Latest news with #BD170
Daily Tribune
01-06-2025
- Business
- Daily Tribune
Victory for buyers : Consumers reclaim BD290,000 over past two years through complaints system
TDT | Manama The Ministry of Industry and Commerce recovered BD290,000 for consumers over the past two years, while arranging replacements worth BD75,000, according to a written reply from Minister His Excellency Abdulla bin Adel Fakhro to MP Dr Muneer Seroor. The figures cover 2023 and 2024, during which the ministry's Consumer Protection Directorate received 7,868 complaints in the first year and 7,153 in the second. A further 1,302 complaints were registered between January and March this year. Most cases concerned faulty electrical goods and vehicle-related issues. Fakhro noted that complaints fell by roughly 9 per cent in 2024. Goods and services That year, more than BD120,000 was recovered for consumers, while goods and services worth over BD45,000 were replaced. In 2023, the recovered amount exceeded BD170,000, with replacements totalling more than BD30,000. By law, the ministry has up to 60 working days to examine a complaint. However, the directorate typically contacts both the complainant and the business within three days to assess the issue and determine the next step. Working days Resolution times vary. Most complaints are dealt with within 15 working days. Around 42 per cent are completed within one week 19 per cent within eight to fifteen days 15 per cent within sixteen to thirty days 12 per cent are resolved on the same day they are received The directorate may also refer cases to the courts when necessary. In both 2023 and 2024, 212 complaints were handed to the Public Prosecution. In 2023, six shops were shut down by administrative order. Arrangements To reduce delays, the ministry signed service level agreements with eight commercial entities that frequently attract complaints. These arrangements led to a 35 per cent reduction in average handling times for those firms. As for cases that take longer, Fakhro said the directorate follows a graduated process. Staff first attempt to broker a settlement between the parties. Failing that, the matter proceeds through formal steps: an initial letter, a notice, a final warning, and then a binding decision. If the business fails to comply, the case is referred to prosecutors.
Daily Tribune
30-04-2025
- Business
- Daily Tribune
MPs back investment deal with South Korea
MPs have ratified a new agreement with the Republic of Korea to protect and support investment, tying Bahrain more closely to one of Asia's leading economies as trade between the two countries surges past BD170 million. The move, passed yesterday, is part of Bahrain's push to strengthen its economic ties and build a setting more open to foreign money. Speaking in Parliament, MP Maryam Al Dhaen said the treaty would shield investors and sharpen Bahrain's appeal as a hub for finance and trade. Trust 'Experience shows that such agreements build trust among investors and protect their interests,' she said. 'This, in turn, draws in foreign capital, opens new investment opportunities, and brings jobs for Bahrainis.' The pact sets out a number of safeguards. It bars discrimination between investors, ensures free movement of profits and capital in convertible currencies, and guarantees fair pay in cases where property is taken for public need. Footing Disputes are to be settled either by Bahrain's courts or through international arbitration, offering a stable and open footing for business. Trade figures tell their own story. Bahrain's non-oil trade with South Korea grew to about BD172.5 million in 2024, a marked rise from the BD60 million recorded across 2022 and 2023. Al Dhaen said the agreement deepens ties with 'a country at the forefront of technology, manufacturing, and new ideas' and fits into Bahrain's 2030 economic plans. Question Second Deputy Speaker Ahmed Qarata questioned why the agreement did not clearly spell out which Korea it concerned. He pointed out that Bahrain has no cultural attache in Seoul, nor a commercial one, despite the surge in trade between the two countries. 'We base our remarks on proof drawn from government answers and official numbers,' Qarata said. He urged the authorities to appoint a Bahraini attache to manage trade and economic ties with Korea. Minister for Parliamentary Affairs, His Excellency Ghanim Al Buainain, replied that country names are set by international custom. South Korea, he said, is officially recognised at the United Nations as the 'Republic of Korea', while North Korea is named the 'Democratic People's Republic of Korea'. Doubts 'There is no reason to stir doubts about agreed names,' Al Buainain said. 'The Republic of Korea, a major economic force, would not have signed this agreement if it did not see a true chance to work with Bahrain.'
Gulf Insider
19-02-2025
- Business
- Gulf Insider
Bahrain: Buyer Wins BD170,000 Refund After Three-Year Wait for Flat
A buyer has won a BD170,000 refund after a three-year wait for a property he paid for in full but was never able to register in his name. The Civil Court ruled that the real estate company had failed to meet its obligations and ordered the contract scrapped. The Bahrain buyer had repeatedly pushed for either the title deed or his money back, but the firm did nothing. Funds Running out of options, he took the matter to court and even sought to freeze the company owner's personal assets, fearing an attempt to move funds out of reach. The court rejected that request but ordered the firm to return the full sum along with legal costs. Lawyer Dr Mohammed Al Kouhaji said his client bought the apartment in 2022, signing a contract for a unit in a Manama resort and paying BD170,000 upfront. Assets When the firm failed to hand over the title or issue a refund, the buyer filed an urgent case, asking the Central Bank of Bahrain to seize the owner's assets as a precaution. He also sought judicial oversight of the company to protect its holdings until a proper review was carried out. The appointed receiver was given full control of management, tasked with collecting funds and reporting back to the court. Ownership Al Kouhaji cited Article 381 of the Civil Code, arguing that if a seller fails to meet key terms of a sale — such as transferring ownership — the buyer has the right to demand either full compliance or a contract reversal. The court found no proof that the firm had met its end of the deal, making the buyer's case clear-cut. However, the judge rejected the push to seize the company owner's personal assets. Wrongdoing While the firm is privately held, and the owner is the sole shareholder and signatory, the court ruled there was no evidence of wrongdoing that would justify making him personally liable. The company's failure to deliver did not, on its own, warrant holding him accountable under Article 18 of the Commercial Companies Law. With that, the court ordered the contract scrapped and the BD170,000 returned, along with legal fees and costs.
Daily Tribune
19-02-2025
- Business
- Daily Tribune
Buyer wins BD170,000 refund after three-year wait for flat
A buyer has won a BD170,000 refund after a three-year wait for a property he paid for in full but was never able to register in his name. The Civil Court ruled that the real estate company had failed to meet its obligations and ordered the contract scrapped. The Bahrain buyer had repeatedly pushed for either the title deed or his money back, but the firm did nothing. Funds Running out of options, he took the matter to court and even sought to freeze the company owner's personal assets, fearing an attempt to move funds out of reach. The court rejected that request but ordered the firm to return the full sum along with legal costs. Lawyer Dr Mohammed Al Kouhaji said his client bought the apartment in 2022, signing a contract for a unit in a Manama resort and paying BD170,000 upfront. Assets When the firm failed to hand over the title or issue a refund, the buyer filed an urgent case, asking the Central Bank of Bahrain to seize the owner's assets as a precaution. He also sought judicial oversight of the company to protect its holdings until a proper review was carried out. The appointed receiver was given full control of management, tasked with collecting funds and reporting back to the court. Ownership Al Kouhaji cited Article 381 of the Civil Code, arguing that if a seller fails to meet key terms of a sale — such as transferring ownership — the buyer has the right to demand either full compliance or a contract reversal. The court found no proof that the firm had met its end of the deal, making the buyer's case clear-cut. However, the judge rejected the push to seize the company owner's personal assets. Wrongdoing While the firm is privately held, and the owner is the sole shareholder and signatory, the court ruled there was no evidence of wrongdoing that would justify making him personally liable. The company's failure to deliver did not, on its own, warrant holding him accountable under Article 18 of the Commercial Companies Law. With that, the court ordered the contract scrapped and the BD170,000 returned, along with legal fees and costs.
