Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - PP rejects case filed by former minister against bank's officer   Join our daily free Newsletter

MENAFN - Arab Times - 16/03/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) The Public Prosecution dismissed the case filed by former State Minister for National Assembly and Housing Affairs Shueib Al-Muweizri against General Manager of the Trust Bank (formerly known as Credit and Savings Bank) Salah Al-Mudif due to lack of legal merit. Al-Muweizri sued Al-Mudif, in his capacity as general manager of the bank; accusing the bank of purchasing Kuwait Projects Holding Company bonds worth KD 8 million with commercial facilities of KD 5 million, in addition to leasing a 42-square meter cafe that provides services to the bank's employees and visitors



According to the Public Prosecution, the case was dismissed as there is no criminal intent in the act because it is not a way of squandering public funds; asserting the act did not cause damages or losses. The prosecution took the decision after listenng to the testimony of the fact-finding committee formed by the former minister to look into the alleged violations committed by Al-Mudif. In addition, the debt rating of companies from which the bonds were purchased ranged between BBB and BBB; and the company that rented the restaurant had fully paid its dues without being exempted from paying any amount. The Ministry of Finance also allowed the bank to sign contracts directly as it has its own budget in line with regulations set by monitoring bodies




In his statement, Al-Mudif affirmed the former minister was keen on protecting public funds. He pointed out that even though he has been acquitted, suspicion over the squandering of public funds raised by the former minister should still be investigated and those found guilty must be referred to the concerned authoritie




 


Arab Times




  MENA News Headlines
 Feb 28 2017 - Lahore final looms as PSL enters play-offsThe Peninsula
(MENAFN - The Peninsula) Dubai: The Pakistan Super League entered the play-offs on Sunday with title-holders Islamabad, Peshawar, Quetta and Karachi progressing as security fears dominated ...

 Feb 28 2017 - Qatar University emerge University League championsThe Peninsula
(MENAFN - The Peninsula) Qatar University (QU) took top honours in the University League 2016-17 when they beat Qatar Aeronautical College (QAC) 5-0 in a thrilling final at Qatar Foundation's ...

 Feb 28 2017 - Qatar- QMMF to host counting round of National Baja seriesThe Peninsula
(MENAFN - The Peninsula) Officials at the Qatar Motor and Motorcycle Federation (QMMF) have confirmed that they will host a counting round of the Qatar National Baja Championship in conjunction ...

 Feb 28 2017 - Qatar- Lekhwiya, Al Fateh share spoilsThe Peninsula
(MENAFN - The Peninsula) A stunning 86th minute Nam Tae-hee equaliser helped Lekhwiya to share spoils in an exciting 2-2 draw against Al Fateh in the AFC Champions League Group B match at the ...

 Feb 28 2017 - Qatar- Deportivo unveil Pepe Mel as coach to boost relegation fightThe Peninsula
(MENAFN - The Peninsula) MADRID: Struggling Deportivo La Coruna unveiled former Real Betis and West Bromwich Albion coach Pepe Mel as their new manager on Tuesday until the end of the season in a ...

 Feb 28 2017 - Qatar- Durant back as Warriors overpower 76ersThe Peninsula
(MENAFN - The Peninsula) Los Angeles:Kevin Durant returned from injury with a bang on Monday, scoring 27 points as the Golden State Warriors overpowered the Philadelphia 76ers 119-108. Durant, ...

 Feb 28 2017 - Standard Chartered reports Pre-tax profit of $409mThe Peninsula
(MENAFN - The Peninsula) Hong Kong: Asia-focused bank Standard Chartered yesterday announced it swung back to profitability, after it was able dampen the effect of bad loans. Chief executive Bill ...

 Feb 28 2017 - Qatar- Egypt's military to enter pharmaceutical industryThe Peninsula
(MENAFN - The Peninsula) CAIRO: Egypt's military has received the licence required to form a pharmaceutical company, a decree by Prime Minister Sherif Ismail published on Sunday showed. ...

 Feb 28 2017 - Qatar- Tunisia to start roadshow for €1bn EurobondThe Peninsula
(MENAFN - The Peninsula) Tunis: Tunisia will start a roadshow for a Eurobond worth €1bn on February 5, and expects to go to capital markets twice more this year with bonds worth up to another ...

 Feb 28 2017 - Qatar- Egypt's foreign currency inflows rise, investors still need reassuranceThe Peninsula
(MENAFN - The Peninsula) CAIRO: An inflow of $9 billion into Egyptian banks since the country's central bank floated its currency shows confidence in the economy is returning, but bankers and ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help