If you've been following the investment companies up in Kuwait (and who hasn't?), this name is familiar to you. Last August the old board was removed and a new board elected by the shareholders.
On 30 September the new Chairman, Badr AlYahya, gave an interview to AlQabas in which he basically said that there was no substance to the company - no offices, no employees, no financial records, and perhaps no assets.
Safat also has been on the list of companies suspended from trading on the KSE due to failure to publish financials. Both it and Shabka Holding have not published any financial reports for 2009. Both share the dubious distinction of being the only two firms also suspended for failure to pay their KSE listing fees. (And for those who are keeping score, we're down to seven on the suspended list).
AlQabas published an interview with the Deputy Chairman, Ahmad S AlMutairi, in which he said that the company was preparing a formal legal complaint to the Public Prosecutor against the members of the former board of directors and companies they represented for an investigation in the cause for the disappearance of KD 6 million (US$21 million) in real estate assets. AlMutairi noted the assets were in the audited 2007 financials but were not in the 2008. (The 31 December 2008 financials about which there is currently some dispute show total assets of just short of KD 10 million).
He also said that the old Board had asked the MOIC to call for a shareholders general meeting and that they were ready to co-operate with the old board to recover the rights of the shareholders.
It's also expected that the meeting (which if I recall properly is scheduled for February) will vote on changing the auditors and reducing the board to 3 members.
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