KD 5 million recovered from Al-Raja’an

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KUWAIT CITY, Nov 14: The Public Prosecution has recovered about KD 5 million of Kuwaiti funds, from the former director-general of the Public Institution for Social Security (PIFSS) Fahad Al-Raja’an, through auction of his shares in 32 listed and unlisted companies, reports Al-Qabas daily.

Informed sources indicated that the process of selling the shares began the day before Friday, when all the listed shares were sold at the traded market value, and a majority of the unlisted shares were sold through the auction.

It is noteworthy to mention the Criminal Court has sentenced Al-Raja’an and his wife to life imprisonment in absentia and ruled that they must jointly return $82.2 million to the State Treasury and fined him double the amount ($164.4 million), while his wife was fined $147.6 million.

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