06 July 2009
KUWAIT -- Finance Minister Mustafa Al-Shimali denied on Monday local reports of him giving guidance to Kuwait Investment Authority (KIA) regarding the halt of all studies and plans presented by investment companies which included proposed plans to save those companies.
The minister told KUNA that he did not give any such orders to KIA, particularly since their strategic plan calls for utilizing and analyzing investment opportunities which would benefit public funds.
The minister strongly denied as well that KIA has guidance and support to certain companies, noting that KIA's guidance is toward attracting as much as possible investment opportunities based on well reviewed financial status.
The minister added that investment ideas which were presented by various investment companies will remain just ideas unless KIA was not convinced of its financial value.
The minister noted that KIA is a public and independent entity that works based on setup system and specified framework which is based on careful studies to public funds.
KUWAIT -- Finance Minister Mustafa Al-Shimali denied on Monday local reports of him giving guidance to Kuwait Investment Authority (KIA) regarding the halt of all studies and plans presented by investment companies which included proposed plans to save those companies.
The minister told KUNA that he did not give any such orders to KIA, particularly since their strategic plan calls for utilizing and analyzing investment opportunities which would benefit public funds.
The minister strongly denied as well that KIA has guidance and support to certain companies, noting that KIA's guidance is toward attracting as much as possible investment opportunities based on well reviewed financial status.
The minister added that investment ideas which were presented by various investment companies will remain just ideas unless KIA was not convinced of its financial value.
The minister noted that KIA is a public and independent entity that works based on setup system and specified framework which is based on careful studies to public funds.
By Jamal Yali
© KUNA (Kuwait News Agency) 2009
