Kuwait’s sovereign wealth fund has begun the process of legal scrutiny by opening an investigation into its London unit. This action is a result of worries about possible irregularities in the fund’s financial dealings and investments made by the London-based subsidiary. The Kuwaiti public prosecutor is currently involved in the investigation of the London unit’s operations.
The finance minister of Kuwait sent the London branch of the country’s sovereign wealth fund to the public prosecutor because of “violations” that were allegedly found.
The ministry said in a statement on the social media site X (formerly known as Twitter) that the move came after the first investigation by an internal committee into what happened between 2018 and 2022.
The alleged offenses involved “illegal entry, disclosure of confidential information, and destruction of information related to the (Kuwait Investment) Authority, in addition to many other violations,” it stated.
Fahd Al-Jarallah, who is the Finance Minister, is in charge of the Kuwait Investment Authority (KIA) wealth fund.
Read More: KC-135s Touch Down in Saudi Arabia, New Era for Aerial Refueling!
A document seen by Reuters on October 8 says that Kuwait’s former finance minister set up a committee in February to look into what he called “irregularities” at the KIA. These include how it manages the Future Generations Fund (FGF), which is a savings account for when Kuwait’s oil runs out, and the General Reserve Fund (GRF), which is the state treasury.
The KIA did not respond right away to a request for comment.
The Parliament, which is mostly made up of opposition members, and the government of Sheikh Ahmed Al-Nawaf often disagree about how KIA works.
According to a document seen , the KIA said on October 1 that the investigation committee had not finished its final report and had not “recommended suspending any employee or taking any punitive action.” This document includes official communications between the finance ministry, the KIA, and parliament.
One of the things being looked into is why a former CEO of KIA was made a board member of a foreign company and “the harm to public funds as a result.”
It also said that the accusations included “irregularities” in the way three employees from the fund’s London office were fired.
The investigation’s conclusion will be keenly watched by the financial community since it highlights how crucial it is to preserve accountability and trust in big financial institutions and their operations. It serves as a reminder that strict oversight and scrutiny are applied to all players in the financial industry, even the biggest ones.
Trends1 week ago
Uncategorized1 week ago
Business1 week ago
News1 week ago