Legal actions against shareholding companies lost 75 percent of its capital

KUWAIT, Oct 4 (KUNA) -- Minister of Commerce and Industry Dr. Yousef Al-Ali said Sunday the ministry is taking legal action against 270 shareholding companies which lost 75 percent of their capitals.
The ministry will check the data of those companies, said the Minister in statements to the press. The ministry already wrote off three companies last week after reviewing their financial statements, said Al-Ali.
The ministry revokes licenses of companies according to the law unless they modify their situation, Al-Ali said.
Al-Ali explained that there are procedures carried out by the ministry to sort out all shareholding companies. He added that the ministry will take appropriate measures and had has asked several companies to provide their budgets. (end) smr.tab.ss