Kuwait MP slams pension fund over risky investments

2019-06-11 11:01:27

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, June 11 (KUNA) -- A Kuwaiti lawmaker on Tuesday lashed out at the country's pension fund for taking "overly risky" investments, saying it could incur huge financial losses as a result of the gamble.
The Public Institution for Social Security (PIFSS) had claimed financial benefits of up to 80 percent, MP Dr. Bader Al-Mulla said amid a parliament session in which Finance Minister Dr. Nayef Al-Hajraf was grilled by lawmakers over alleged misconduct.
The practice "goes against proper Islamic decorum," the lawmaker explained, taking PIFSS to task for "failing to deliver" proper healthcare benefits for retired employees.
He spoke of widespread financial irregularities that may end up costing the country staggering investment losses of up to USD 586 million, accusing the country's investment fund of misplanning such ventures. (end)
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