Bahrain Enforces Verdict, Returning $280M in Assets & Funds to Kuwait
- Publish date: Sunday، 14 May 2023
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The Attorney-General and Head of the International Cooperation and Human Rights Office at the Public Prosecution in Bahrain have confirmed the return of approximately $280 million in assets and funds to Kuwait. This action follows a final verdict by a specialized court, which ordered the confiscation of the funds that were acquired through money laundering crimes.
The return of the assets and funds to Kuwait by Bahrain was executed as part of international judicial cooperation and collaboration between Bahrain's Public Prosecution and Kuwait's counterpart.
فيديو ذات صلة
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This action aligns with Bahrain's commitment to fulfilling its obligations against money laundering and upholding the principles of international judicial cooperation, particularly within the Gulf Cooperation Council (GCC) countries. The funds were detected through investigations conducted by the National Financial Intelligence Centre at Bahrain's Ministry of Interior.
Following the completion of the required legal procedures, the Higher Criminal Court in Bahrain approved the verdict in compliance with legal requirements. The funds mentioned in the judgment were transferred to the Ministry of Justice's account in Kuwait, while the corresponding shares were made available to Kuwait as well.
The enforcement of the verdict took place in two phases. In the first phase, Kuwait recovered funds and shares amounting to $100 million, and in the second phase, approximately $180 million was recovered. As a result, the total amount recovered reached approximately $280 million.