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Kuwait Dailies Publish ‘Imaginary Information?’

This tiny little “Kuwait Crime News” article intrigues me. Recent visitors from Kuwait told me NO WAY the religious Kuwait businessman Hazem Al-Braikan would have committed suicide, that it would mean no chance of paradise, eternal life in hell. They say he was murdered. That’s what I hear from most of my Kuwait friends. So this continuing investigation intrigues me.

From today’s Kuwait Arab Times

US summons Kuwait scribes in stock trading inquiries – report

KUWAIT CITY, Aug 1: The US authorities investigating the case of suspicious stock trading at the US stock market have reportedly summoned a number of journalists working for local dailies in Kuwait for alleged malicious reporting, reports Al-Shahid daily quoting knowledgeable security sources. However, this report could not be independently confirmed.

The dailies had reportedly published what the Al-Shahid said ‘imaginary’ information that a consortium in the United Arab Emirates and a party in Kuwait were competing to purchase a US company, sending the share prices higher by five percent.

It has also been reported some of the journalists who were involved in the scam reportedly left for their home countries and others failed because a travel ban has been issued against them by the US authorities in connection with the interrogations surrounding the death of a Kuwaiti businessman Hazem Al-Braikan.

August 3, 2009 - Posted by | Bureaucracy, Character, Community, Crime, Cultural, Financial Issues, Kuwait, Law and Order, Work Related Issues

7 Comments »

  1. There seems to be a lot of questions surrounding his death. I pray that God grants his family patience for having to deal with all of this.

    What’s with the Arab Times using a known tabloid as a source? Al-Shahid’s a joke. (Also,”imaginary information” really?)

    Comment by G | August 3, 2009 | Reply

  2. This report is total BS. The US emb does not have the authority to ‘summon’ journalists to question them about anything.

    If there were any questions, it would come from the Kuwaiti government and the KJA would immediately release a statement. Secondly, the fake reports about the buyover was published by one newspaper – Al Rai and that a few months ago.

    If anyone had been questioned, it would have been the Reuters reporter who filed a whole story about how Al-Braiken tried to manipulate the press – and he’s in Saudi Arabia.

    Comment by Gypsgyq8 | August 3, 2009 | Reply

  3. G – I think they mean false information. My understanding from reading many articles is that the allegations are that Mr. Hazem Al-Braikan would contact multiple journalists and media sources with information about potential take-over or mergers he “had learned about from sources in the market.” Once one of the media published the story he would then start contacting other brokers with the same information citing he had read it in xxxx publication and had “confirmation” from other sources. The SEC allegation is that he and his brokerage firm made millions as a result of the change in the reported companies “acquisition/merger news.” In this case, I think imaginary = hoax and fraud.

    http://www.reuters.com/article/GCA-Economy/idUSTRE56S7I720090730?pageNumber=1&virtualBrandChannel=0

    Comment by BitJockey | August 3, 2009 | Reply

  4. Gypsgyq8 – the article doesn’t say the US Embassy but US authorities. The US Security and Exchange Commission (SEC) is investigating the stock irregularities. I have not idea what their (SECs) international authority is but I’m sure they’d be working through official US Department of State, US Department of Justice, etc., channels.

    Comment by BitJockey | August 3, 2009 | Reply

  5. the whole thing is fishy, never we had a business man commit suicide since EVER in kuwait

    Comment by Ahmed's 819 | August 3, 2009 | Reply

  6. Really Really believe me the Kuwaiti stock market is not manipulated and its so transparent and there is no insider trading and our investment companies are really professional and honest REALLY YOU SHOULD INVEST YOUR LIFE SAVINGS IN KUWAITI stocks and i have a bridge to sell you too

    Comment by daggero | August 3, 2009 | Reply

  7. LLLLLOOOLLL, Daggero! Tell me, is that bridge in Brooklyn? Honestly, I was howling with laughter, reading your comment. Wallah.

    At the same time, I feel great sympathy for the family of Hazem Al-Braikan.

    G & Gypsy – BitJockey explained it pretty well. The Kuwait blogger Charts and Numbers laid it all out very clearly, check his timeline, and background information. I think a travel ban is placed when someone is being investigated or a case is filed against them?

    Ahmed – It seem strange to me, too. I imagine the police are investigating.

    Comment by intlxpatr | August 3, 2009 | Reply


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