KUWAIT CITY, March 26: Undersecretary of the Ministry of Commerce and Industry Ziad Al-Najem submitted his resignation on Tuesday to the Minister of Commerce and Industry Khalifa Al-Ajeel, reports Al-Seyassah daily. In his resignation, Al-Najem stated: “We took the necessary legal measures against the violators in the ‘draw manipulation case’ without any delay.

However, this heinous incident has exceeded the ministry’s scope and has negatively impacted the Ministry of Commerce and Industry’s image in the eyes of the citizens. Out of a sense of moral responsibility as a senior official, and in defense of the efforts of all loyal and honest employees of the ministry, I submit my resignation from my position as Undersecretary of the Ministry of Commerce and Industry.”

Meanwhile, the Central Bank of Kuwait has instructed local banks to postpone any upcoming draws until the bank receives the results of the draw process evaluation, reports Al-Seyassah daily. In a circular issued on Wednesday, the Central Bank stated: “Within the framework of the measures undertaken by the Central Bank to regulate banking activities, ensure the smooth operation of banking operations, and provide an appropriate environment for preserving customer rights in line with a balanced relationship that protects the banking sector, based on Article 71 of Law No. 32/1968 concerning currency, the Central Bank of Kuwait, the regulation of the banking profession and its amendments,and in consideration of some banks’ draws for prizes granted to customers on certain accounts (products), as well as the time that has passed since the implementation of these products, it is necessary to re-evaluate them to ensure the highest degree of transparency, define their requirements, and ensure their proper operation within the framework of sound governance. Therefore, your bank must postpone any future draws for these products, effective immediately, until the Central Bank of Kuwait receives the results of the aforementioned evaluation process, so that they can be reviewed accordingly.”