Mena Real Estate Company announced today, Wednesday, to the Boursa Kuwait the latest developments in the case involving its subsidiary Rasmal Holding Company and KFIC Invest Company regarding an asset exchange contract. Investigations by the Public Prosecution confirmed breaches that occurred during the contract, leading to the validity of the complaint and the referral of the respondents to criminal court. 

The company clarified that complaint No. (49/2023 Exclusive Market) was referred from the Public Prosecution to the Criminal Court, with the first hearing set for December 31, 2024, to consider the violations attributed to the respondents. The Public Prosecution has initiated investigations into some of the former board members of Mena Real Estate and Capital Holding, as well as former members and senior executives from the board of KFIC Investment and KFIC Brokerage. 

The investigation was concerning the violations attributed to the respondents regarding the asset exchange contract signed between Capital Holding— a subsidiary of Mena Real Estate— and KFIC Brokerage, which the Public Prosecution determined involved breaches related to the execution of this dubious contract, confirming the validity of the complaint and its allegations against the respondents, leading to their referral to criminal court. 

Mena also indicated that it is currently unable to determine the financial impact resulting from this information.