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Sunday , November 18 2018

Kuwait Investment Authority fails to ‘recoup’ almost $706 million in investments

KUWAIT CITY, March 28: Kuwait Investment Authority (KIA) has failed to recoup almost $706 million because many companies in which it invested were declared bankrupt during the 2016/2017 fiscal year, reports Al-Shahed daily. According to a source, it has been difficult for the authority to recoup $468.1 million, which was the total amount of stake in companies that applied to be included in the chapters 7 and 11 of the bankruptcy procedures.

The Alternative Investments Sector of Kuwait Investment Authority could not receive the money invested in some of the bankrupt companies. It collected about $238 million of its shares on March 31, 2017. He indicated that the authority was overwhelmed by the losses, which from this angle reached $14.4 million. Regarding the investments of the public reserves in private investments, the source affirmed that many of the companies ended up with huge losses from the investments.

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