Kuwaiti commerce minister dissolves violating shareholding companies

Deputy Prime Minister and Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj on Tuesday issued ministerial decrees dissolving a number of shareholding companies that failed to readjust their financial and legal positions in accordance with Commercial Companies Law No. 25/2012.
Similar decrees are to be issued successively for other companies whose files are currently being investigated by a legal panel set up for the purpose, Ministry of Commerce and Industry stated to KUNA.
Pre-warnings have been directed in the past period to violating companies to readjust their statuses in order to prevent any ministerial and legal measure against them, the statement said, adding that some companies have submitted their corrected statuses to the ministry, while others failed to do so.
The ministry stressed seriousness in implementing the law in order to protect rights of shareholders and the Kuwaiti economy from violating companies that make their businesses without financial or legal cover.
It also stressed the importance that companies correct and update their legal and financial statuses in accordance with Law No. 25/2012, noting that the deadline for companies to update and correct their statuses.