KUWAIT: Lawmakers scrutinizing the country’s sovereign wealth fund departed to Britain yesterday to check the activities of its London bureau, the National Assembly said in a statement on the state news agency. The MPs travelled to London to “investigate happenings” at the fund’s London office and will stay there till August, the National Assembly was quoted as saying. The fund, which has usually operated in great secrecy, did not respond to a request for comment yesterday. The head of the financial committee, Faisal Al-Shaya, told Reuters on July 13 that MPs on a special committee looking at the fund would travel after Eid Al-Fitr after Ramadan.
They plan to check how investments are being made and whether enough official oversight exists. He declined then to elaborate on progress in the investigation into potential cases of wrongdoing at KIA, such as selling property at the wrong price or making bad investments. The KIA, which invests Kuwait’s oil wealth, is one of the world’s biggest sovereign funds and is believed to manage about $592 billion, according to the US-based Sovereign Wealth Fund Institute, which tracks the sector. — Reuters