------------- --------------
Friday , October 18 2019

14 troubled funds are invested by the Public Institute: report

Two losing 100 percent capital

Finance Minister Nayef Al-Hajraf

KUWAIT CITY, Jan 2: According to official figures a copy of which has been acquired by the Al-Rai daily, there are 14 troubled funds invested by the Public Institute for Social Security, reports Al-Rai daily.

According to the response of the Minister of Finance Dr Nayef Al- Hajraf to a parliamentary question, the total value of investments placed in these funds was about $ 300 million. “It is not expected to restore the full amount of invested capital (these funds), which is $294 million, while its losses is $181 million.” Al-Hajraf said in his response.

Out of the 14 funds, two were losing 100 percent of the capital, and six other funds had a loss of more than 50 percent of the invested capital, while the lowest losses in all funds accounted for about 36.6 percent of the capital.

The Manhattan Intervest Equity Fund recorded a loss of 100 per cent of the total invested amount of $37.44 million, while Strata Securities also recorded a loss of $5.4 million. The LOUPE Private Equity Fund recorded a loss of 98.6 percent of the capital of an investment of over $8 million, with a total loss of $7.9 million. On the other hand, the rate of loss of capital invested in the US Global Real Estate Fund was 81.8 percent, with a value of 4.9 million dollars out of the 6.1 million of the entire investment, while the loss in the International Real Estate Fund was about 72.3 percent, $40.2 million out of $55.7 million.

The loss on investment in the alternative assets fund SCIENS was 69.5 per cent, namely $5.2 million out of a total of 7.5 million was investment in the Fund. The loss of Silver Peg Legacy was 59.5 per cent, namely $two million out of 3.36 million. The loss from investment in the Special World View Fund was 44.8 percent, with a total value of $27 million out of 60.4 million. The total tosses of the investment in the fund Wafra Select Capital was recorded at 44.8 percent, namely $13.3 million out of total value ($29.7 million).

For its part, the loss of the Concord Tulip Investment Fund Limited was 42 percent of the invested capital namely $12.6 million out of an invested capital of $30 million. The loss in UFG Real Estate Fund was recorded at $ 3.8 million out of $9 million. The loss of the LG India Plus fund was 38.8 percent of the invested capital of $15 million, with a loss of about 5.8 million. The loss of the Fund at WB Global Select was 36.6 percent, with a loss of $5.1 million out of 13.9 million. The investment entry dates for these funds varied between April 2003 and December 2015.

Check Also

‘Kuwait has succeeded in luring foreign investment’

Minister of Commerce and Industry and the Minister of State for Services, Khaled Al-Roudhan KUWAIT …

Translate »