Kuwait Investment Auth. denies USD six bln losses

KUWAIT, May 22 (KUNA) -- Kuwait Investment Authority Monday dismissed as "completely untrue" press reports that KIA lost USD six billion throughout 2016, affirming the losses were much lower than the reported digit.
The correct digit is the one mentioned during the National Assembly's June 22, 2016, session which was held to discuss the State's financial status, during which the government said KIA losses were Kuwaiti Dinars 312 million (some USD 1.02 billion), KIA said in a statement to KUNA.
The USD 1.02 billion, it added, represented 0.2 percent of total assets managed by KIA, it added.
KIA said it achieved KD 12.275 million (USD 40.12 million) in net profits in fiscal year 2014-15, or 8.49 percent of total assets being managed.
"It is unprofessional to judge a performance of one year, during which the market was down and is done away from international indicators," KIA said.
It affirmed that its performance for a period of 20 years was "positive" and outmatched other sovereign funds.
KIA also underlined decisions taken within the authority were governed by a strict mechanism.
It added that KIA rating improved among renowned international institutions, as one of the world's largest sovereign funds managers. (end) jy.bs