Kuwait bourse draws Kharafi Group into MTC probe

The Kuwait Stock Exchange has asked a subsidiary of Kharafi Group to co-operate in the ongoing probe into the unusually high volume of trading in shares of Mobile Telecommunications Co. (MTC), according to Al Qabas newspaper.

The Kuwaiti daily did not disclose how it got the information.

Kharafi Group - a Kuwait-based family-owned conglomerate - transferred part of its MTC holding to its subsidiary, al-Khair National for Stocks and Real Estate Co., last month raising al-Khair's stake in MTC from 27% to 30%.

Trading in shares of MTC, the country's largest firm by market value, hit a record high last month of 532 million shares in one day, prompting an investigation.

MTC shares accounted for more than half of the total 795 million shares traded in Kuwait that day.

The MTC inquiry continues despite reports yesterday stating the bourse has found no misconduct in the case.

In November, the Kuwait Stock Exchange had banned Kharafi Group from using the stock exchange to sell shares in 10 companies for six years for breaking disclosure rules.

A Kuwait court overturned the ban earlier this month.

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