KUWAIT: Kuwait’s public prosecution has concluded an investigation into local e-commerce site Boutiqaat and dismissed the case ‘without prejudice’ after finding no evidence of money laundering or other illicit activity.

Boutiqaat’s funds were frozen in July 2020 when the government began investigating it following allegations of money laundering. But the firm always denied any wrongdoing and Kuwait’s Attorney General Dirar Al-Asousi decided in March 2021 to unfreeze the funds and financial accounts of Boutiqaat with all local banks.

The popular ecommerce site is one of Kuwait’s most notable online success stories and was looking at a valuation of between $700 million and $1 billion last summer, prior to the investigation.