As part of the measures aimed at protecting shareholders\u2019 money and stopping fraud, the Cooperatives Sector of the Ministry of Social Affairs last year referred 18 cooperative societies to the Public Prosecution, in addition to unearthing 130 judicial seizures due to financial and administrative irregularities and formed investigation committees to look into suspicions of usufruct and violation of the law. <\/p>\n
Senior ministry sources told a local Arabic dailiy that efforts are continuing to control the cooperatives sector and to take strict measures to protect public money. <\/p>\n
In addition, the Public Anti-Corruption Authority (Nazaha) in cooperation with the Ministry of Social Affairs and Community Development and a number of public benefit associations organized a workshop on \u2018The internal audit methodology and its importance in strengthening the trends and governance of cooperative and community work.\u201d <\/p>\n
During the workshop, the speakers stressed the importance of implementing the governance system in cooperative work, in addition to activating performance oversight to preserve public money and protect shareholders’ rights. <\/p>\n
Fajr Al-Roumi, Director of the Audit and Inspection Department at Nazaha, affirmed the keenness to hold workshops to enhance the values of integrity, transparency, accountability and combating corruption, in a way that advances the performance of cooperative work. <\/p>\n
She disclosed 5 measures to protect public money <\/p>\n
1 – Tightening control and toughening penalties <\/p>\n
2 – A sophisticated mechanism to prevent profiteering and monopoly <\/p>\n
3 – Monitoring the performance of cooperative societies <\/p>\n
4 – Enhancing the values of integrity and transparency <\/p>\n
5 – Involvement of civil society in the fight against corruption <\/p>\n","protected":false},"excerpt":{"rendered":"
As part of the measures aimed at protecting shareholders\u2019 money and stopping fraud, the Cooperatives Sector of the Ministry of Social Affairs last year referred 18 cooperative societies to the Public Prosecution, in addition to unearthing 130 judicial seizures due to financial and administrative irregularities and formed investigation committees to look into suspicions of usufruct […]<\/p>\n","protected":false},"author":16,"featured_media":98797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,18],"tags":[60,4417],"class_list":["post-98796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-local","tag-kuwait","tag-timeskuwait"],"yoast_head":"\n