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Volume :44 Issue : 170 2018
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Punitive Protection of Companies' Finance in Emirati and Kuwaiti Laws: A Comparative Study with French Legislations.
Auther : Dr. Husain J. Buaraki
Crimes of offense against monies of trading companies are the leading and most important punitive stipulations ever for illegitimate practices in the companies sector. This is because they target the core of companies, which are financial matters. They also draw greater concern due to the multiple parties involved. On top of these parties are the company shareholders as such stipulations are more connected to rights of individuals relating to their financial dues, shares or assets in companies. The best method to achieve legal protection of companies' financial matters is to employ criminal law with its decisive and punitive procedures. This was clear upon issuing the Kuwaiti Bill of new Companies Law No. 25 of 2012 which was reissued by Law No. 1 for 2016. It contains a whole chapter that includes companies' crimes (12 crimes) defined by the Kuwaiti law, which was adopted by the Emirati legislator as well in the Federal Law No. 2 of 2015. Among the most significant of such crimes is the crime of obscuring the reality of the company's financial position. For example, and most importantly, the violation of trust in the company's general guarantee. In addition, it is crucial to specify the type of criminal intention and the conditions governing it in order to help jurisprudence and Kuwaiti courts enforce laws in an appropriate manner.