“Transfer my shares” Bangladeshi rep warns Kuwait’s Ministry of Commerce

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KUWAIT CITY, Nov 22: The Bangladeshi representative of two companies issued a warning to the Ministry of Commerce and Industry and the Legal Advice and Legislation Department regarding the delayed completion of procedures to transfer the ownership of the shares that he purchased, reports Al-Rai daily. According to the complainant, he purchased 49 percent of the shares in the two companies as stipulated in two primary sales contracts. He submitted several requests to the ministry to take the necessary administrative and legal measures to transfer the shares from the seller to him.

He pointed out his was published in the official gazette – Kuwait Al-Youm, while the legal period specified for objection has ended. He said this indicates that he submitted all the documents needed to transfer ownership of his shares (49 percent), but the ministry has been delaying procedures without legal justification.

He then consulted the Legal Advice and Legislation Department about the violations, but nothing has been done till date. This has prompted him to give the two institutions an ultimatum, urging them to take the necessary steps to transfer ownership of the shares under his name within five days; otherwise, he will demand for compensation for the damages he suffered due to the delayed transfer of ownership.

Meanwhile, the Minister of Commerce and Industry and Minister of State for Communications and Information Technology Affairs Mazen Al-Nahedh issued a directive to open an investigation into the loss of the Ministry of Commerce and Industry in a case that led to the compensation ruling estimated at KD1 million, reports Al-Rai daily quoting sources. Without divulging details of the case, sources said the minister demanded for a report on the legal and procedural factors that weakened the ministry’s defense. It has been reported that the ruling was against the ministry and other parties; hence, the court ordered them to jointly pay compensation amounting to KD1 million.

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