The Industrial and Financial Investments Company (under liquidation) held its postponed extraordinary general assembly, agreeing to extend the deadline for liquidation of the company for a period of two years, with the same liquidator, Hussein Gohar.
Gohar explained to the shareholders that the liquidator’s report, which was approved during the ordinary general meeting held on 6/5/2020, included an explanation of the reasons and obstacles that prevented the completion of the liquidation of the company during the previous period that ended on 7/21/2018, Among the most important of those reasons and matters related to the report are as follows:
- Failure to complete the liquidation of all investment funds managed by the company.
- Not completing the business of closing and transferring the assets of all investment portfolio clients.
- Not completing settlement work with some of the finance borrowers borrowed by the company.
- Continuing work on completing the procedures for liquidating some foreign funds, knowing that some of these funds are not subject to liquidation or transfer, given their low value, and thus the transfer expenses will be twice their value.
- The complexity and length of procedures for the rest of the foreign investment the company has ownership documents.
- Despite the successful communication with those in charge of managing some of the company's investments regionally and internationally, in which it was invested by the previous management of the company before August 2020, however, work is still ongoing to negotiate with officials or those in charge of managing these investments to find out the reality of each investment and negotiate the possibility Liquidation, and these investments include the following:
- Investment in the Marina Hammamet project.
- An investment in Salt Marine, a food industry project in Tunisia.
- Blake Fund Investment.
- An investment in Dar Al Madina Real Estate in Saudi Arabia
- Investing in Taj Mall in Jordan.
- Investing in a country development company established in the Cayman Islands.
- Investing in the United International Bank (formerly Sera Bank 9, which is an investment through a portfolio in an investment company in Oman).
- Lack of the values of many local, regional and international investments, for many reasons related to the financial, legal or administrative situation, which led to a significant decrease or lack of the value of these investments, especially in light of the inability to date to know the truth of these investments due to the inability to communicate with those in charge of them, Such as investing in (Entertainment City of India, Sama Holding Company, and Mudeed Real Estate Company).
- Multiple legal and financial problems related to the company's regional investments, such as investments in Egypt, Oman, Bahrain, and Qatar.
- Continued follow-up of the liquidation of local subsidiaries (Dana Al-Khor Holding Company and Al-Raeda Projects Company)
- The large number of legal cases filed against and against the company and its subsidiaries inside and outside Kuwait.
- Work continues to end the legal and financial problems of the company's regional investments.