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KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M
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KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

KOC Officials Referred to Prosecutions over Corruption Charges Worth $15M

Kuwait Anti-Corruption Authority (Nazaha) announced on Sunday referring a number of officials at Kuwait Oil Company (KOC), along with others facing corruption charges, to the public prosecution.

Nazaha's official spokesman Dr. Mohammad Bouzbar said in a statement that the notification included results by an investigation panel regarding contracts and projects of crude oil pipelines in northern regions.

They were submitted to the prosecution in line with a notification filed by KOC about suspicious "corruption crimes" that incurred losses, Nazaha said, adding that the suspects were charged with negligence and slackness in management of projects in North Kuwait.

He said that the report highlighted suspected corruption crimes, worth KD 4.683 million (USD 15.4 million).

According to the results, there were suspicious crimes of facilitating seizure of public funds, intentional and non-intentional misappropriation of public funds, illegal profit making and aiding others to make such earnings.

Bouzbar said after Nazaha confirmed existence of reasonable bases for the suspicious corruption crimes, it referred the case to the public prosecution.

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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Slid in October

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) dropped by $1.12 billion in October after a rise in September, central bank data shows.

NFAs declined to the equivalent of $9.21 billion at the end of October from $10.33 billion at the end of September, according to Reuters calculations based on the official central bank currency rates. The decline followed a $591 million gain in September.

Egypt had been using NFAs, which include foreign assets at both the central bank and commercial banks, to help to prop up its currency since as long ago as September 2021.

NFAs turned negative in February 2022 and only returned to positive territory in May this year.

Foreign assets rose at the central bank in October but dipped at commercial banks while foreign liabilities climbed at both commercial banks and the central bank.