KUWAIT Law and Practice Contributed by: Alex Saleh, Asad Ahmad, Khaled Al Makhezeem and Liana Rashid, GLA & Company
and its structure; (xvii) alternative products; and (xviii) the concentration value in Kuwaiti dinars, provided that it includes the purchase rate and the value of all relevant assets. (i) all persons who have a decisive influ - ence 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 (ii) all persons dealing in any affected market where participants in the concentration operation or any other person, enjoy a decisive influence on that market, directly or indirectly, the nature and methods of the influence will be described. The Kuwait CPA will typically notify the appli - cants of additional information required. Other - wise, failure to provide a complete application may result in the Kuwait CPA issuing a denial or other corrective action it considers appropriate. When the Kuwait CPA requests additional infor - mation, the duration of the review process of the concentration application pauses and resumes once the information is received and is accepted by the Kuwait CPA. 3.7 Penalties/Consequences of Inaccurate or Misleading Information (c) Ownership and decisive influence: 3.6 Penalties/Consequences of Incomplete Notification The disciplinary board may impose financial penalties of no more than 10% of the total rev - enues earned by the parties to the concentration during the previous fiscal year in the event that
the application contains misleading or incorrect information. 3.8 Review Process Once an application is submitted, the chairman of the Kuwait CPA must refer the application to the executive director of the Kuwait CPA within five days, plus any additional time if additional information is requested from the applicants. 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 if they receive 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, informa - tion or data considered necessary for study - ing the application; • notifies persons the executive director con - siders 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 con - centration application on the website of the Kuwait CPA and in the official gazette and two local daily Arabic newspapers for any potential third-party objections; • holds hearings with the applicants (and others as appropriate); and • seeks the help of any expert and local or international companies that are specialised in examining the application or obtains any information from third parties as appropriate. In the event of an objection from a third party, the time to consider and decide on this does
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