Kuwaiti MP calls for probe into ‘suspicious’ asset sale by sovereign wealth fund

Kuwait Investment Authority has refused to cooperate with investigation, claims MP
Kuwaiti MP calls for probe into ‘suspicious’ asset sale by sovereign wealth fund
Image for illustrative purpose only. (Getty Images)
By Staff writer
Wed 20 Jan 2016 09:19 AM

The head of Kuwait’s National Assembly’s public funds protection committee has claimed that the Kuwait Investment Authority (KIA) has refused to cooperate with its investigation into the allegedly suspicious sale of one of its assets.

The Kuwait Times reported that MP Abdullah Al Turaiji said the committee met on Monday to investigate the sale of one of KIA’s real estate assets which it believes "serves the relatives of the KIA director".

Al Turaiji said it was a series mistake by the KIA to refuse to provide the committee with details or documents related to sale under investigation. Despite the lack of cooperation from the KIA, the lawmaker said the panel has obtained its own evidence in relation to the incident.

KIA manages the Gulf state’s foreign assets, which are currently said to be worth around $600 billion.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.