The Ministry of the Interior in response to the Interior and Defense Committee of the National Assembly concerning the bill to establish the ‘Criminal Evidence and Forensics Authority’ cited Article 39 of Law No 17 of 1960.
The ministry said the promulgation of the Code of Criminal Procedures and Trials stipulates the police are the administrative body responsible for security and preventing crimes. Moreover, it has other tasks such as conducting necessary investigations to detect crimes and identify suspects, and collect all relevant information.
This is in addition to forensics, laboratory tests and fingerprints and the organizational structure of the ministry which includes all departments dealing with physical evidence, and the subordination of the General Directorate of Criminal Evidence.
Therefore, the fragmentation and dismantling of this interdependence would lead to the violation of security and technical regulations and negatively affect the public interest. Meanwhile, Minister of Finance Nayef Al-Hajraf disclosed the investments made by the Kuwait Investment Authority are presented and discussed with the regulatory bodies, and the Audit Bureau prepares a report of its observations and presents them to the Committee for the Protection of Public Funds in the National Assembly.
This came in his response to questions and discussions in the media and social media about the subject of disclosure of performance and transparency of the work of Kuwait Investment Authority’s investments in the international financial markets in general and its investment office in London in particular.
On the information of the performance of investments of the Authority, Al-Hajraf stated this information is presented and discussed with several regulators. Article 5 of Law No 47/1982 of establishing the Authority, obligates the Chairman of the Board of Directors of the authority (Minister of Finance), to submit to the Council of Ministers a detailed report on the work of the Authority and the conditions of the invested funds.
He said, “Pursuant to Article 150 of the Constitution, this information is submitted to the National Assembly annually during a secret session and without the distribution of any written statement to the members, which also takes place in the Council of Ministers before the presentation of this statement to the National Assembly in accordance with the above.
He added that two external offices appointed by the Board of Directors of the Authority audit these financial statements and the accounts of the Authority, and are submitted to the Audit Bureau annually.
He said in accordance with the provisions of Law No 30/1964 establishing the Audit Bureau, the Bureau monitors the accounts of the Authority, which include examining the aspects in which the State funds are invested and revises the investments accounts.
He added: “According to Article 7 of the Protection of Public Funds Law No 1/1993, Kuwait Investment Authority submits to the Minister of Finance every six months a full statement on the conditions of the invested funds and its status and its noninvested balances and the minister provides the Audit Bureau with this report during the months of January and July of each year, and also the bureau prepares a report of its observations to be presented to the Committee for the Protection of Public Funds in the National Assembly.
He added based on what has been explained, the information on the performance of the authority is not absolutely confidential, as there is full transparency in communication with these entities, which are entitled to access the data in accordance with the law.
In a related issue, Al-Hajraf disclosed the CEO of the Kuwait Investment Office in London has submitted his resignation. His last day on the job was Jan 26, 2018. His duties will be carried out by one of the vice-presidents.
On the process of selecting the Chief Executive of the London Office, Al-Hajraf said the Executive Committee has set standards and conditions to be met by the candidate and that Curriculum Vitae (CVs) of a number of candidates were received.
The evaluation of these candidates was done in accordance with the terms and criteria and after presenting the issue to the Board of Directors of the authority it decided to choose Saleh Al-Ateeqi as Chief Executive Officer of the Kuwait Investment Office in London. He took up the post on May 4, 2018.
He explained that the duties of the Kuwait Investment Office in London is to manage the funds pledged to him by the Minister of Finance and the Board of Directors of the Authority, that are from the total reserves of the reserve fund for future generations in order to maintain the funds and achieve a return in the long term, The aim of the office also includes renewing and consolidating its image as an expert and an advanced establishment investing in the international financial markets and aims to exceed the rate of performance of investment indicators used in the world of investment.
He added that the Board of Directors of the Authority has the mandate of appointing the Chief Executive Officer of the Kuwait Investment Office in London, who must be a Kuwaiti national and have the necessary qualifications and practical experience to take over the position. On the supervisory jobs of the London office, Hajraf said these jobs are subject to the approval of the Executive Committee and are not required to be Kuwaiti nationals.
SOURCE : ARABTIMES