Moci Received Several Complaints Of Losing Money On Forex

Ministry of Commerce and Industry (MOCI) has recently received several complaints against a local company that acts as an intermediary for a global European company and deals in the foreign exchange market (Forex), Al Qabas reported.

The sources told the daily that most recently 3 citizens registered a complaint against a local company working as an intermediary for an international company Forex after losing money.

Sources indicated that due to lack of legal regulation Forex activity is banned in Kuwait. Therefore if any company practices this activity through an international brokerage firm inside Kuwait is violating local laws of the country.

The sources stated that the MOCI is not responsible for licensing such activities, and with regard to complaints received, the complainant is directed towards the legal path that he must take legal action to recover his losses, whether, through the consumer protection sector in the Ministry of Commerce, the Public Prosecution, Kuwaiti courts or other supervisory bodies such as the Capital Markets Authority and the Central Bank of Kuwait.

 

SOURCE : TIMES KUWAIT

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