According to “Bloomberg” agency senior officials who were instrumental in rebuilding the Public Institution for Social Security in Kuwait have tendered their resignations.
A local Arabic daily quoting Bloomberg said these officials who requested to be relieved of their positions include foundation’s Director General, Mishaal Al-Othman and three of his deputies, including Raed Al-Nisf.
The institution, which has assets of $137 billion and owns a quarter of the American private equity firm Stone Point Capital, has seen its assets grow by 20.9% in the last fiscal year.
Bloomberg added, quoting sources, that the officials resigned “under pressure from the political opposition in Kuwait, which is putting pressure on the government, to remove any official from state institution believed to be linked to the “previous stage”, regardless of performance or merit.”
The agency indicated that the performance of the Insurance Institution was so good that under the directives of His Highness the Crown Prince Sheikh Mishaal Al-Ahmad Al-Sabah, the previous National Assembly approved a law to distribute one-time special dividends of 3,000 dinars to each Kuwaiti retiree earlier this year.
In 2017, a new management team for the foundation, including officials who had resigned, was appointed to reform it after its former director had been convicted of decades of personal profiteering.
The General Organization for Social Insurance also owns 25% of Oak Hill Advisors for alternative investments and 10% of TowerBrook Capital Partners for investment management services.