Panel set up to probe KIA violations

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KUWAIT CITY, Feb 14: The Minister of Finance and Chairman of the Board of Directors of the Kuwait Investment Authority, Abdul Wahhab Al-Rasheed, has issued a decision stipulating the formation of an investigation committee to look into violations related to the KIA work, reports Al-Qabas daily. The committee is headed by Dr. Ahmad Ali Al-Khudair and the task of the committee will be to investigate suspected violations related to the management of the Future Generations Fund and the General Reserve; investigating suspected violations of the management of Rain House Infrastructure Company and Saint Martin Company, which are owned by the KIA.

This is in addition to reviewing the Authority’s procedures in dealing with the Audit Bureau’s observations; investigating the observations of the State Audit Bureau in its report for the fiscal 2019/2020 regarding the appointment of the former managing director of the Authority as a member of the board of directors of the German company Daimler, and the risks arising from the legal position towards claims for tax refunds as a result of this appointment.

Moreover, the committee’s tasks include investigating the State Audit Bureau’s observation of irregularities that included the dismissal of three employees at the Kuwait Investment Office (London) on suspicion of encroaching on public funds; investigating the extent of damage to public funds as a result of the Finance House Bank’s acquisition of Bahrain’s Ahli United Bank; investigating the mechanism for preparing responses to parliamentary questions and the accuracy of those responses and investigating any deficiencies that may be discovered during the performance of the tasks entrusted to it.

The committee is also required to list the incidents that violate laws, regulations, decisions, and systems, and determining who caused them and who is responsible for them, and whether those incidents occurred intentionally or negligently, and the consequent damage to public funds and submitting recommendations related to the legal and administrative measures to be taken against the person responsible for any shortcomings, if any. The decision indicated that the committee has the right to seek the assistance of whomever it deems experienced and specialized from within or outside the “commission”, and it also has the right to review all documents and attachments related to the investigation.

The committee also has the right to move to the KIA headquarters its affiliates and the companies owned by it, whether these entities or companies are inside or outside the country to accomplish its tasks. The committee also has the right to hear the statements of witnesses and invite whomever it deems to invite from among the employees of the Authority or its affiliated bodies, in addition to its right to summon those whose services have ended by retirement or resignation, if necessary, in order to hear their point of view or provide information related to the work of the committee.

The decision specified the duration of the committee’s work as three months, but has the right to request an extension after submitting an official request to do so, provided that the committee submits, after the end of its work, a report to the Chairman of the Board of Directors, which includes the results in light of what was revealed to it and what it sees as suggestions and recommendations regarding deficiencies and determine who is responsible for it (if any). The decision affirmed that the KIA Chairman of the Board of Directors then determines the transportation expenses and the remunerations of the chairman, vice-chairman, members of the committee,

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