The Public Prosecution retrieved approximately KD 5 million of Kuwaiti funds from Fahad Al-Raja’an, former Director-General of the Public Institution for Social Security (PIFSS), via the sale of his shares in 32 listed and unlisted firms.
Informed sources indicated that the process of selling the shares began the day before Friday when all the listed shares were sold at the traded market value, and a majority of the unlisted shares were sold through the auction.
Criminal Court has sentenced Al-Raja’an and his wife to life imprisonment in absentia and ruled that they must jointly return $82.2 million to the State Treasury and fined him double the amount ($164.4 million), while his wife was fined $147.6 million.
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