MP faults CBK governor for failure to probe bank fraud

KUWAIT CITY, April 12: Minister of Finance Barrak Al-Shitan should have suspended the Central Bank of Kuwait (CBK) governor for failure to investigate the fraud crime involving a number of banks, says MP Riyad Al-Adasani.

He inquired about the guarantees provided by the health care group implicated in the crime before it obtained loans. He stressed the need to question Al-Shitan regarding this issue in his capacity as finance minister. He revealed that he previously called on CBK to strictly monitor the banks in order to minimize violations until the recent publication of a report about some global and Kuwaiti banks victimized by the group, which stole billions of US dollars in the form of obtaining loans without providing sufficient guarantees. He said the CBK governor should have conducted a thorough investigation, instead of merely depending on disclosures submitted by the banks. He added Al-Shitan must shoulder the political responsibility and he should be questioned.

He went on to say that the minister failed to lay down economic and financial strategies in light of the exceptional circumstances the country is going through -coronavirus virus and oil price decline, because he is incompetent.

In another development, MP Khalid Al-Otaibi criticized the slow evacuation of Kuwaitis from abroad. He considers this delay a constitutional violation, pointing out the State is responsible for the citizens’ safety. He believes the government has the capabilities to carry out the task quickly, but it lacks the ability to take a decisive step promptly.