KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M
TT
20

KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

Kuwait Anti-Corruption Authority (Nazaha) announced on Sunday referring a number of officials at Kuwait Oil Company (KOC), along with others facing corruption charges, to the public prosecution.

Nazaha's official spokesman Dr. Mohammad Bouzbar said in a statement that the notification included results by an investigation panel regarding contracts and projects of crude oil pipelines in northern regions.

They were submitted to the prosecution in line with a notification filed by KOC about suspicious "corruption crimes" that incurred losses, Nazaha said, adding that the suspects were charged with negligence and slackness in management of projects in North Kuwait.

He said that the report highlighted suspected corruption crimes, worth KD 4.683 million (USD 15.4 million).

According to the results, there were suspicious crimes of facilitating seizure of public funds, intentional and non-intentional misappropriation of public funds, illegal profit making and aiding others to make such earnings.

Bouzbar said after Nazaha confirmed existence of reasonable bases for the suspicious corruption crimes, it referred the case to the public prosecution.



Saudi Chemicals Group SABIC Reports Q1 Net Loss of $323 Million

File photo: SABIC accounted for approximately 69% of the sector’s net profits in Q2 2024, with an 85% growth. (SABIC)
File photo: SABIC accounted for approximately 69% of the sector’s net profits in Q2 2024, with an 85% growth. (SABIC)
TT
20

Saudi Chemicals Group SABIC Reports Q1 Net Loss of $323 Million

File photo: SABIC accounted for approximately 69% of the sector’s net profits in Q2 2024, with an 85% growth. (SABIC)
File photo: SABIC accounted for approximately 69% of the sector’s net profits in Q2 2024, with an 85% growth. (SABIC)

Saudi chemicals giant SABIC 2010.SE reported a net loss of 1.21 billion Saudi riyals ($323 million) in the first quarter of 2025, compared to a profit of 0.25 billion riyals a year ago.
The company said in February that it planned to cut costs and find new investment opportunities, after reporting worse than expected fourth-quarter results against a sectoral backdrop dominated by margin pressures.
It also reported sales of 34.59 billion riyals in the first quarter of 2025, a 5.8% increase compared to 32.69 billion riyals a year earlier, reported Reuters.
The chemicals industry has been grappling with weak demand and high input costs, leading to lower prices and squeezed margins.