Latest news with #Al-Qabas
Arab Times
3 days ago
- Business
- Arab Times
The ‘Souq Al-Manakh' case: A tight noose around the necks
THE 'Souq Al-Manakh' case is like a tight noose around the necks of those with 'hard-to-finance debts' that has been ongoing for more than 42 years. It seems to have no end, as our colleague Ahmed Al-Sarraf stated in his article published Sunday in Al-Qabas newspaper. He pointed out that there is ongoing injustice not only against debtors, but also against their heirs, children and grandchildren due to the progressive annual interest of 15 percent. From the beginning, the handling of this case has been ill-advised. Law No. 41/1993, which was imposed by the National Assembly at the time, has a lot of harsh stipulations and made the penalty eternal. Even after the death of the debtor, the heirs are held accountable for the accumulated debt. The government at the time was subordinate of the National Assembly, so it approved and implemented this law. The law stipulates numerous measures restricting the debtors' freedom of movement, including a travel ban, confiscation of assets and putting them under the control of a government employee who managed the assets without commercial experience. Kuwait is not alone in facing this problem. During the tenure of British Prime Minister Margaret Thatcher, Britain experienced what is known as the 'securities crisis'. Thatcher quickly resolved the problem without any additional cost to debtors. She transformed the crisis into an opportunity to revitalize the economy of the United Kingdom. Bahrain experienced the 'post-dated checks' crisis, which threatened economic activity. The late Prime Minister Sheikh Khalifa bin Salman, may Allah have mercy on him, restored the debts to their original value and eliminated the interest rate. In Kuwait, a debtor needed to sign 10 or 20 checks to purchase a single item in installments. Bear in mind that the cash balance in 1982 amounted to about KD4 billion, while debts in the 'Manakh Market' amounted to approximately KD27 billion. The increased risks prompted attempts to prevent the market collapse at the time through efforts exerted by the government and Kuwait Chamber of Commerce and Industry (KCCI). However, parliamentary interventions prevented justice from being served. This is why people flocked to the Public Prosecution in a remarkable action aimed at preserving their rights. This problem continues today, more than 43 years after the Souk Al-Manakh crisis, and 32 years after the issuance of Law No. 41/1993 and other stringent and harsh laws. While the principal debt at that time was KD100,000, it reached about KD4.8 billion today and continues to grow annually. On the other hand, if the management of tangible assets, stocks, companies and funds were left to the debtors, the value of these assets would have increased, and the debtors would have been able to pay their debts. Economic activity would have witnessed significant growth, instead of being frozen and adding pressure to the financial and economic cycle. In the government's annual budgets, there is a clause on 'bad debts'. Unfortunately, this clause was included in the budget, specifically for Souk Al-Manakh and other debts, without taking into account the reality. This has resulted in 'bad debts' estimated at KD7 billion, subject to increase. Most of the debtors in the Souq Al-Manakh case include their heirs, children and grandchildren. This has never happened in any country except Kuwait, because some of the then MPs sought to impose the will of certain influential figures on businessmen who outperformed them in terms of profits. Yes, the government as a whole currently has the power to lift the injustice inherited from decades ago. The government can repeal Law No. 41/93 and address the problems that resulted from this legislation. The government can serve justice to the new debtors (the heirs), so that the crisis does not recur. Most of the debtors have already passed away and the government will not bear the burden. The Council of Ministers has a historic opportunity to lift this injustice. Ahmed Al-Sarraf was right when he described the penalties as 'unprecedented punishment'. Can His Highness the Prime Minister, His Excellency the First Deputy Prime Minister, and the entire government do it and rescue the people from a grievance that has lasted for half a century? If the then parliamentary interventions were used to entrench tyranny, the Council of Ministers today has the power to establish justice for the sake of the people.
Arab Times
28-04-2025
- Arab Times
Kuwait jails five over $179M illicit money transfer scheme targeting expats
KUWAIT CITY, April 28: A Kuwaiti criminal court has sentenced two Iraqi nationals and three Egyptians to three years in prison each for their involvement in an illicit financial transfer scheme that specifically targeted the Egyptian expatriate community in the country. The court acquitted the remaining defendants accused in the case, which involved laundering approximately 55 million Kuwaiti dinars (around $179 million), and ordered the confiscation of all seized funds. According to Al-Qabas newspaper, the case was initially uncovered when Kuwaiti authorities arrested an Egyptian man found carrying 50,000 Kuwaiti dinars (about $163,000) in cash. The arrest led to an investigation that exposed a wider network of individuals — both Iraqis and Egyptians — engaged in illegal money transfer operations. The Kuwaiti Public Prosecution's investigation revealed that the network targeted Egypt's large expatriate community in Kuwait, estimated at around 600,000 people. The group collected funds in cash and funneled the money to Egypt and other countries using unofficial channels, bypassing licensed financial institutions and money exchange services. Authorities also discovered that the network was running a parallel financial system based on the informal "hawala" method, facilitating unregistered transfers and moving substantial sums of money outside the oversight of the Central Bank of Kuwait.
