of humanitarian projects. Al-Jumhour submitted another bill to amend Law No. 16/1960 by adding an article which stipulates execution as punishment for whoever is convicted of practicing black magic to cause damage or benefit from others.

Whoever is convicted of seeking the help of a magician to cause damage to others and those who import materials used in black magic will be imprisoned for five years and fined KD10,000 maximum or any of these two penalties.

On the other hand, the Budgets and Final Accounts Committee discussed the estimated budget of Kuwait National Fund for Small and Medium Enterprises (SME Fund) for fiscal 2021/2022 and its final account for fiscal 2019 /2020. Chairman of the Committee MP Badr Al-Mullah revealed that the expenditure of the fund for fiscal 2019/2020 reached KD 6.8 million while the revenues reached KD 112,000. He said the estimated expenditure for fiscal 2021/2022 is KD 9.6 million and the estimated revenue is KD 40,000. He added the Board of Directors of the fund has yet to approve the financial data regarding the budgets for fiscals 2018/2019 and 2019/2020, as well as the estimated budget for 2021/2022; because it has not met since the formation of the new government. He explained that Kuwait Investment Authority (KIA) transfers KD 10 million to the fund monthly, indicating the total amount it received since inception reached KD 173 million and this amount is allotted for financing 884 SME projects. In addition, Minister of Health Dr Basel Al-Sabah sent a letter to the Parliament asking for clarification about some items included in the grilling motion that MPs Musaed Al-Ardi and Ahmed Mutei Al-Azmi filed against him. Meanwhile, Al-Azmi said the minister sent the letter a few hours before Tuesday’s session whose agenda include the grilling motion, indicating this means the minister wants to postpone his grilling.

By Saeed Mahmoud Saleh Arab Times Staff

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