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Monday , December 5 2022

Lawyer sues finance minister for corruption – Shares sold illegally

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KUWAIT CITY, May 3: Attorney Adnan Al-Shatti, in his capacity as a citizen, has submitted a petition to the Prosecutor General against Minister of Finance and Board Chairman of Public Investment Authority (PIA) Anas Al-Saleh and Executive Director of PIA Bader Al-Sa’ad.

Accusing Al-Saleh and Al-Sa’ad of paving way for people to own public funds, he lamented that Al-Sa’ad deliberately used his position to prevent PIA from investing in public subscription that Kuwait Investment Company offered to its shareholders in the process of increasing the capital base and admitting new shareholders.

The National Industries Company, represented by one of the brothers of Al-Sa’ad, bought a huge share during the subscription process while his other sibling bought a number of personal shares. He indicated that the action has put credence to the statements issued by Head of Parliament’s Public Funds Protection Committee MP Abdullah Al-Turaiji, explaining that Al-Turaiji had previously accused Al-Sa’ad of selling shares of Kuwait National Real Estate Investment and Services Company to the National Industries Company where one of his siblings is the board chairman.

Such an action cost the Treasury over KD40 million worth of profit. Attorney Al-Shatti went on to explain that Al-Sa’ad enabled Keifan Real Estate Company, which belongs to him and his siblings, to buy a land property from the Real Estate Opportunities Fund for KD 4.2 million and then resold it within a year to the Kuwait National Real Estate Investment and Services Company for KD 6.250 million, thereby making profit worth KD 2.050 million in that deal.

He asserted that Al-Sa’ad should be held accountable for his actions based on Law No 1/1993, concerning protection of the public fund, adding that the minister should be held responsible for the actions of Al-Sa’ad since he is under his watch.

By Jaber Al-Hamoud Al-Seyassah Staff

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