Was the Kuwaiti beauty brand ‘Boutiquaat’ Laundering money? - MENA startups, innovation, and tech news


Was the Kuwaiti beauty brand ‘Boutiquaat’ Laundering money?

Was the Kuwaiti beauty brand ‘Boutiquaat’ Laundering money?

Founded by Abdulwahab Alessa in 2015; Boutiqaat, a fashion and beauty e-commerce platform that sells over 40,000 fashion and beauty products through influencers from around the world, was acquitted in a money laundering case. The investigation had been taking place since March 2020, and for almost 8 months all its local bank accounts were frozen, only recently in March 2021, the bank accounts were then allowed to be used again when Boutiqaat was found not guilty of laundering money due to lack of any evidence at all.

In the whole incident, Boutiqaat fully cooperated and finally made a public statement, “We are pleased to announce that the eight-month investigation into our business opera­tions by The Kuwait Attorney General of Public Prosecution (AGPP) has cleared the company from all the allegations. Following a review of over 3 million transactions, Boutiqaat was found to be compliant with all regulatory and financial policies,” it said in a statement on Tuesday.

Abdulwahab Alessa also made a video expressing the ill effects of this 8 months long freeze that caused a lot of employees to lose their jobs and thus made them have a hard time surviving, the company also lost its investors, sponsors, and most of the revenue in clearing debts. Alessa believed that this was an intentional act to make him stand down from the local elections. Showcasing his grief Alessa added, “Every transaction in Boutiqaat is documented, serialized, and fully traceable.

The investigation reviewed all company records including audited financial statements since establishment, all of which have been previously audit­ed by one of the four leading accounting firms. It also examined all dealings with local and international suppliers, contracts with social media influencers, and import and export documents. Moreover, it reviewed all the company’s sales records, payment meth­ods, and associated bank accounts,” added the statement.

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