‘Violence committed by traders due to Article 122’

12 pc cases shelved due to lack of evidence

KUWAIT CITY, Sept 19: A recent statistic issued by the Capital Markets Authority show the number of referrals to the Attorney General on the violation of the Capital Markets and Securities Regulation Law since the adoption of the Law in February 2010 until the end of August 2017 was only 112, reports Al-Qabas daily.

The statistics noted the number of referrals before the amendment of the law No. 7 for the year 2010 reached 99, after its amendment, there were 13.

The statistic confirmed all violations committed by companies and traders were due to a single article (122) of the Capital Markets Law, both before and after the amendment of the law.

The statistic also showed 69 referrals to the Prosecution made up more than 61 percent of the charges against the companies and the traders ended with acquittal of 49 percent.

The Prosecution has shelved 12 percent of the cases due to lack of evidences or seriousness of the accusation.

The number of referrals that resulted in convictions amounted to 16 cases, while 8 cases ended with reconciliation. There are 17 referrals which have not yet been final-

ized.

Meanwhile, the national competition protection agency said on Saturday it is investigating audio record attributed to owner of a maids’ employment office urging fellow businessmen to abstain from lowering services’ costs.

Nayef Al-Lafi, the department head, said in a statement that punitive action is being sought for the act is harmful to competition and breaks the competition protection laws.

It is also against free competition.