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PIFSS vows to recover illegally seized public funds

KUWAIT, June 27 (KUNA) -- The Public Institution for Social Insurance (PIFSS) has expressed firm determination to restore its illicitly seized funds and protect public money.
In a statement issued Thursday a few hours after the criminal court's conviction of PIFSS former director general Fahad Al-Rajaan and his wife over taking over and facilitating the forfeiture of the institution's funds, PIFSS Director General Mishaal Al-Othman announced that that immediately after the verdict issuance, the institution officials discussed measures to implement it in coordination with the competent bodies.
He added that the institution, in implementation of directives of His Highness Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah and Minister of Finance Dr. Nayef Al-Hajraf, would also continue reviewing all Al-Rajaan's work during his 30-year-stint to detect any mishandling or appropriation of its money and would spare no effort to pursue him wherever he was.
In accordance with the directives of His Highness Sheikh Jaber Al-Mubarak and Dr. Al-Hajraf, the PIFSS works in coordination with all concerned bodies inside and outside Kuwait to bring to justice those who encroached upon public funds, he stated.
He noted that the PIFSS would follow up its cases against Al-Rajaan at courts.
He pointed to the verdict of the Criminal Court issued today was based on the statements, testimonies, evidence, and documents submitted by the PIFSS staff to investigative bodies.
Earlier today, the Criminal Court sentenced Al-Rajaan and his wife to life imprisonment with hard labor for appropriation and facilitating the seizure of the PIFSS money.
The court also obligated them to jointly refund USD 82.2 million and imposed a USD 164.4 million-fine on the first defendant and a USD 147.6 million-fine on the second defendant.
It also ordered the confiscation of the real estate properties, companies, shares and movable assets that were used for money laundering. (end) amh.ibi