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MENAFN - Arab Times - 16/03/2014
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(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 listening 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




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