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Article
Publication date: 1 January 1997

Ahmed Al‐Melhem

A limited liability company (LLC) plays an important role in the commercial activities in Kuwait. The majority of companies in Kuwait takes the form of a limited liability. This…

94

Abstract

A limited liability company (LLC) plays an important role in the commercial activities in Kuwait. The majority of companies in Kuwait takes the form of a limited liability. This is due to a number of reasons, namely smallness of the invested capital, its suitability to a middle‐size enterprise and the limited liability of the partners. The LLC was confined to at least two special provisions (prohibition) that differ from other forms of companies. First, Article 187 of the Company Code provides that LLCs ‘may not transact insurance business, banking or the investment of monies for third parties’, and secondly, Article 185(2) states that ‘partners may only be natural persons’. The rationale of these prohibitions is based on the weakness of the financial position and the limited liability of the company, as insurance and investment need a large capital, and on the other hand to prevent holding companies (HCs) from controlling LLCs, and enter into irrational speculation in commercial activities, which may affect the minority of shareholders and the national economy too.

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Journal of Financial Crime, vol. 4 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 April 1996

A.A. Al‐Melhem

The process of drawing cheques instead of cash is spreading, as a consequence of the expansion of banking operations, multiplicity of civil and commercial transactions and the…

38

Abstract

The process of drawing cheques instead of cash is spreading, as a consequence of the expansion of banking operations, multiplicity of civil and commercial transactions and the simplicity of such drawing. A cheque is considered an instrument of payment, honoured instantly on demand. Thus a cheque may not be drawn for obtaining credit, and accepting a cheque by a creditor, as a form of payment, docs not discharge a debtor's obligation, unless the cheque value is paid by the drawee.

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Journal of Financial Crime, vol. 4 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1995

A.A. Al‐Melhem

Certain violations against Kuwait Public Funds (PFs) had occurred during and prior to the invasion of Kuwait, especially abroad, by Kuwaiti and non‐Kuwaiti nationals, when some of…

53

Abstract

Certain violations against Kuwait Public Funds (PFs) had occurred during and prior to the invasion of Kuwait, especially abroad, by Kuwaiti and non‐Kuwaiti nationals, when some of the public servants or such employees, who were authorised to administrate Kuwaiti companies abroad, had embezzled public funds, or conspired to obtain benefit in an illegal manner. Consequently, Kuwait has lost approximately $6bn.

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Journal of Financial Crime, vol. 3 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 February 1999

Lu'ayy Minwer Al‐Rimawi

This paper examines comparative aspects of Arab securities regulation. It provides a general introduction, overviews the aims of securities regulation and the UK regulatory…

439

Abstract

This paper examines comparative aspects of Arab securities regulation. It provides a general introduction, overviews the aims of securities regulation and the UK regulatory framework, and outlines the obstacles facing equity financing under Shari'a and hindrances to effective Arab securities regulation. It accounts for the major macroeconomic reasons which have enhanced interest in Arab securities markets, examines lack of Arab rules on fraud, insider dealing and possible contractual remedies. It concludes with a case study shedding light on the term ‘securities’ as understood by Article 3 of the 1997 Jordanian Securities Act.

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Journal of Financial Regulation and Compliance, vol. 7 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 April 1997

Benny S. Tabalujan

In recent times, there has been some disquiet within certain sectors of the Singapore business community over the role of auditors in detecting corporate fraud. The cause of this…

383

Abstract

In recent times, there has been some disquiet within certain sectors of the Singapore business community over the role of auditors in detecting corporate fraud. The cause of this concern can perhaps be attributed partly to the Barings collapse in February 1995 and the subsequent suggestions that the auditors of the Barings subsidiary in Singapore, Barings Futures Singapore Pte Ltd (BFS), may have been negligent in their audit work. More recently, in mid‐1996, a substantial locally listed company, Amcol Holdings Ltd (Amcol), was placed under judicial management amid rumours alleging possible misdeeds by senior executives and directors. The Amcol saga has, once again, focused some attention on the role of auditors and their duty to detect fraud in company accounts.

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Journal of Financial Crime, vol. 5 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 January 2001

Mohammad I. Fheili

Shortly after the cessation of hostilities in Lebanon, the Lebanese government with the help of the international community (the United Nations Development Program) launched a

112

Abstract

Shortly after the cessation of hostilities in Lebanon, the Lebanese government with the help of the international community (the United Nations Development Program) launched a nationwide drive aimed at completely stopping the production and trafficking of illegal drugs. A great deal of success has been achieved in that respect. In line with these efforts, the international community began exerting pressure on the Lebanese banking system to do away with its ‘banking secrecy law’ since it was identified, by the former, as a deterrent in its attempts to fight drug dealers, a perception that was not shared by the Lebanese banking community. The rationale behind such a fundamental difference in opinion is, of course, related to the nature of the process beginning at ‘the crime’ and ending at ‘clean money’.

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Journal of Money Laundering Control, vol. 4 no. 3
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 April 1998

Ahmed Al‐Melhem

Money laundering is not considered a novelty on the international or local arena, nor has it become known only recently. What is new in this matter is the criminalisation of money…

70

Abstract

Money laundering is not considered a novelty on the international or local arena, nor has it become known only recently. What is new in this matter is the criminalisation of money laundering operations.

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Journal of Money Laundering Control, vol. 2 no. 2
Type: Research Article
ISSN: 1368-5201

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