De­vel­op­ing ports in­fra­struc­ture

‘PPA rights will be re­stored’

Arab Times - - LOCAL -

KUWAIT CITY, Jan 13: The Di­rec­tor Gen­eral of the Pub­lic Ports Author­ity (PPA), Sheikh Yousef Al-Ab­dul­lah Al-Sabah, said that the Author­ity seeks to de­velop the in­fra­struc­ture of the ports of Kuwait and ex­pand them and fo­cus on en­hanc­ing them in dig­i­tal terms, in or­der to keep abreast of the in­ter­na­tional reg­u­la­tions adopted in the de­vel­oped coun­tries, reports Al-Rai daily.

He ex­plained the ex­pan­sion that will take place in the port of Shuwaikh will be fully mech­a­nized and con­trolled from the op­er­at­ing room with­out the need for crane op­er­a­tors on the ground.

In an in­ter­view with CNBC, AlSabah said that in the case of the port fund and the in­vest­ment com­pany KGL, the com­pany had in­vested more than $85 mil­lion for more than 10 years. Four years ago, the Min­is­ter of Com­mu­ni­ca­tions and the head of the Pub­lic Ports Author­ity, Issa Al-Kan­dari, trans­ferred this file to the Pub­lic Pros­e­cu­tion, which in turn in­ves­ti­gated the case over three years.

“The Dubai Pub­lic Pros­e­cu­tion is fol­low­ing up this mat­ter, and we are con­fi­dent in the UAE ju­di­ciary to take ap­pro­pri­ate le­gal mea­sures to find out the source of these funds. We ex­pect the ju­di­cial au­thor­i­ties in Dubai to in­form us of the source of these funds, which it said that it be­longs to the so-called Port-Link GB,

Sheikh Yousef

and all these sources for us are not known,” he added..

He added that the PPA had al­ready re­ceived $11 mil­lion from its con­tract with KGL In­vest­ment Com­pany, where we were con­tacted by an in­sti­tu­tion in the Cayman Is­lands called Port Fund, and we have no le­gal or con­trac­tual re­la­tion­ship with them.

The amount was trans­ferred by an uniden­ti­fied party, and “We have in­formed all the reg­u­la­tory bod­ies, in­clud­ing the Cen­tral Bank and the Com­mer­cial Bank, which re­ceived these funds in the ac­count of the PPA, and the Pub­lic Pros­e­cu­tion was asked to find out the source of these funds and how to deal with them.

“We are wait­ing for the Kuwaiti courts to con­sider the case along with the courts and the pub­lic pros­e­cu­tion in the emi­rate of Dubai. We are con­fi­dent that they will re­store the rights lost by the PPA. This is pub­lic money and it must be re­turned and the is­sue can­not be ne­go­ti­ated. All money must be re­turned in ac­cor­dance with the agree­ments signed be­tween us and the in­vest­ment com­pany,” he added.

He pointed out the con­tract the PPA was signed with the KGL for in­vest­ment, and not with any other com­pany, and there­fore there was no other com­pany that must be dealt with.

He pointed out there are still 496 mil­lion dol­lars held by the UAE, point­ing out that the in­sti­tu­tion has not been ad­dressed by any of­fi­cial body in Dubai, but there are con­tacts be­tween the UAE At­tor­ney Gen­eral and the Kuwaiti coun­ter­part, and the PPA has ad­dressed the is­sue to the Kuwaiti Pub­lic Pros­e­cu­tion.

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