PAI calls to assess number of local firms’ performance KAC’s new administration keen on reducing losses

KUWAIT CITY, Jan 22: Public Authority for Investment (PAI) has instructed several consulting authorities to assess the performance of a number of local companies in which it owns shares in order to disengage from them and privatize them particularly Kuwait Investment Company and Kuwait Driving Learning Company, reports Al-Jaridah daily quoting reliable sources.

They said PAI has allotted conditions for those interested in owning shares of these companies, including presentation of bank guarantees before entering into negotiations with PAI to buy the shares.
Meanwhile, Kuwait Airways Corporation (KAC) affirmed that the new administration is keen on reducing the losses specified by the State Audit Bureau over the past few years in order to stop depletion of the public fund.

They revealed that the new administration has implemented a number of substantial procedures, which will help KAC in gaining a prominent status as the national airlines in order to meet the desires of HH the Amir to convert Kuwait into a financial and commercial hub of the region.

In the meantime, Kuwait Airways Corporation (KAC) on Sunday discussed with Iraqi Airways the special law on settling financial differences between the two parties, reports Al-Seyassah daily quoting Rapporteur of the Foreign Affairs Committee in the Parliament MP Tahir Al-Failakawi.

In a recent press statement, Al-Failakawi clarified some points related to the intention of the committee to hold a meeting to complete the discussion on the issue. He disclosed there have been some changes, such as the proposal to require the Iraqi side to deposit 300 millions dollars into an undisclosed bank in exchange for the Kuwaiti party’s withdrawal of all cases filed against the former. He said KAC will receive the money only after the cancellation of the lawsuits, affirming the money is in a safe place.

Meanwhile, MP Khalil Al-Saleh revealed the privatization of KAC will happen only if the government and the National Assembly agree on the proposed amendments.

On the other hand, MP Mashari Al-Husseini claimed Audit Bureau’s report on the financial status of KAC is a scandal as it revealed the financial deficits of the corporation, asserting such an act should not be neglected.

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