Real Estate Fraud Victims Call For Radical Solution To Recover Looted Money

The victims of real estate fraud have called on the government to find radical solution to recover their “looted” money due to its part in promoting fake real estate projects abroad, reports Al-Seyassah daily.

Despite the divergent views and proposals that surfaced during a recent seminar organized by Kuwait Economic Society titled “Real estate exhibitions in the absence of supervision and weak law”, the majority of participants blamed concerned government institutions including the Ministry of Commerce and Industry, Ministry of Justice and Kuwait Municipality for granting licenses to marketing companies to organize real estate exhibitions and sell illusory property to citizens. “Concerned government institutions have failed to perform their oversight duty of protecting citizens and the market from fake operations, and there’s urgent need to take decisive action in this framework to recover stolen money”.

Meanwhile, officials from real estate companies and specialists disclosed that some 11,000 people have been affected by real estate projects through investments exceeding $1 billion with 29 companies, mostly limited liability firms, which necessitate organizing the process of real estate exhibitions. “The group will meet next week with the Speaker of the National Assembly Marzouq Al-Ghanim to form a committee of inquiry to look into real estate fraud,” said Hassan Al-Bahrani, general coordinator of the group of real estate victims. He stated the importance of implementing relevant laws to retrieve the victims’ money soon. He denied the existence of a rift between the group members due to individual negotiations with companies, saying “we support any move to recover funds lost by individuals and the group is on its way to defend those affected.” Nouri Group’s CEO, Mohammad Al Nouri, urged clients to be careful not to fall prey to the illusory real estate projects. 
He advised them to double sure projects are under construction, coupled with the quality of exploitation, and whether it’s meant for personal housing or investment, not forgetting the property value, payment mechanism, property laws and expenses. Also, Lawyer Nasser Al-Munikh said, “the real estate crisis is not casual or individual but a legal loophole that needs to be amended, considering the issue has taken many dimensions affecting real estate companies and the real estate market.”

He pointed out that real estate companies and relevant official bodies have a joint responsibility in that concern, given that weak supervision rendered some companies an arena to convince individuals to sell them illusory property for low prices.

For his part, Chairman of the Cultural Committee and member of the Board of Directors of Kuwaiti Economic Society, Abdul Wahab Al- Rashid, spoke of the need to find a radical solution to the problem, urging relevant bodies to use all means to recover about one billion dollars for the victims. He urged the government to toughen penalty on anyone involved in real estate fraud, because some of the victims still suffer economic and social issues as a result of their actions.

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