Public Funds Theft on the Rise in Private and Public Companies

Public Funds Theft on the Rise in Private and Public Companies

KUWAIT CITY, Jan 24: MP Badr Nashmi has highlighted the recurring incidents of theft in numerous cooperative societies, attributing them to what he termed as “weak-willed residents” who manage to escape with the pilfered funds abroad, reports Al-Seyassah daily.

He emphasized the urgent need to address these thefts, emphasizing their reflection on the inadequacy of supervisory and financial roles within state agencies. Nashmi stressed the importance of preventing the squandering of public funds and safeguarding shareholders’ money. Addressing the Minister of Social Affairs, Family and Childhood Affairs, and the acting Minister of State for Cabinet Affairs, Sheikh Firas Al-Malik, Nashmi emphasized the sanctity of public money, citing its significance to the nation and its citizens. Nashmi drew attention to the surge in embezzlement, theft, and misappropriation of public funds across various institutions, government agencies, and companies in Kuwait.

Despite the presence of multiple regulatory bodies, including consumer cooperatives, he noted a lack of effective deterrence and fair punishment for many offenders. In his inquiry, Nashmi sought an official record of embezzlement and misappropriation crimes in consumer cooperative societies since 2014. He requested details for each cooperative society, including yearly incidents, amounts stolen, the nationality of the accused, their job descriptions, and whether they were convicted.

Additionally, Nashmi sought information on the measures taken by cooperative societies in response to embezzlement and theft incidents, including whether reports were filed with the Public Prosecution. He inquired about the number of cases initiated by cooperative society boards against expatriates accused of theft and embezzlement of shareholders’ funds. He questioned the Ministry of Social Affairs about the mechanisms in place for fund recovery from looted cooperative societies.

Nashmi also raised concerns about individuals with financial responsibilities being allowed to travel without clearing their responsibilities and sought information on the total value of stolen funds, any recovery efforts since 2014, and the formation of investigation committees within cooperative societies.

Al Seyassah / Arab Times

The post Public Funds Theft on the Rise in Private and Public Companies first appeared on ARAB TIMES – KUWAIT NEWS.

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