KUWAIT, Oct 4 (KUNA) -- The State Audit Bureau of Kuwait (SAB) is posed to intensify inspection work of the Kuwaiti investment in London, SAB said on Wednesday.
The move aims to follow up the Kuwaiti investments in Britain and has been decided due to Brexit and the expected economic repercussions, the SAB statement added.
Earlier, a team of auditors specialized in law, investment and finance has examined and assessed all the investment vessels of the office, it noted.
The process covered the investment portfolios and the direct and real estate investments, besides the administrative and financial work at the office, the statement quoted assistant undersecretary for control on affiliated bodies and firms at SAB Yusuf Al-Mazroui.
The mission is part of SAB's control role of public funds, in particular investments managed by general and the future generations reserves, he said. It is annual inspection and review.
A report was prepared and submitted to the Kuwait Investment Authority (KIA) on July 20, and SBA received a reply was received on August 24.
SBA is following up KIA's measures on the notices of the report, he noted.
A final report has been submitted to National Assembly Speaker Marzouq Ali Al-Ghanim and Deputy Prime Minister and Minister of Finance Anas Al-Saleh, who is also KIA chairmen, Al-Mazroui said, adding that SAB included the major points on its annual report.
Al-Mazroui is ready to review the key topics of the report on the London investment office at parliament and its specialized committees, he said. (end)