Qatar to start investigation into share scandal case
Investigations will soon be launched into a major scandal involving an equity issue the state floated early this year in Qatar. The Qatar Gas Transport Company (QGTC) has referred to the public prosecution the alleged irregularities committed in the subscription process of its QR1.4bn initial public offering (IPO) floated early this year.
According to The Peninsula, there were huge demands for the IPO that was half-paid and offered to nationals for QR5 per share. The issue closed on February 16.
With the help of the Qatari Ministry of Interior, officials of QGTC, also known as Naqilat, detected during the share allotment process that applications were made for subscription on behalf of some 131 dead Qataris.
The identity (ID) cards of them were apparently sold by their relatives. And, each of the 131 cards was sold to many people. The amount for which the applications were together made was QR5 million.
Another major scam uncovered was that over 70 people applied for the IPO using power of attorney and ID cards of 3,152 people.
The public prosecution has sought the help of three ministers and a number of Qatari businessmen to conduct the investigations, Al Sharq newspaper reported in its Wednesday edition.