Kuwaiti online retailer Boutiqaat declared not guilty in a money laundering trial
Boutiqaat Acquitted in Money Laundering Case, Set to Expand
After a tumultuous eight months, Kuwaiti beauty ecommerce platform Boutiqaat has been acquitted in a money laundering case. The public prosecution dismissed the case after finding no evidence of money laundering or illicit activity.
Founded in 2015 by Abdulwahab Alessa, Boutiqaat uses influencers to sell products and manages the entire transaction, including fulfillment. The company sells over 40,000 beauty and fashion products from hundreds of international brands.
In July last year, the local authorities started an investigation into Boutiqaat's finances, freezing the company's local bank accounts. This move had a significant impact on Boutiqaat's employees and revenues, as explained by Abdulwahab Alessa in a video published in Arabic. He criticized the local authorities, stating that the entire episode is an indicator of their backwardness.
Despite the challenges, Boutiqaat always denied wrongdoing and offered to help the local authorities in their investigation. The company was in talks to raise fresh funds at a valuation of up to $1 billion when the investigation began.
The bank accounts were unfrozen in March this year, and Boutiqaat can now focus on its expansion plans. In a statement, the company said that moving forward their focus will remain on providing an exceptional experience to its customers.
Meanwhile, Zubair Naeem Paracha, a tech and startup enthusiast based in Lahore, Pakistan, has written an article titled "Kuwait's Circle raises $6 million Series A to fuel regional expansion of its quick commerce platform". The article discusses Circle, a Kuwaiti startup that has raised $6 million in Series A funding to expand its quick commerce platform across the region.
Zubair Naeem Paracha is also the founder of xA tech and the founder of Qraar, a career discovery and development platform for millennials in MENA. He can be reached on LinkedIn, Twitter, or at zubair @ our website . com.
The four leading accounting firms involved in handling Boutiqaat's financial records during the investigation are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG.
As Boutiqaat moves forward, it is clear that the company will continue to play a significant role in the beauty and fashion ecommerce market in Kuwait and beyond.
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