KUWAIT CITY, Nov 21: The Court of Cassation acquitted a sheikh of laundering KD14,000; leading to the cancellation of the five-year imprisonment sentence and KD10,000 fine imposed on him; while it refrained from pronouncing his punishment on the charge of lending money with exorbitant interest on bail of KD1,000 and ordered him to sign a pledge of good conduct for one year. The Public Prosecution had earlier charged the accused and another individual with money laundering KD14,400; knowing the money was obtained through the crime that is the subject of the charge in item one by lending money to the victims through a general trading and contracting company with an interest estimated at more than the loaned amount. They then deposited and transferred the money to the bank accounts indicated in the investigations, to conceal the illegal source. The prosecution added they exploited the financial needs of the victims and lent money with exorbitant interest, forcing the latter to pay the excessive interest.

By Jaber Al-Hamoud/Munif Naif
Al-Seyassah/Arab Times Staff