Stolen funds recovered from Corruption

1001 Views 4 Replies 3 Participants Last post by SwordScales, Jul 2, 2007

CrazY

Discussion Starter · May 2, 2007

Kuwait recovers 548 million dollars from graft cases

KUWAIT CITY (AFP) - Kuwait has recovered 548 million dollars from British and Spanish court rulings on graft cases involving Kuwaitis and foreigners, a top legal official said on Tuesday.

"We have won court orders, in Britain and Spain, worth 1.011 billion dollars, of which we have actually received 548 million dollars," Fuad al-Majed, head of the Kuwaiti government's legal team told parliament.

The cases were filed by the legal team in British and Spanish courts regarding corruption cases involving former top Kuwaiti investment officials accused of graft amounting to hundreds of millions of dollars.

The announcement came during a special parliamentary debate called by opposition MPs to follow up on measures taken by the government to restore stolen public funds.

The courts found former top officials of the London-based Kuwait Investment Office (KIO), including members of the ruling Al-Sabah family, guilty of stealing public funds.

The verdicts specifically relate to two major graft cases that took place about two decades ago.

The first concerns the loss of investments worth five billion dollars in the Spanish Torras Group in which former KIO officials were cited to have committed a number of fraud cases.

The second relates to state-owned Kuwait Oil Tanker Co (KOTC) in which five former top officials, including former oil minister Sheikh Ali Khalifa al-Sabah, stand accused.

Some of the KOTC officials were convicted by a British court for amassing illegal profits in the 1980s by creating paper companies and leasing oil tankers, causing losses to state-owned KOTC of more than 100 million dollars.

KIO was established in the early 1960s by oil-rich Kuwait to manage its overseas assets. In early 1980s, KIO was placed under the newly-established Kuwait Investment Authority (KIA).

Some of the fraud cases were carried out when Kuwait was under Iraqi occupation between August 1990 and February 1991.

Sheikh Ali has categorically denied any involvement in the graft cases.

Majed also said that the Kuwaiti legal team has filed two new major cases, the first in Switzerland worth 757 million dollars and the other in Spain with a value of about 780 million dollars.

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So guys,, what do you think about all this,,, and all about the parliament sessions about corruption and Ali AlKaleefah

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SwordScales

· #2 · Jun 4, 2007

Al Fawares

CrazY said:
Kuwait recovers 548 million dollars from graft cases

KUWAIT CITY (AFP) - Kuwait has recovered 548 million dollars from British and Spanish court rulings on graft cases involving Kuwaitis and foreigners, a top legal official said on Tuesday.

"We have won court orders, in Britain and Spain, worth 1.011 billion dollars, of which we have actually received 548 million dollars," Fuad al-Majed, head of the Kuwaiti government's legal team told parliament.

The cases were filed by the legal team in British and Spanish courts regarding corruption cases involving former top Kuwaiti investment officials accused of graft amounting to hundreds of millions of dollars.

The announcement came during a special parliamentary debate called by opposition MPs to follow up on measures taken by the government to restore stolen public funds.

The courts found former top officials of the London-based Kuwait Investment Office (KIO), including members of the ruling Al-Sabah family, guilty of stealing public funds.

The verdicts specifically relate to two major graft cases that took place about two decades ago.

The first concerns the loss of investments worth five billion dollars in the Spanish Torras Group in which former KIO officials were cited to have committed a number of fraud cases.

The second relates to state-owned Kuwait Oil Tanker Co (KOTC) in which five former top officials, including former oil minister Sheikh Ali Khalifa al-Sabah, stand accused.

Some of the KOTC officials were convicted by a British court for amassing illegal profits in the 1980s by creating paper companies and leasing oil tankers, causing losses to state-owned KOTC of more than 100 million dollars.

KIO was established in the early 1960s by oil-rich Kuwait to manage its overseas assets. In early 1980s, KIO was placed under the newly-established Kuwait Investment Authority (KIA).

Some of the fraud cases were carried out when Kuwait was under Iraqi occupation between August 1990 and February 1991.

Sheikh Ali has categorically denied any involvement in the graft cases.

Majed also said that the Kuwaiti legal team has filed two new major cases, the first in Switzerland worth 757 million dollars and the other in Spain with a value of about 780 million dollars.

