#Kuwait refers sovereign wealth fund's London unit to public prosecutor | Reuters

Kuwait refers sovereign wealth fund's London unit to public prosecutor | Reuters

Kuwait's Finance Minister Fahd Al-Jarallah has referred the Kuwait Investment Office (KIO), the London branch of Kuwait's sovereign wealth fund, to the public prosecutor over alleged "violations", the finance ministry said.

The referral to Kuwait's public prosecution followed an internal investigation committee report on "observations and violations" between 2018 and 2022, the statement posted on social media platform X, formerly known as Twitter, said.

The alleged KIO violations included "illegal entry, disclosure of confidential information, and destruction of information related to the (Kuwait Investment) Authority, in addition to many other violations," the statement added.

Kuwait Investment Authority (KIA) is the KIO's parent.

Kuwait's former finance minister formed a committee in February to investigate alleged "irregularities" at the KIA, including its management of the Future Generation Fund (FGF), a nest egg for when Kuwait's oil runs out, and the General Reserve Fund (GRF), which functions as the state treasury, according to a document seen by Reuters.

The KIA did not immediately respond to a request for comment.