KUWAIT, Feb 13 (KUNA) -- Minister of Communication and Minister of State for National Assembly Affairs Dr. Mohmmad Mohsen Al-Busairi said Saturday all financial and administrative irregularities at Kuwait Airways Corporation (KAC) would be subject for legal action whether before or after the planned privatization.
"Two reports on KAC's situations have been tabled by the State Audit Bureau (SAB) to a parliamentary fact-finding panel and the Public Prosecution as a prelude to legal actions against law violators," the minister affirmed.
Al-Busairi made the remarks in a press conference after an inspection tour of the sites of KAC's maintenance and engineering operations.
Minister of Finance Mustafa Al-Shimali will meet the National Assembly committee on budgets to discuss KAC's final statements which were not approved by the previous legislative terms.
"The meeting will focus on SAB's two reports and the report of the parliamentary fact-finding panel," Al-Busairi disclosed.
He affirmed that law-violators, whoever they might be, would be brought to book and would never evade their responsibility.
Commenting on the KAC's privatization law, Al-Busairi said: "Act No. 6 for 2008 is constitutional and legally-binding on all concerned parties." "The Ministry of Communication has worked out the practical executive procedures and tasked Kuwait Investment Authority (KIA) with finalizing the implementation of the law.
"The cabinet adopted two weeks ago (on January 24) a decree to accelerate KAC's transformation from a state-owned corporation into a public shareholding company," minister recalled.
Act No. 6 for 2008 sets aside 40 percent equity of KAC's shares for individuals, 20 percent for the government, 35 percent for private sector companies and the remaining five percent for KAC's employees who are ineligible for retirement benefits.
"KIA will, in the coming few weeks, set up a constituent panel to supervise KAC's transformation process. In synchronization with this process all files of irregularities pertinent to final statements will be settled once and for all," Al-Busairi made clear.
"KAC's privatization marks the start of a privatization drive envisaged by the government to encourage the private sector to play a major role in the enforcement of the ambitious development plan," he went on to say.
"The recently-adopted plan, involving KD 30 billion of investments, features major projects such as the establishment of the Capital Market Authority, the finalization of KAC's privatization and the launching of key infrastructure projects," Al-Busairi added. Regarding his tour of KAC's sites today, the minister praised KAC's maintenance and engineering operations as "following the world's latest technical standards." - Kuna