MP queries minister over losses faced in land trade

Deception, fraud cited in deals

KUWAIT CITY, July 15: MP Riyadh AlAdasani has asked the minister of commerce and industry to verify news that the value of real estate trading, including cases of deception and fraud, reached KD 605 million in recent years, reports Al-Qabas daily.

He affirmed that in recent years, certain tools were used for deception and fraud in the real estate business including money laundering by some real estate companies operating in the local market. The objective of these companies was to attract capital by exploiting investors and clients when the local market witnessed low investment returns.

“This led to loss of huge money belonging to citizens and expatriates who were deceived by companies without fear of Almighty Allah and punishment of the law as they focused on marketing suspicious businesses in and outside Kuwait. This is done through casual exhibitions, full or part ownership, and buying through the system called ‘Time Share’,” noted the MP.

In his question, Al-Adasani requested for information like the number of cases and victims in the ministry’s record whether in the Public Prosecution or courts or complaints which the ministry received, and the measures it has taken so far.

He inquired if the ministry formed a committee or a team tasked to list and follow up cases of deception and fraud involving real estate companies, study reasons behind such cases, examine files, and implement a mechanism for curbing such violations.

He also asked if the ministry strived to organize real estate and marketing exhibitions. If yes, he demanded for copies of regulations and decisions taken in relation to organizing real estate exhibitions, as well as studies and measures taken in this regard.

KUNA photo (KUNA) Board Chairman and Director General of the Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) Sheikh Muhammad Yousef Al-Sabah received in his office a delegation from Kuwait Municipal Council. The meeting is part of the authority’s strategy to ensure continuous cooperation with other institutions and establishments, in addition to periodic discussions on issues concerning the nation and its people. They talked about the importance of trees in protecting the environment, as well as issues concerning animal pens, public parks, selling and marketing pastures, setting up regulations to organize the allocation of agricultural land, food security, and plans to guarantee that the desired result in this regard is achieved. Chairperson of the Council Osama Al-Otaibi headed the delegation consisting of council members Abdullah Al-Mahri, Maha Al-Baghli, Fuhaid Al-Muweizri, Ahmad Hadyan,Hamoud Al-Enezi and Mishael Al-Hamdhaan.