18/05/2026
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18/05/2026
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KUWAIT CITY, May 18: Head of the State Audit Bureau (SAB), Essam Al-Roumi, has issued a decision outlining the duties of trustees responsible for frozen funds and the regulations governing the performance of their responsibilities, in accordance with a decision issued by the Attorney General.
Article 1 of Decision No. 74/2026, which was published on Sunday in the official gazette “Kuwait Al-youm”, explains that frozen funds are “assets subject to a decision by the Attorney General prohibiting their disposal.”
Article 2 stipulates that trustees appointed to manage frozen funds, pursuant to Article 24 of Law No. 1/1993, must adhere to the following regulations:
1. The trustee, in performing their duties, must fulfill all obligations stipulated for a trustee according to the provisions of Chapter Two of Part Three of Book Two of Law No. 67/1980, provided that these obligations do not conflict with the provisions of this decision or any future decisions issued by the President of SAB.
2. The trustee is obligated to safeguard the funds entrusted to their management and must exercise the care of a reasonable person in this regard.
3. The trustee may not delegate their duties, in whole or in part, to another person except with the written permission of the Attorney General.
Authority
4. The trustee’s authority is limited to administrative tasks, and they may not undertake any action outside this scope except with the prior written permission of the Attorney General.
4. The trustee’s authority is limited to administrative tasks, and they may not undertake any action outside this scope except with the prior written permission of the Attorney General.
5. The trustee may not use the seized funds for their own benefit and is prohibited from dealing with persons whose funds have been seized.
6. The trustee must refer to the Attorney General regarding all requests submitted to them concerning the seized funds and the prohibition on their disposal.
7. The trustee must disclose any conflicts of interest between themselves and the seized funds, as well as between themselves and persons whose funds have been seized.
8. The trustee must submit to the Attorney General a detailed report of the tasks assigned to them every six months, unless the Attorney General decides otherwise.
The report must include the financial position and supporting notes, as well as a statement of revenues and expenditures for the period covered. The trustee shall submit a consolidated statement of both the trustee and the receiver from the date of assuming management until the end of the term. The trustee shall submit to the Chairman of SAB a statement of cash fl ows and a comprehensive management report on the transactions related to the management of the seized funds, within 15 days following the end of each term. The SAB shall notify the Attorney General and the trustee of any observations it deems necessary.
9. The trustee shall continue managing the funds until a ruling is issued in the case, a decision is issued to lift the freeze on the funds, or the Attorney General issues a decision relieving the trustee of their duties.
10. If the trustee wishes to terminate their appointment, or if their appointment ends for any reason, they must ensure that the work they have begun is completed to a point where there is no risk of harm to the funds under their management.
Article Three of the decision stipulates that the Chairman of SAB has the authority to issue decisions for amending, adding to, or cancelling any of the aforementioned regulations, whether they relate to general rules governing trustees or to specific cases of frozen funds, as required by the public interest or the interest of the funds under management.
By Mohammad Ghanem Al-Seyassah/Arab Times Staff
