(MENAFN - Arab Times) 'Large amount of money legally seized, following distortion drive'
KUWAIT CITY, June 12: The Central Bank of Kuwait (CBK) has issued a circular for banks operating in accordance with Islamic Shari'a, requesting them to provide direct investment data on a quarterly basis in a collective manner (bank and subsidiary companies), reports Al-Rai daily. The Central Bank provided the banks with forms designed for this purpose, the most prominent of which were the data of direct real estate investment activities, direct investment, commercial investment and other direct investment activities, as well as the data of the group of direct investment activities and capital in its comprehensive sense.
The data required from Islamic banks also include the percentage of total commercial investment activities, capital in its comprehensive sense, and the proportion of total other activities of direct investment and capital in its comprehensive sense, as well as the proportion of the group of direct investment activities and capital in its comprehensive sense.
Banks operating in accordance with Islamic law shall periodically provide the Central Bank with a detailed statement of the assets of the direct investment property, as well as a detailed statement of the assets of the direct commercial investments and the bank's investments in the capital of the subsidiaries and associates that carry out the activity.
Meanwhile, Director of Investment Department in the Ports Fund affiliated to Kuwait Gulf Logistics (KGL) Company and Executive Chairman of KGL Company in Asia Mark Williams says a large amount of money have been illegally seized, following a distortion campaign, which prevented the distribution of $340 million to the investors in the fund including Kuwait Ports Authority and Public Institution for Social Security, reports Al-Seyassah daily.
In an interview with CNBC Arabic, Williams explained that the Ports Fund is a private investment fund established in 2007 at the Kimen Islands by Kuwaiti shareholding company KGL Company for Investment. Investors in the fund include Kuwait Ports Authority, Public Institution for Social Security and other institutions and individuals. About seven months ago, the fund announced that the revenues have been doubled.
The money was collected from selling some investments in the Philippines and it was added to the fund's accounts in Nour Bank in Dubai. He revealed that the fund struggled for months to obtain the money owned by the investors via legal methods but they were disappointed by some individuals who had their personal agendas.
Williams stressed that comparing the performance of the fund with those established in the same year (2007), the other funds suffered a reduction in their capitals due to deliberate economic crisis, but the Ports Fund managed to increase its capital and make enormous revenues. He said the fund in 2016 managed to pay $30 million to the investors including Kuwait Ports Authority and Public Institution for Social Security in cash but this fact was not included in the report that accuses the fund of manipulating the investors' money.
Williams affirmed his trust in the Kuwaiti judiciary, revealing that one of the directors of the fund, at the time the report was issued in April 2017, was on a business trip in Europe but she decided to come back to Kuwait to follow up the accusations under the firm belief that the accusations are fake and with trust in the Kuwaiti judiciary.