Assembly oversight key – MP issues queries

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KUWAIT CITY, March 17: MP Riyad Al-Adasani has stressed the importance of the supervisory role of the National Assembly in achieving political stability and ensuring a bright future for the nation. He said the supervisory role of the Assembly covers parliamentary questions, commissions of inquiry, grilling requests and tasks of the State Audit Bureau (SAB). He revealed the Budget and Final Accounts Committee has requested for formation of a team from the bureau to investigate the State’s investments.

He bombarded ministers with questions about public funds, internal and external investments, State-owned companies or those in which the State has shares.

Once again, he voiced objection to anything deemed harmful to the livelihood of citizens such as price hikes and non-compliance with budget rules. He pointed out Kuwait’s rank in the Corruption Perceptions Index declined from 75th to 85th internationally from 2003 to 2018; asserting this is the worst indicator, not to mention the country’s decline in many other global indices.

He went on to say that HH the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah on Feb 12, 2015 declared war on corruption in institutions, ministries and departments. He claimed that transactions are not processed without bribes. He forwarded questions to Minister of Finance Nayef Falah Al-Hajraf about the investments of Kuwait Investment Company (KIC) in which the State contributes 76.2 percent, as well as the losses incurred by Kuwait Airways Corporation (KAC).

He explained KIC was established in 1961 and it engages in various investment activities locally and internationally such as securities, real estate, bonds, deposits, financial institutions, foreign exchange contracts, and portfolio management. He disclosed that as of Dec 31, 2016; the public treasury contributes 76.2 percent of the company’s capital of KD 55.125 million.

He added the decrease in actual revenues reached KD 711,000 or 6.3 percent of the estimated revenues for the fiscal year that ended on Dec 31, 2016 while the increase in actual expenses reached KD 1,000. He said SAB’s reports showed that the company continued to manage five local and international funds which contribute more than 84 percent of the capital at a total cost of KD 26,774 as of Sept 30, 2016. He asked the minister to provide him with the names of these funds, their financial statements, their returns, reasons behind the increase in contribution rate of the company, and the low rate of contribution from other investors which resulted in lower revenues.

On Kuwait National Real Estate Services Company and its subsidiaries, Al-Adsani asked the minister to submit a copy of the feasibility study on the restructuring process for the company to enter the real estate investment sector. He also wants a copy of the decision taken in an extraordinary General Assembly meeting to increase the company’s capital, all attachments and papers, and details pertaining to the subscription. He inquired about the reasons for increasing the company’s capital through private subscription instead of public, subscription conditions, names of lawmakers who participated in the subscription if any, date of subscription, amount of shares, copies of payment and supporting documents, and method of subscription. On KAC, Al-Adsani said the corporation incurred losses estimated at KD 328,000 in 2016. He pointed out the corporation responded that the losses were incurred by its subsidiaries, while the losses of its investments

By Abubakar A. Ibrahim Arab Times Staff

This news has been read 7048 times!