PIK News | Two cooperative societies referred for investigation
Two cooperative societies referred for investigation
Published on: 29-May-2023
KUWAIT: The Ministry of Social Affairs has referred two cooperative societies from the Capital and Farwaniya governorates to the General Department of Investigations at the Ministry of Interior, on the background of some financial and administrative irregularities, reports Al-Jarida daily. The daily has learned that the cooperatives sector recently referred the reports compiled by the two committees which were formed to investigate the work and accounts of two cooperative societies to the General Department of Investigations in the Ministry of Interior.
The daily added, this will hurt the shareholders’ funds and negatively affect the solvency if these violations continue without treatment. According to the sources, among the violations monitored is the failure to follow the proper mechanism when purchasing vegetables, the large number of individual decisions without referring to the Ministry or obtaining its prior approval, in addition to the violations related to paying bonuses for additional work and some allowances in an exaggerated manner, in violation of the text of Article No. (66) of Law (6/2010) issued regarding work in the private sector, in addition to reducing working hours for some employees, and the non-cooperation of the boards of directors of the two societies with the supervising authorities. The ministry has not and will not tolerate anyone who tempts himself to tamper with the shareholders’ money saying the public funds are inviolable.