24 July 2010
KUWAIT: The Kuwait Investment Authority (KIA) has reportedly prepared a report in response to parliamentary allegations by MP Musallam Al-Barrak that some of its officials had been involved in insider trading. A KIA insider said that the report has now been completed, adding that Finance Minister Mustafa Al-Shamali will present it to the cabinet when His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah returns to Kuwait.
The insider said that the report includes detailed answers to the points raised by the MP and refutes the accusations made against the KIA. The official said that the KIA's staff are upset as these accusations are made every year whenever its budget is discussed in parliament. KIA staff believe that these allegations are only made for political gains, and must be strongly refuted, so that they are not repeated.
The insider said that a number of senior KIA officials wish to take legal action against MP Barrak due to his frequent repetition of these inaccurate accusations outside parliament, adding that he can be taken to court when his parliamentary immunity is lifted. On a separate issue, economic expert Hajjaj Bu Khaddour has warned that the Public Institution For Social Security (PIFSS) may suffer a cyclical deficit that could reach KD 11 billion by the year 2011, which threatens to drive it into bankruptcy by 2020. Bu Khaddour blamed this on the PIFSS straying from the guiding principles laid down at its establishment.
Mutlaq Al-Obaisan, the head of the Kuwait Observatory to Instill Democracy, suggested that this possible crisis could be averted by raising the current retirement age, saying that the present retirement age means that 30 years of citizens' potential productive working lives are not utilized.
Another expert, Dr. Nasser Al-Masri, suggested that the PIFSS' current system should be changed to allow expatriate workers to participate in the country's social security system, adding that those who work in Kuwait deserve this. At present, he said, a number of expatriates serve the country for 30 to 40 years then become ill due to pollution in their workplaces and die. Al-Masri criticized the PIFSS, calling for more transparency and openness about its real situation, as well as warning that Kuwait's oil supply is expected to run out in approximately 25 years, based on current daily production levels and the declared reserves.
KUWAIT: The Kuwait Investment Authority (KIA) has reportedly prepared a report in response to parliamentary allegations by MP Musallam Al-Barrak that some of its officials had been involved in insider trading. A KIA insider said that the report has now been completed, adding that Finance Minister Mustafa Al-Shamali will present it to the cabinet when His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah returns to Kuwait.
The insider said that the report includes detailed answers to the points raised by the MP and refutes the accusations made against the KIA. The official said that the KIA's staff are upset as these accusations are made every year whenever its budget is discussed in parliament. KIA staff believe that these allegations are only made for political gains, and must be strongly refuted, so that they are not repeated.
The insider said that a number of senior KIA officials wish to take legal action against MP Barrak due to his frequent repetition of these inaccurate accusations outside parliament, adding that he can be taken to court when his parliamentary immunity is lifted. On a separate issue, economic expert Hajjaj Bu Khaddour has warned that the Public Institution For Social Security (PIFSS) may suffer a cyclical deficit that could reach KD 11 billion by the year 2011, which threatens to drive it into bankruptcy by 2020. Bu Khaddour blamed this on the PIFSS straying from the guiding principles laid down at its establishment.
Mutlaq Al-Obaisan, the head of the Kuwait Observatory to Instill Democracy, suggested that this possible crisis could be averted by raising the current retirement age, saying that the present retirement age means that 30 years of citizens' potential productive working lives are not utilized.
Another expert, Dr. Nasser Al-Masri, suggested that the PIFSS' current system should be changed to allow expatriate workers to participate in the country's social security system, adding that those who work in Kuwait deserve this. At present, he said, a number of expatriates serve the country for 30 to 40 years then become ill due to pollution in their workplaces and die. Al-Masri criticized the PIFSS, calling for more transparency and openness about its real situation, as well as warning that Kuwait's oil supply is expected to run out in approximately 25 years, based on current daily production levels and the declared reserves.
By A. Saleh
© Kuwait Times 2010
