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15 Kuwait construction firms to declare bankruptcy

Kuwait Business


A total 15 companies in Kuwait will soon declare bankruptcy due to lack or scarcity of liquidity and inability to meet their financial commitments for completing the suspended projects for more than three years, a media report said.

The Ministry of Commerce and Industry (MoCI) has refused requests for liquidation of from 13 companies in order to safeguard investor interests, added Al-Shahed Daily quoting sources.

The sources indicated that weak cash gush as well as administration problems have led some creditors to head to the ministry to liquidate some companies because profit margins have sagged in the past three years by more than 80 per cent.

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