Officials Quit $137 Billion Pension Fund in Kuwait Shakeup

A broad shakeup of state institutions deepened in Kuwait after top officials in the Gulf state’s pension fund were asked to resign.

Director General Meshal Al-Othman and three of his deputies, including Raed Al-Nisf, were asked to quit Kuwait’s Public Institution for Social Security (PIFSS). The officials had spent years revamping the roughly $137 billion fund, which owns a quarter of US private equity firm Stone Point Capital LLC.

The shift comes ahead of parliamentary elections in the OPEC member state on Thursday. The officials resigned from the fund under pressure from Kuwait’s powerful political opposition, one person familiar with the changes said.

Opposition politicians have been calling for the government to remove any officials from state bodies deemed to be associated with the era under the former leadership, regardless of performance.

Kuwait Overhauls State Boards After Government Vows Shake Up

Ahmad Hamad Al-Thunayan, an official at the fund, was appointed as interim director general, according to an official document seen by Bloomberg. Representatives at the finance ministry and the PIFSS didn’t immediately respond to requests for comment.

This week’s elections come after ruler Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, called for the dissolution of parliament via a speech made by his crown prince. The crown prince said the aim was to break a political deadlock that paralyzed policymaking.

Years of squabbling between elected lawmakers and a government appointed by the ruling Al-Sabah family have repeatedly set back fiscal reforms and development.

Read More @Yahoo

213 views