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Kuwait refers company for alleged money laundering

Kuwaiti policemen at Sheikh Saad Airport in Kuwait City, on 22 February 2020 [YASSER AL-ZAYYAT/AFP via Getty Images]
Kuwaiti policemen at Sheikh Saad Airport in Kuwait City, on 22 February 2020 [YASSER AL-ZAYYAT/AFP via Getty Images]

Kuwait's State Security Agency has referred a large company for investigation into alleged money laundering after it was found to have had financial ties with the so-called Iranian Fouad Network, local media have reported.

According to Al-Qabas, a security source said that suspicious financial transfers were found during investigations of the network and the monitoring of its dealers. The group were detained last year.

According to the source, senior company officials, including the general manager and his assistant, the financial manager and his deputy — who are both Egyptian nationals — and two accountants with Yemeni nationality, were interrogated for a week. The investigations concluded that the huge financial transfers came from a Gulf country.

All of the officials are banned from travelling pending the conclusion of the investigations. They are scheduled to appear in court on 28 April.

Last July, the Kuwaiti authorities detained five people — an Iranian citizen, a Lebanese citizen, a stateless person and two Kuwaitis — in the "Iranian Fouad Network". They were charged with laundering more than 4 million dinars (more than $13 million).

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