Kuwait Times

Published Date: October 25, 2008

KUWAIT: MP Abdulaziz Al-Shayeji slammed the government and held it responsible for the recent developments at the Kuwait Stock Exchange. He said MPs informed the government that a crisis was in the offing, but it chose to ignore them, adding, "We as MPs do not wish to issue a law that will compel the government to float a public fund to support small investors." He indicated that MPs want to assure small investors and traders of protection while protecting the national economy from any expected crises simu
ltaneously. He also disclosed that MPs have credible information that the government pumped funds into the stock market to bail out privileged companies and authorities, reported Al-Rai. He criticized the government's partiality saying, "It should not support some privileged members and ignore others.

In another development, MP Dr Nasser Al-Sanae slammed the team formed by the Cabinet and headed by the Minister of Commerce Ahmad Baqer to follow up on the slide of the Kuwait Stock Exchange following the global financial crisis. He said that the Parliamentary Constitutional Movement called for the formation of a team on October 10 to follow up on the collapse of the stock market. The government, he added, formed the team but failed to prevent it from sliding.
He called upon the prime minister to urge the minister of commerce and industry to issue appropriate statements while commenting on the current crisis after an official disclosed that Baqer criticized small traders and described them as adventurers, reported Al-Rai. He pointed out to the fact that a majority of MPs are of the opinion that the Cabinet should consider reforming the team in an attempt to salvage the stock market.