‘Lebanese court okayed request to declare bankruptcy of Sultan Center’

Farwaniya Labor Dept handles 30,000 files

KUWAIT CITY, Nov 9: Following the protest of its employees in front of Kuwait Embassy in Lebanon to demand the payment of delayed salaries, Sultan Center affirmed that the relevant Lebanese court has approved of its request to declare bankruptcy of the Sultan Center Lebanon, reports Al-Seyassah daily.

The company filed for bankruptcy on Oct 18, 2017 and stated on the website of Kuwait Stock Exchange that its current financial status can not be specified until the end of the bankruptcy procedures.

The daily quoting sources expected the financial situation and gains of the Sultan Center will not be affected by its bankruptcy in Lebanon. It announced on Oct 18, 2017 to cut off investment in the central markets sector of Lebanon due to the current critical economic situation in the country.

It is worthy of note the Sultan Center was established in 1980 and listed on Kuwait Stock Exchange in 1997 with capital base of KD 57.8 million equivalent to $189 million.

Farwaniya Labor Department is the second biggest in the country after the Capital and it handles more than 30,000 files of various activities, reports Al-Anba daily quoting Director of the department Fahad Al-Ajmi.

In his interview with the daily, AlAjmi disclosed the department has taken a number of decisions to facilitate procedures for visitors such as access to automated programs through internal e-gates, ‘Ashal’ service, distribution of powers to heads of departments, regulating the work mechanism, separation of halls and opening the doors of directors of departments and heads of divisions to everyone.

He revealed the department receives more than 500 transactions daily through ‘Ashal’ service or the internal e-gates.