Shafaq News
28-04-2025
- Shafaq News
Kuwait jails Iraqis, Egyptians in $179M illegal transfer scheme
Shafaq News/ A Kuwaiti criminal court has sentenced two Iraqis and three Egyptians to three years in prison for their involvement in a case of illicit financial transfers targeting the Egyptian expatriate community in Kuwait. The court acquitted all other defendants accused of laundering 55 million Kuwaiti dinars (approximately $179 million) and ordered the confiscation of all seized funds. According to Al-Qabas newspaper, the case began when Kuwaiti authorities arrested an Egyptian national in possession of 50,000 Kuwaiti dinars (around $163,000) in cash. The investigation led to the discovery of a network comprising Iraqis and Egyptians operating illegal money transfer activities. Investigations by the Kuwaiti Public Prosecution revealed that the network specifically targeted members of Kuwait's Egyptian community — one of the largest expatriate groups in the country, numbering around 600,000 people. The network collected funds in cash and transferred them to Egypt and other countries through unofficial channels, bypassing licensed banks and money exchange companies. The investigation also found that the network operated a parallel financial system based on unregistered transfers, known as "hawala," allowing the movement of large sums of money beyond the oversight of Kuwait's Central Bank.
Roya News
16-04-2025
- Entertainment
- Roya News
Lebanon, Kuwait ban Disney's Snow White
Lebanon and Kuwait have officially banned Disney's new live-action adaptation of Snow White from screening in the country due to the involvement of "Israeli" actress Gal Gadot. - In Kuwait - Kuwaiti newspaper, Al-Qabas, reported that major cinema chains in Kuwait have officially halted screenings of Disney's upcoming live-action Snow White following widespread backlash and campaigns pushing to ban the movie. The public pressure ultimately prompted cinemas to cancel showings of the film, in line with Kuwait's firm stance against normalization with "Israel". - In Lebanon - The Ministry confirmed in a statement on Monday that Interior Minister Ahmad Hajjar had signed a nationwide ban on the film following a recommendation from the General Security's media censorship committee. The committee objected to Gadot's participation in the film, as she is included on Lebanon's "boycott list." Gadot, who was born in "Israel" and served as a combat instructor in the Israeli Occupation Forces (IOF) from 2005 to 2007, has faced controversy in the region due to her outspoken support for "Israel's" aggression against Gaza, particularly after the October 7, 2023, events. This marks not the first time Gadot's films have been banned in Lebanon. In 2017, Wonder Woman was pulled from cinemas, followed by Death on the Nile in 2022, both of which also featured the actress. Under Lebanese law, any interaction, trade, or cultural exchange with "Israeli" citizens is strictly forbidden, and those who violate these regulations can face serious legal consequences, including imprisonment or even the death penalty. The current geopolitical situation remains tense, with "Israel" continuing attacks on southern Lebanon despite a ceasefire in November 2023. The conflict has claimed the lives of over 4,000 people, including at least 71 Lebanese civilians. Hezbollah's retaliatory attacks on "Israel" have also resulted in civilian and military casualties on both sides. Amid this, Lebanon and "Israel" have recently agreed to engage in indirect talks over their land border, mediated by the US. However, the idea of normalizing relations between the two nations remains firmly rejected by Lebanon's leadership.
Asharq Al-Awsat
10-02-2025
- Politics
- Asharq Al-Awsat
Syrian President Expected to Visit Kuwait Soon
A diplomatic source told a Kuwaiti newspaper that Syrian President Ahmad Al-Sharaa has expressed interest in visiting Kuwait in the near future. This came during the recent visit of Kuwaiti Foreign Minister Abdullah Al-Yahya to Damascus. The same source informed Al-Qabas that a Gulf ministerial meeting is scheduled to take place in Makkah during Ramadan, under Kuwait's chairmanship, with Syrian Foreign Minister Asaad Al-Shibani invited to attend. Following the fall of the previous Syrian regime, Damascus has seen a steady influx of regional and Western officials engaging in discussions with the new leadership to assess the country's evolving policies. As part of his diplomatic outreach, Al-Sharaa has already visited Saudi Arabia and Türkiye. On Saturday, Al-Sharaa and Al-Shibani met with a high-ranking Algerian delegation led by Foreign Minister Ahmed Attaf. According to a statement by the Algerian Foreign Ministry, Attaf conveyed Algeria's full support for efforts to unify the Syrian people and affirmed his country's readiness to contribute, both bilaterally and as the Arab representative on the UN Security Council, to rebuilding Syrian institutions and fostering security, stability, and economic growth. The ministry noted that the meeting was an opportunity to reinforce long-standing ties between Syria and Algeria, as well as to discuss the latest developments in Syria and the broader region. During a visit to Damascus in December, the Kuwaiti Foreign Minister urged the international community to lift sanctions on Syria. He also emphasized that the country's security is an essential pillar of regional stability, adding that the visit marked a new era of constructive Gulf-Syrian engagement.
