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Friday , January 22 2021

MP questions minister on merger of KFH-Ahli United

‘Encourage competent citizens to work in oil sector’

KUWAIT CITY, Oct 4: MP Waleed Al-Tabtabaei has forwarded questions to Finance Minister Anas Al-Saleh about the merger of Kuwait Finance House (KFH) and Ahli United Bank (AUB). He wants to know if the merger request was submitted to the Central Bank of Kuwait (CBK) or Capital Markets Authority (CMA). He requested for a copy of the request if the answer is ‘yes’; but if the answer is ‘no’, he asked about the procedures followed in such cases. He inquired as well if trading in the shares of both banks was suspended, reasons and duration of suspension if the answer is in the affirmative. He also asked if Kuwait Investment Authority (KIA) appointed a consultant to study the merger. He requested for a copy of the contract, duration, value and technical reasons if the answer is ‘yes’.

He demanded for other details such as the value of the shares of government agencies before and after the merger, if the government agencies received a request to buy their shares, copy of the decision of CBK and CMA approving the merger if any, conditions set by these two institutions regarding the merger and if the merger requires approval of the General Assembly of both banks. Meanwhile, MP Mohammed Al- Huwailah has stressed the need to encourage competent citizens to work in the oil sector, considering it is the main artery of the economy.

He pointed out that the nation’s wealth should be entrusted in the hands of citizens; hence, the importance of motivating them to work in this vital sector. He called for stronger coordination between the oil sector, Ministry of Higher Education, Kuwait University (KU) and Public Authority for Applied Education and Training (PAAET) to develop graduate programs in fields needed by the oil sector. He also emphasized the need to appoint citizens in Kuwait Integrated Petroleum Industries Company (KIPIC) — a new company that requires a lot of competent employees.

On the other hand, MP Nasser Al- Dosari said Kuwaitis studying in Florida, USA have complained that Kuwait’s Cultural Office in the USA has been ignoring their concerns; indicating some students are on the verge of expulsion due to delayed disbursement of their allowances after they were evacuated as a result of the hurricane. He asserted it is unacceptable that students are under pressure because of the lack of concern of some officials who are supposed to address their needs. He urged Minister of Education and Higher Education Dr Mohammed Al- Faris to follow up this issue and order immediate payment of the students’ allowances.

In a related development, Head of the Cultural Office Aseel Al-Awadhi affirmed that the office is keen on granting compensation to all students affected by the hurricane. She said the office has contacted the authorities in charge of providing legal cover for payment of compensation and it is now waiting for the go signal to do so. She clarified that she fully understands the dilemma of the students but the office cannot do anything without a ministerial decision specifying the amount of compensation and authorizing it to make the payment.

By Abubakar A. Ibrahim Arab Times Staff

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