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Kuwait seizes money, property of two influencers amid wider money laundering probe

Kuwaiti Public Prosecutor Derar al-Assoussi has issued a decision to seize the funds and real estate property assets of two social media influencers in the country over charges related to money laundering, Kuwait-based newspaper Kuwait Times reported Tuesday.The decision adds the pair to a growing number of social media influencers who are all under investigation for alleged money laundering and corruption, the Times said.Sources told the Times that the public prosecutor rejected all of the grievances filed by the social media personalities relating to the judgement to seize their funds and assets.For all the latest headlines follow our Google News channel online or via the app.The influencers, meanwhile, justified their grievances as claiming the money is legitimate, adding that the impounding decision had caused considerable harm, the sources said, according to the Times.In July, Kuwait’s Attorney General similarly ordered the immediate seizure of all the assets of 10 social media influencers charged with money laundering and banned them from leaving the country.Following the order, the country’s Minister of Finance, Barrak al-Sheetan, issued a ministerial resolution for setting up a panel to examine the amendment of the country’s money laundering and terrorism financing law, state news agency KUNA reported at the time.Al-Sheetan told KUNA the panel “will examine shortcomings in existing legislations and propose adequate modifications to enhance efficiency of the financial inspection team personnel, back up their independence, boost their jurisdictions and tools for attaining the aspired objective.”Read more:Kuwait announces new limits on visa transfers amid expat crackdown: ReportsKuwait crown prince warns those responsible for video leaks will be punishedKuwait parliament drafts plan to limit expat numbers, ban certain visas transfers
Source: Al Arabiya
Full Article: Kuwait seizes money, property of two influencers amid wider money laundering probe

Saudi Arabia’s June oil exports drop $8.7 billion amid global coronavirus slowdown

Saudi Arabia registered a 55 percent drop in the value of its oil exports in June compared to the same month a year ago, equal to $8.7 billion, official data revealed Wednesday.Total exports, however, grew 19.1 percent compared to the previous month, May, a value of $1.86 billion, the General Authority for Statistics said.The coronavirus pandemic has precipitated a global slowdown, with experts predicting it will cause the greatest recession in nearly a century. In tandem with an economic slowdown, oil prices have also plummeted, and even at point turned negative, as oversupply led traders to sell the black gold for lower and lower prices.Saudi Arabia’s Aramco, the world’s largest oil firm, produces oil for the cheapest price of any major producer, but has still begun making several structural changes to its business to weather lean months of low prices.In May, Saudi oil exports fell by $12 billion year-on-year.With Reuters.Read more:Saudi Aramco reshuffles management amid coronavirus oil crunchOil prices rise as storms close production amid hope for COVID-19 treatmentSaudi Arabia’s Crown Prince Mohammed Bin Salman, Iraqi PM discuss OPEC+ oil cut deal
Source: Al Arabiya
Full Article: Saudi Arabia’s June oil exports drop .7 billion amid global coronavirus slowdown