_______________________________________________________

So guys,, what do you think about all this,,, and all about the parliament sessions about corruption and Ali AlKaleefah

______________________________________________________

More about the power of Ali Khalifa al Sabah this gentlemen "God" said the CEO of MDSAmerica Hold Al Fawares and receive Pentagon funds more than 80 millions US $ to rebuild Al Sabah newspaper in Irak also TV networks and gov security... The newspaper Al Sabah looks unhappy about the unclear use of the funds more can be read on Wikipedia in Fayssalf talk pages and MDS america Talk archives:bash:

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SwordScales

· #3 · Jun 29, 2007

hno:

SwordScales said:
______________________________________________________

More about the power of Ali Khalifa al Sabah this gentlemen "God" said the CEO of MDSAmerica Hold Al Fawares and receive Pentagon funds more than 80 millions US $ to rebuild Al Sabah newspaper in Irak also TV networks and gov security... The newspaper Al Sabah looks unhappy about the unclear use of the funds more can be read on Wikipedia in Fayssalf talk pages and MDS america Talk archives:bash:

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qwazy

· #4 · Jun 29, 2007

well. its good that they are keeping corrupt people in check. but the MPs arent exactly saints either.

and also, i would rather have a corrupt govt. n sabah family that steals govts money, but also does somethign for the country and has a vision, something similar to sheikh mohammed, rather than a clean govt. that does absolutely nothing for the country

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SwordScales

· #5 · Jul 2, 2007

qwazy said:
well. its good that they are keeping corrupt people in check. but the MPs arent exactly saints either.

and also, i would rather have a corrupt govt. n sabah family that steals govts money, but also does somethign for the country and has a vision, something similar to sheikh mohammed, rather than a clean govt. that does absolutely nothing for the country

Hi QWAZY
What do you think about this: ( and also last events yesterday)

Kuwaiti MPs demand vote against oil minister
KUWAIT CITY (AFP) - Ten Kuwaiti MPs on Monday filed a motion for a vote of no confidence against Oil Minister Sheikh Ali Jarrah al-Sabah after grilling him for nine hours over alleged financial irregularities.

Kuwaitis attend a parliament session in Kuwait City (© AFP - Yasser al-Zayyat)
The vote is due to take place on July 9 and if passed would mean an automatic dismissal of the minister, who is a member of the ruling Al-Sabah family.

The motion requires a simple majority of 25 votes in the 50-seat parliament. Two elected MPs are cabinet members who cannot vote on no-confidence motions under Kuwaiti law.

Outspoken opposition MP Mussallam al-Barrak, who was one of three lawmakers who grilled Sheikh Ali, told reporters outside parliament that he is confident the minister will be voted out of office or be forced to resign before the vote.

"Now, we have the support of 28 MPs and I am confident the number will rise to 35 by the time of the vote," Barrak said.

Opposition MPs have charged the minister of involvement in the multi-million dollar Kuwait Oil Tanker Company fraud case in which former oil minister Sheikh Ali Khalifa al-Sabah and four other top KOTC officials are accused of stealing more than 100 million dollars. They have denied wrongdoing.

Kuwaiti Oil Minister Sheikh Ali Jarrah al-Sabah (© AFP - Yasser al-Zayyat)

During the tense questioning session, the MPs pulled no punches.

"The stolen money in this case has come through the bank in which you had been a chairman," charged MP Abdullah al-Roumi, who also accused the minister of facilitating the opening of bank accounts to channel money linked to the case.

Barrak accused the minister of failing to take action against top oil executives who allegedly committed financial, administrative and moral violations.

He used a projector to present pictures of the executives partying with a number of different women.

The oil minister denied any wrongdoing and described the grilling as politically motivated.

"They want to kill me politically because I stopped deals suspected of being corrupt. I wanted to clean the oil sector," which generates 95 percent of public revenues in this oil-rich emirate, the minister said.

"This is a grilling of vested interests," he added.

A number of MPs who spoke in support of the minister branded the grilling as "political terrorism" by the opposition.

The oil minister has been under fire since telling Al-Qabas newspaper on May 12 that he considered Sheikh Ali al-Khalifa as "my master and that I consult him occasionally on oil issues."

He issued a statement afterwards in which he apologised for what he said and stressed he would pursue people accused of stealing public funds.

Opposition MPs were infuriated by his comments, which came as parliament began a debate over several graft cases involving public funds.

The controversy is the latest in a string of political crises in the past 18 months that saw a bitter power struggle, the dissolution of parliament and the forming of three governments.

Oil experts believe that the resignation of the oil minister will not dramatically affect the emirate's oil policy but may further delay key projects in the sensitive sector.

Sheikh Ali is the eighth oil minister since the emirate's liberation from seven months of Iraqi occupation in 1991.

He is the second ruling family member to be questioned in four months.

In March, the Kuwaiti cabinet resigned after barely eight months in office to abort a no-confidence vote against former health minister Sheikh Ahmad Abdullah al-Sabah.

If you stole rice in the mall to save your family you go to the jail with hand cutted if your name are AlI Khalifa Al Sabah you can stole billions with no risk
the world see this, American know this and are giving more and more money to the S Ali ! why right people in Kuwait can do ??? Nothing ? Why a Fatwa cannot be launched against this guys ? This acts are much more insultant for the poor peoples than some satanic verses and another kind of comic pictures I think. but sorry this are only my own opinion.

hno:

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