Quotes: US 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 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




  MENA News Headlines
 Sep 18 2014 - Qatar- HE Premier Sends Congratulations to President of ChileQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani sent Thursday a cable of congratulations to President of the Republic of Chile Michelle ...

 Sep 18 2014 - US House Passes Obama's Syria Military PlanQatar News Agency
(MENAFN - QNA) The US House of Representatives has approved President Barack Obama's plan to train and equip moderate Syrian rebels to counter the growing threat of the Islamic State organization ...

 Sep 18 2014 - US won't fight another Iraq ground war: ObamaArab News
(MENAFN - Arab News) MACDILL AIR FORCE BASE: Florida: President Barack Obama vowed on Wednesday the United States will not fight another ground war in Iraq seeking to reassure Americans about the ...

 Sep 18 2014 - US strikes boost IS more hostages possible: FBIArab News
(MENAFN - Arab News) WASHINGTON: Support for Islamic State increased after US airstrikes began in Iraq and the militant group may take more hostages to try to force concessions from Washington the ...

 Sep 18 2014 - Apparel Group to open 50 new stores in KSAArab News
(MENAFN - Arab News) Dubai-based Apparel Group most recognized for its portfolio of international fashion and accessories brands brings yet another fashion chain to the Middle East.R&B the ...

 Sep 18 2014 - Zain KSA launches iPhone pre-ordering FridayArab News
(MENAFN - Arab News) Zain KSA announced that it will launch the pre-ordering for the new Apple devices iPhone 6 and iPhone 6 plus on Friday enabling customers to pre-order their device from Zain ...

 Sep 18 2014 - Dubai, Azerbaijan discuss way to strengthen tiesMENAFN
(MENAFN) The Dubai Chamber of Commerce and Industry announced it had a meeting with several Azerbaijani banks as part of their efforts to enhance UAE"Azerbaijan bilateral banking ties, Khaleej Times ...

 Sep 18 2014 - Bahrain, Kazakhstan to boost trade tiesMENAFN
(MENAFN) Bahrain said it is looking forward to boost ties with Kazakhstan following the Bahraini King's recent visit, which resulted in many agreements and memoranda of understanding being signed in ...

 Sep 18 2014 - Batelco, Milestone sign key dealMENAFN
(MENAFN Bahraini Batelco announced it has signed signed a deal with Milestone, a provider of open platform Internet Protocol video management software, Gulf Daily News reported.Batelco, which has ...

 Sep 18 2014 - Mashreq eyes acquisitions in Egypt, TurkeyMENAFN
(MENAFN) Dubai's Mashreq announced it is planning to target acquisitions in Egypt and Turkey as it tries to expand beyond its home market, Gulf Daily News reported.Mashreq, Dubai's third-largest bank ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help