Kuwait’s Capital Markets Authority filed a case in the country’s court to challenge a cabinet decree ending the tenure of three of its board members, according to an e-mailed statement today.
The market regulator received the government’s decree issued on Oct. 19 terminating the memberships of Saleh Mohammed al-Yousif, Yousif al-Ali and Naif Falah al-Hajraf, the statement said. The legal measures were taken to “emphasize the authority’s independence,” according to the statement.
Kuwaiti newspapers reported that the government revoked memberships of the three members for allegedly violating regulations by maintaining second jobs while serving on the board of the authority.
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