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Kuwait Investment Authority (KIA) lost £108 million in European real estate
April 4, 2015, 8:21 am

Parliament’s Public Funds Protection Committee has reported huge financial losses worth £108 million by Kuwait Investment Authority (KIA) due to selling of a number of real estates in several European countries, reports a local daily. The committee also opposed the government’s intention to sell a number of profitable companies such as Agricultural Products Company. During the committee meeting, the discussions revolved around the report issued by San Martin as per which £43 million was lost due to selling of a number of real estates in London, £27 million loss in Holland, £35 million loss in Germany and £3 million loss in Belgium.

Chairperson of the committee MP Dr Abdullah Al-Turaiji said the response of the chairperson of KIA was unconvincing due to which the committee decided to wait for the Minister of Finance to return so that another meeting can be held to decide on the procedures to be taken for handling the report on these huge losses. He revealed that the committee discussed about selling some companies owned by the government especially those that produce huge revenues and have a large number of Kuwaiti employees.

MP Dr Al-Turaiji affirmed that the committee was not convinced by the justifications provided by the chairperson of KIA due to which it sent a letter to the National Assembly through which it recommended assigning the State Audit Bureau to conduct an economic feasibility study regarding the issue of selling these companies and its impact on the employees. He said the committee also discussed the intention of KIA to sell some profitable companies such as Agricultural Products Company for KD 8.5 million, stressing that such a deal is unacceptable. He affirmed that the committee will work on preventing the occurrence of such issues in the future.

Meanwhile, MP Faisal Al- Kandari has expressed appreciation to Sheikh Ahmad Al- Fahd for admitting in a televised interview that he owns the documents which the Erada Square goers alleged to be proof of corruption as the act revealed the truth that he is their sponsor, reports Al-Rai daily.

Al-Kandari also thanked Sheikh Ahmad Al-Fahd for apologizing to Kuwaiti nation for the mess he caused in the society. He then confirmed the Parliament will complete its term, although the public fund thieves have been fighting against it from the beginning. He further hailed the good management of Parliament Speaker Marzouq Al-Ghanim over the legislative sessions by using the language of dialogue. He asserted the campaign to distort image of the Parliament failed to achieve its objectives.

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