Kuwait Sovereign Fund Emphatically Denies Rumors
Category: Kuwait

The Public Investment Authority (PIA) 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 have 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 the 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 the culprits of these rumors.



11 Apr, 2021 478
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