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KD 5 million recovered from Al-Raja’an

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.

Fahd Al-Raja’an, the former director of the Public Institution for Social Security a precondition for his extradition to Kuwait.

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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