We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 18 Jan 2009 09:42 AM

Font Size

- Aa +

Thousands of jobs under threat in Kuwait

Problems with the Kuwait Stock Exchange could see 27,000 lose their jobs - MP warns.

A member of the Kuwait parliament has warned that tens of thousands of people in the private sector could lose thier jobs because of problems with the country's stock exchange, it was reported Sunday.

MP Mohammad Al Abduljader said the country was set to suffer further set backs as a result of government delays in solving problems at the Kuwait Stock Exchange (KSE).

Around 27,000 citizens working in the private sector could lose their jobs unless ministers issued special laws and decisions to reverse the situation, he was reported as saying by Kuwaiti daily, the Kuwait Times.

The MP also expressed amazement at the government's silence on the matter.

"Those responsible should be held accountable, whether that's done at the loss-making companies' general assemblies or the offices of the attorneys who contributed to the losses by establishing some illusory companies and listing them on the KSE," said Al Abduljader.

In November an administrative court in Kuwait City ordered the KSE to temporarily close in response to a suit filed on behalf of stock investors, who saw share prices plummet over a number of weeks.

In response, traders and brokers at the exchange staged a series of protests and walk-outs.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.
Ivo Cerckel 11 years ago

Why can the KSE not plummet? If share prices have been allowed to skyrocket, why can they not plummet also? Where were the protestors when the share prices skyrocketed? Why were those responsible for the skyrocketing not held accountable?