MP Riyadh Al-Adasani

KUWAIT: MP Riyadh Al-Adasani said the National Assembly budgets committee yesterday discussed launching an investigation into suspected violations in a $200 million investment fund. Adasani said the public prosecution is investigating the case, but the committee is discussing the possibility of asking the Audit Bureau to investigate the issue. Part of the fund is shared by the state-owned Public Institution for Social Security, whose funds are under scrutiny by the Assembly, especially after courts convicted its former chief of fraud and embezzlement. Adasani said the social security body has around KD 30 billion in investments and is investing around 30 percent of it - or KD 8 billion - in the domestic market, and the rest abroad.

On the row over proposals for early retirement, the lawmaker said the government is trying to show the negative aspect of the proposal and is ignoring some positive factors related to the issue. He said the social security institution is financing its obligations through investing its funds and any shortage is met by the government. MPs are insisting to allow Kuwaiti employees to seek early retirement while still enjoying full financial benefits, but the government says that such employees would have to give up part of their retirement benefits.

Meanwhile, the head of the Assembly committee for creating jobs for Kuwaitis and replacing expatriates Khalil Al-Saleh said yesterday his panel will complain to the Assembly because the government is refusing to answer its questions. Saleh said the committee sent several questions to the government requesting statistics about jobs for Kuwaitis, but the government "totally ignored the questions".

The lawmaker warned that if the government continues to ignore the questions, an official complaint will be sent to the speaker so the issue can be debated in an Assembly session. He added that the committee has asked authorities about why Kuwaitis shun private sector jobs in favor of the public sector.

By B Izzak