Dubai: Owners of small and medium enterprises accused MPs of failing more than 17,000 Kuwaiti family heads, following the decision by the National Assembly to drop the financial security law in its session on Thursday, which has left their future in a precarious state as they face mounting bills with a limited cash flow.
They expressed their anger at the Kuwaiti MPs, who rejected the draft law in the latest parliament session to provide financing for businesses impacted by the coronavirus preventative measures, known as the financial security law, in its second deliberation, Al Qabas newspaper reported.
The business owners emphasized their plight saying that more than 17,000 Kuwaiti family heads are facing difficult circumstances as their businesses are suffering while they are stressed by obligations such as rents, employees’ salaries, and the dues of the suppliers. Many of them have post-dated checks, and lease lawsuits, in addition to labor lawsuits that are expected to go to the judiciary, which has caused concern of ending up in prison when all they wished for is to be successful businessmen.
They denounced some MP’s abuse of the law, saying to Al-Qabas daily: “The National Assembly dropped the financial security law without providing the slightest solutions to save them or improve their financial conditions, which has collapsed due to the suspension of work and the total and partial curfew to stem the spread of the coronavirus.”
Financial security
They added, “We were suspicious of the government’s intentions, but we did not expect that the blow would come to us from the nation’s MPs, who are entrusted with the role of preserving the people’s interests. Unfortunately, some MPs stood against the financial security law for political and electoral reasons, not technical ones.”
Al Qabas daily quoted the entrepreneur Dhari Al Mithen as saying, “Refusing to pass the bill will have a negative impact on most companies, most of which will be forced into closure and to liquidate their businesses, especially with the inability of some of them to pay their financial obligations in light of the difficult circumstances the market is going through.”
He continued: “The next stage will also witness a significant increase in the number of court cases that real estate owners will file against the tenants, due to their inability to pay rents and financial obligations incurred as a result of the coronavirus crisis.”
