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Kuwait sovereign fund emphatically denies rumors

KUWAIT CITY, April 11, (KUNA): The Public Investment Authority on Saturday categorically denied online allegations about some embezzlements at the PIA office in London. The PIA said in a statement that the authority is subject to scrutiny by the Audit Bureau which looks into its annual performance data and all its financial transactions, affirming that there has been no suspicious embezzlements in its dealings.

All PIA’s investment decisions are made on the basis of a long process and according to a specific strategy, the statement said, affirming that it manages financial assets of the State of Kuwait on behalf of the Kuwaiti people and the coming generations. “Promoting such rumors tarnish image of its investments and the authority status as one of the pioneering sovereign funds in the globe,” the PIA said in the statement. The authority has warned that it reserves its legal right to bring into account culprits of these rumors

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