Kuwait Wealth Fund Says UK Head Termination, Issue Being Probed - Bloomberg
The controversial removal last month of the head of the London office of Kuwait’s sovereign wealth fund is being investigated, the Kuwait Investment Authority said on Sunday.
Saleh Al-Ateeqi, who was hired in 2018 to modernize the UK branch known as the Kuwait Investment Office, was abruptly removed in July. That triggered heated local debate, mostly on social media, with some attributing his removal to local Kuwaiti politics rather than professional merit. Others have described it as a mismanaged HR issue that’s been politicized.
“The termination of the contract of the head of the KIO has its reasons and justifications that the KIA keeps to itself,” the authority said, in its first public comment on the matter. “Also, the whole issue is before special investigation committees, and before the public prosecution.”
The KIA, which manages the OPEC member’s $700 billion Future Generations Fund, rarely comments publicly on matters related to its investments or policies. A secretive organization once guarded from politics, it was last year caught in the crosshairs of a power struggle when political differences spilled over into disagreement over the make-up of the current board.
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