Asset Freeze Imposed on Former Kuwaiti Leaders Following Financial Investigation

The Kuwaiti investigation committee overseeing the trial of ministers has made a major decision to freeze the cash, movable assets and real estate of 11 individuals, including a former prime minister, former minister of defence, former minister of interior and a company, according to a local media reports.

This action is connected to the ongoing “Army Fund 2” case, which involves allegations of embezzlement within military annexes.

The committee’s decision affects not only the primary individuals involved but also their immediate family members and six other individuals implicated in the case.

The measures include freezing all funds held in local and international banks operating in Kuwait, as well as any securities or other assets in accounts with the Kuwait Stock Exchange Company and the Kuwait Clearing Company.

The freeze also covers any future deposits. Additionally, the affected individuals, their representatives, or heirs are prohibited from managing or disposing of these assets.

The committee has also ordered the seizure of real estate and land registered in the names of those specified, preventing any transactions involving these properties.

To manage the seized assets, the committee has requested the head of the Audit Bureau to appoint an agent.

This agent will oversee the management of the frozen funds under strict guidelines and must report to the investigation committee every three months until the case is resolved or the seizure is lifted.

Furthermore, the committee has instructed the Chairman of the Board of Commissioners of the Capital Markets Authority to enforce the decision and provide proof of its implementation.

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