Economy

CBUAE authorises release of Kuwait’s frozen funds

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Cayman Islands-registered Port Fund, part of a Kuwaiti private equity group and holder of the account at Noor Bank, said the funds had been released.

Wednesday 06, February 2019 BY KUDAKWASHE MUZORIWA

The Central Bank of the UAE has authorised the release of $496 million which had been frozen at Dubai’s state-owned Noor Bank since late 2017.

The funds -- which belongs to two Kuwaiti government entities, were frozen when Dubai’s public prosecutor, working with its Kuwaiti counterpart lunched an investigation into the money’s transfer from the Philippines.

Mark Williams, the Investment Director at Port Fund, said that most of the $496 million in the fund’s account had been wired out to Port Fund’s investors on Tuesday, including to the Kuwaiti government entities.

The $496 million in question belong to Port Fund, Kuwait’s port authority as well as the country’s pension fund had invested in the fund and are owed around $200 million, reported Reuters.

TAGS : Noor Bank, CBUAE, Port Fund

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