1

1

E-mail Article

Printer Friendly

Share Article

Kuwaiti MPs demand CBK, KIA probe

Kuwaiti parliament members on Tuesday accused officials of Central Bank of Kuwait (CBK) and Kuwait Investment Authority (KIA) of making illegal personal gains from their public decisions.

Furious MPs passed a recommendation calling for an investigation into allegations that some CBK officials misused their relationships with local banks to obtain loans to build malls, the Kuwait Times reported.
MPs claimed there was a “conflict of interest” between some CBK officials and certain banks in the country.

CBK governor Sheikh Salem Abdulaziz Al-Sabah said the central bank had been taking action against banks caught engaging in illegal practices.

Al-Sabah cited figures that since mid-2004 the CBK has collected around KD2.3 million ($7.98 million) in fines from offending banks.

MPs also charged that a relative of KIA director Bader Al-Saad allegedly benefited through a KIA-held fund, criticising the authority’s investment policies.

Al-Saad denied the accusations.

The political storm follows hot on the heals of the scandal surrounding the conduct of Kuwait’s Oil Minister Sheikh Ali Al-Jarrah Al-Sabah, who MPs have accused of financial and administrative wrongdoings.

Earlier this week the country’s Council of Ministers gave the oil minister its total backing, despite calls from numerous MPs for him to quit.

No Comments