The Minister of Finance and Chairman of the Board of Directors of the Kuwait Investment Authority, Abdul Wahhab Al-Rasheed, has issued a decision to form an investigation committee to look into violations that may been committed by the authority.
The committee is headed by Dr. Ahmed Ali Al-Khudair and the of the committee will be to investigate suspected violations related to the management of the Future Generations Reserve and the General Reserve; investigating suspected violations of the management of Rain House Infrastructure Company and Saint Martin Company, which are owned by the KIA, reports Al-Qabas daily.
The following are the tasks of the committee:
— Investigating suspected violations related to the management of the Future Generations Reserve and the General Reserve.
— Investigating suspected violations of the management of Rain House Infrastructure Company and Saint Martin Company, which are owned by the General Investment Authority.
— Reviewing the Authority’s procedures in dealing with the Audit Bureau’s observations.
— Investigating the observations of the State Audit Bureau in its report for the fiscal year 2019/2020 regarding the appointment of the former managing director of the Authority as a member of the board of directors of the German company Daimler, and the risks arising from the legal position towards claims for tax refunds as a result of this appointment.
— Investigating the State Audit Bureau’s observation of irregularities that included the dismissal of three employees at the Kuwait Investment Office (London) on suspicion of encroaching on public funds.
— Investigating the extent of damage to public funds as a result of the Finance House Bank’s acquisition of Bahrain’s Ahli United Bank.
— Investigating the mechanism for preparing responses to parliamentary questions and the accuracy of those responses.
— Investigating any deficiencies that may be discovered during the performance of the tasks entrusted to it.
9- Listing the incidents that violate laws, regulations, decisions, and systems, and determining who caused them and who is responsible for them, and whether those incidents occurred intentionally or negligently, and the consequent damage to public funds.
— Submitting recommendations related to the legal and administrative measures to be taken against the person responsible for any shortcomings, if any.
The decision affirmed that the KIA Chairman of the Board of Directors then determines the transportation expenses and the remunerations of the chairman, vice-chairman, members of the committee, and those appointed in accordance with the rules and regulations in force.