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KUWAIT CITY, Nov 23: The Court of Cassation will Sunday, Nov 24 issue a verdict on the appeal submitted against verdict of the Court of Appeals on the case referred to as TIMAS case on real-estate fraud and money laundering filed against employees of TIMAS and companies affiliated to it.
The appealed verdict had sentenced 14 expatriates to jail terms of five to ten years and a fine of KD 2 million for laundering amounts reaching KD 109 million.
The verdict had upheld the decision of Public Prosecution to seize the financial assets of TIMAS and another company, as well as seize the financial assets of the first defendant – the fugitive CEO of TIMAS.
It is worth mentioning that the Public Prosecution charged the suspects with money laundering after they collected money from the victims through fraud actions by persuading them to invest their money in profitable real estate projects in UAE and Turkey but instead transferred the money to bank accounts in Kuwait.
Meanwhile, the Criminal Court presided over by Counselor Mut’eb Al-Ardi will Sunday, Nov 24 hear the witnesses in the “Ministry of Interior Hospitality” case filed against 24 individuals.
The court had previously dismissed a request for the release of the suspects. Earlier, the first defendant had requested the court to allow him to return KD 10 million of the money seized by Public Prosecution for his release, but his request was dismissed.
The defendant justified his request by saying, since the entire amount of the lawsuit is KD 31 million and other defendants have already paid KD 21 million, he will pay the rest of the amount (KD 10 million) for his release. However, the request was rejected.
By Jaber Al-Hamoud Al-Seyassah Staff and Agencies