KUWAIT Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Khaled Al Makhezeem and Liana Rashid, GLA & Company
(iv) the proposed or estimated dates of any important procedures aimed at the com - pletion of the concentration operation; (v) the proposed ownership structure and the decisive influence post-completion; (vi) the relevant products of the economic concentration, their volume and percent - age of sale; (vii) the relevant market and its volume; (viii) the products in which the applicants deal; (ix) the positive economic impacts of the transaction; (x) the negative effects of the transaction and the proposed procedures to mitigate these effects; (xi) the markets affected by the transaction; (xii) the factors influencing market access; (xiii) the nature of the distribution channels; (xiv) the factors affecting price fixation over the last five years; (xv) the volume of available productive ca - pacity and percentage of usage; (xvi) the volume of demand for products and its structure; (xvii) alternative products; and (xviii) the concentration value in Kuwaiti dinars, provided that it includes the pur - chase rate and the value of all relevant assets. • Ownership and decisive influence: (a) all persons who have a decisive influence on participants in the economic concentration, directly or indirectly, will be determined and the nature of the influence and its methods will be described; and (b) all persons dealing in any affected market where participants in the concentration opera - tion or any other person enjoy a decisive influ - ence on that market, directly or indirectly, the nature and methods of the influence will be described. 3.6 Penalties/Consequences of Incomplete or Inaccurate Notification With respect to the submission of any incorrect infor - mation, the disciplinary board of the CPA may impose financial penalties of no more than 10% of the total
revenues earned by the parties to the concentration during the previous fiscal year in the event that the application contains misleading or incorrect informa - tion. With respect to any incomplete or required additional information, the Kuwait CPA will typically notify appli - cants of any required additional information. Other - wise, failure to provide a complete application may result in the Kuwait CPA issuing a denial or other cor - rective action it considers appropriate. When the Kuwait CPA requests additional information, the duration of the review process of the concentra - tion application pauses and resumes once the infor - mation is received and accepted by the Kuwait CPA. 3.7 Review Process Once an application is submitted, the chairman of the Kuwait CPA must refer it to the executive director of the Kuwait CPA within five days, plus additional time should the applicants be requested to provide further information. The executive director then has 90 days to study the application and prepare a report, which will then be submitted to the board of the Kuwait CPA. The board of the Kuwait CPA may extend this 90-day limit upon receiving a request from the executive director of the Kuwait CPA. During this phase, the executive director: • ensures that the fees paid are consistent with the requirements; • may require additional documents, information or data considered necessary for studying the appli - cation; • notifies persons the executive director considers to be affected by the approval of the economic concentration application to enable them to submit any objections or documents they may have; • publishes a summary of the economic concentra - tion application on the website of the Kuwait CPA and in the official gazette and two local daily Arabic newspapers for any potential third-party objec - tions; • holds hearings with the applicants (and others as appropriate); and
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