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Parliamentary cmte OKs amendments to trade register
March 19, 2018, 9:07 am

The parliamentary financial and economic affairs committee on Sunday approved amendments to the commercial register regarding irregularities in some corporate partnerships.

The modifications also address data manipulation and illegal granting to personnel of the ministry of commerce and Industry the power to practice judicial seizure. Committee members unanimously blessed modifications to the law, issued in 1959, following discussions with Minister of Commerce and Industry, Minister of State for Youth Affairs Khaled Al-Roudhan, pending submission to the National Assembly, said the commission rapporteur, Saleh Ashour, in a statement after the committee session.

The amendments include full definitions of the terms trader and commercial establishment, he said, also noting that the digital register was added to the conventional one.

The new law sets a fine ranging between KD 1,000 (approx. USD 3,000) to KD 20,000 (some USD 66,000) with respect of irregular partnership and data manipulation. Imprisonment penalty against an offending trader or provider of inaccurate data was cancelled and replaced solely with financial fine.

Source: KUNA

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