Kuwaiti Beauty E-commerce Platform Boutiqaat Acquitted in Money Laundering Case

Boutiqaat, the prime Kuwaiti beauty e-commerce platform is acquitted in the money laundering case, it declared today. The term was dismissed by public prosecution after getting no proof of money laundering or criminal activity. Boutiqaat had been under research for money laundering since July last later. Its local bank accounts also stayed set for about 8 months on the order of the Kuwaiti public prosecutor as the local administrations were exploring the corporation. They were reopened in March previously this year. Boutiqaat always denied wrongdoing and was given to assist the domestic authorities in their analysis.

“We are delighted to declare that the 8-month research into our business functions by the Kuwait Attorney General of Public Prosecution has unplugged the corporation from all the accusations. Complying with a review of more than three million transactions, Boutiqaat was got to be adherence to the all financial and regulatory policies,” this stated in a report on Tuesday.

“Each marketing in Boutiqaat is documented, serialized, and completely able to trace. The research examined all corporation statements comprising audited financial records since formation, all of which have been early audited by one of the four prime accounting companies. This also analyzed all transactions with domestic and global suppliers, contracts with social media users, and export & import papers. In addition, this reviewed all the sales statements of the corporation, payments ways, and bank accounts,” added the report.

Established in 2015 by Abdulwahab Alessa, Boutiqaat sells more than 40,000 beauty and fashion products from hundreds of international brands, utilizing influencers. The online podium facilitates boutiques of users where they list their favored products while conveying a cut of the earnings it makes from these sales to the users. Kuwaiti officials had also studied a few social media users around the same time for money laundering. The corporation was in talks to increase fresh funds at a valuation of around $1 billion when the Kuwaiti officials began an exploration into its finances.

The record by Boutiqaat also stated that its systems and physical papers were attached by the domestic officials for accuracy, “moreover, they run many physical audits to make sure our precision of the products.”

Abdulwahab Alessa, the founder of Boutiqaat didn’t possess back from the objection of the domestic officials in a video posted on Monday. He underlined that more than 1,000 workers were affected by the decision, several of whom lost their job. He also stated that the corporation lost 90% of its earnings and landed in issues with banks and other institutions as of their incapacity to clear the dues.

In the video, the founder of the corporation said that they have to discontinue agreements with several of their migrants because of this. He denounced the domestic officials stating that the whole outbreak is an arrow of their backwardness. Abdulwahab also asked if the research into Boutiqaat had something to do with his determination to stand for the domestic election. Boutiqaat in its record stated that moving ahead its concentration would remain on giving an extreme experience to its clients.

Also Read: Stripe Extends to the Middle East with UAE Launch