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Monday, December 02, 2024
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Ministry investigates Cooperative Societies for compliance with regulations

Specialized teams formed to monitor Cooperative Societies’ operations

publish time

02/12/2024

publish time

02/12/2024

Ministry investigates Cooperative Societies for compliance with regulations

KUWAIT CITY, Dec 2: The Ministry of Social Affairs, through its Cooperative Sector, has formed specialized teams to inspect four cooperative societies operating in the Hawalli, Ahmadi, and Mubarak Al-Kabeer governorates. These teams will review the societies' operations and financial records to assess their compliance with Law No. 2013/118 and its amendments, as well as relevant administrative decisions regulating cooperative work.

Sources from the Ministry of Social Affairs stated that if the teams uncover any evidence of violations or misconduct, or if they find that the boards of directors of these cooperatives are misusing their powers in a way that could harm shareholders' investments, they will take decisive action. This includes forming investigation committees to address any concerns, aiming to protect these significant cooperative entities, which play a vital role in the country’s food security. The ministry is committed to ensuring that cooperative societies continue to provide high-quality goods at affordable prices to benefit both citizens and residents.

The inspections will run alongside ongoing investigations by the ministry, which are prompted by reports from financial and administrative auditors or complaints from cooperative shareholders. These teams will operate throughout the year, continuously monitoring compliance.

In addition, following a recent cooperation agreement with Zakat House, the Ministry of Social Affairs has received an initial payment of 45,000 dinars to support the charitable fund for social care homes. The total funding from Zakat House will amount to 200,000 dinars, which will be directed toward the ministry’s work with various groups within shelters, including the elderly, children in foster care, and juveniles. A technical committee, led by the ministry with a representative from Zakat House, will oversee the approval of projects funded by this agreement. The agreement will run for one year, from the beginning of the next year to December 31. If the committee deems it necessary, the allocated amount can be increased. Any surplus funds at the end of the year will be returned to Zakat House.

This agreement aligns with the Council of Ministers’ directive to localize charitable work and direct its benefits to serve diverse segments of society.

Additionally, the Minister of Social Affairs, Family, and Childhood Affairs, Dr. Amthal Al-Huwailah, has issued Ministerial Resolution No. 247/2024. This resolution transfers the responsibility for reviewing and preparing work systems within the Ministry from the Organization Development Department to the Service Development Section in the Administrative Development Department, effective immediately upon publication in the Official Gazette.