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Three cooperative societies lose KD13 million due to financial improprieties
June 4, 2016, 9:05 am

Three cooperative societies reportedly lost KD13 million due to administrative and financial improprieties, and the inability of board members to coordinate well among themselves, reports Al-Shahed daily quoting an informed source.

He explained that the highest loss was recorded at Dasma and Bneid Al-Gar Cooperative Society with KD 6.5 million, which was the reason why Ministry of Social Affairs and Labor decided to privatize it. The City Center Company won the investment bid to manage the cooperative store by offering KD 4 million to pay back the incurred debt.

The company will also pay KD 70,000 per month for rent of the headquarters and branches. The source went on to explain that Jleeb Al-Shuyoukh Cooperative Society recorded loss of KD 4 million. Riqqa Cooperative Society lost KD 2,249,523 but the board was able to reduce the loss to KD 1,758,640 through some plans, decisions and streamlining of expenditures.

He revealed that five cooperative societies have dissolved their administrative boards due to administrative and financial violations. Three of the societies are Rabya, Rehab and Ardiya, which has been reinstated through a court verdict.

Source: Arab Times

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