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PIFSS said the decision to file the petition came following default on a $100-million loan it had given to Abraaj Holdings, which was due on June 3.
The court has set June 29 as the date for hearing the PIFSS petition.
We consider that any support required by AUB would be immaterial relative to PIFSS's ability to provide it and that PIFSS would be highly able to provide it.
Let [F.sub.p] and [G.sub.q] be two PIFSS over (U, E).
Earlier in May, a parliamentary inquiry by Kuwaiti MP Faisal Al-Duwaisan directed to the Ministry of Finance was submitted raising questions about the nature of the shares that PIFSS held in G4S, a company that is profiting from Israeli international law violations committed against the Palestinian people.
Excluding only the PIFSS transfers mentioned above, overall growth in government spending would actually fall by some 6 per cent y/y.
AUBUK's IDRs and support rating reflect the high probability of support from its parent, AUB, and ultimately from its parent's core shareholder, PIfSS.
Expenditures rose 59% versus 1.7%, lifted by extraordinary transfers to the Public Institution for Social Security (PIFSS) and to nationals in the form of an Emiri grant.
The move was prompted by legal action by separate legal action by the Kuwait Public Institution for Social Security (PIFSS) and Auctus Fund in the Cayman Islands following loan defaults.
Kuwait's PIFSS said last week it filed a petition for the liquidation and winding up of Abraaj Holdings after it defaulted on a $100 million loan that was due on 3 June.
The remaining 60%, is owned by the Government of Kuwait, through the Kuwait Investment Authority (KIA: 5%), the Public Institution for Social Security (PIFSS: 5%) and the Kuwait Authority for Partnership Projects (KAPP: 50%).
AUBUK's IDRs and Support Rating (SR) are driven by Fitch's expectation of a high probability of institutional support from the Public Institution for Social Security (PIFSS), an arm of the State of Kuwait (AA/Stable).
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- piffy on a rock cake
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