|01 April, 2019

Gulf Bank denies being victim of hacking or tampering

The bank has experienced a technical imbalance in its international remittance system without prejudice to any of the customers’ accounts: banking sources

Image used for illustrative purposes.

Image used for illustrative purposes.

REUTERS/John Adkisson

KUWAIT CITY: The Gulf Bank has denied being a victim of ‘embezzlement’ as has been published by the media, reports Al- Seyassah daily.

The daily quoting banking sources said, the bank has experienced a technical imbalance in its international remittance system without prejudice to any of the customers’ accounts.

The bank said in a statement on the official website of the stock exchange market Sunday the current review process showed that this technical imbalance may result in a possible loss for the bank that does not exceed 2.8 million dinars.

In the statement, the Bank assured all stakeholders that the amount of the loss referred to does not exceed 0.4 percent of the shareholders’ equity and explained that the Bank has taken all necessary measures to mitigate this potential loss in coordination with the concerned bodies inside and outside Kuwait.

The bank also confirmed its commitment to provide necessary disclosures in the event of any significant developments in this regard.

In a separate statement, the bank said Waleed Issa Al-Hassawi, general manager of the bank’s IT department, had been terminated.

© 2019 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commercial