Thursday, October 29, 2020

Money laundering suspicions hover around 5 Kuwait companies related to US Army tenders


The relevant departments of the Ministry of Interior and the US Contract Investigation Department are investigating the involvement of five local companies in suspicious money laundering activities through logistics services contracts related to US Army tenders, in addition to obtaining an estimate of labor needs from the Public Authority for Manpower and exploiting it, reports Al-Qabas daily.

Sources told the daily, the five companies had recently won a tender worth $140 million to provide services vehicles to US camps and provide drivers inside and outside the country, while the commercial registration data available at the Ministry of Commerce and Industry show this was done in violation of the conditions which prevented them from doing so.

The sources added that awarding tenders to these companies took place through those companies to circumvent the Kuwaiti and US laws in exchange for obtaining tenders, but there is information confirming that a person (of Asian nationality) based outside the country is financing the companies to win the tender and spend on purchases, and there is a possibility the source of financing is illegal since the prices submitted by companies in the tender are 30% lower than normal.

The sources pointed out that the suspicion that these companies signed and called for the investigation of the security authorities in Kuwait and America is to reach a formal partnership relationship between four of these companies, as the partners and managers are linked to establishment contracts or registration in the Chamber of Commerce and Industry.

- Advertisement -

According to the sources, it is remarkable that the companies around which the money laundering activity is suspected, is concerned that their commercial competencies licensed by the Ministry of Commerce are infringing; one of them works in the field of ready-made clothes, the other in sanitary installations, and the third in contracting, in addition to another in general trade.

The contract being investigated is for the provision of vehicles of various types. The sources surprised those companies to obtain tenders for the supply of cars, in addition to obtaining licenses to provide employment for the US military, and all these works fall outside the scope of their specialty and work, as well as in violation of official licenses.

- Advertisement -
- Advertisement -


Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Macau to sign agreement with World Bank Group over money laundering risk assessment

Secretary for Security Wong Sio Chak was granted powers by the Chief executive to sign a Reimbursable Advisory Services Agreement Concerning Risk Assessment of...

Operators of fake theology school accused of stealing $12 million in student aid

Six people from three states are charged with defrauding $12 million from federal student aid programs by allegedly enrolling students into a theology school...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks