MANAMA: Investments by Pension Funds worth more than BD17 million have been written off, according to the Social Insurance Organisation’s documents received by a parliamentary investigation committee.
Committee chairman Ibrahim Al Nafei told our sister paper Akhbar Al Khaleej that although SIO initially denied that BD17,665,000 had been wiped out, minutes of the organisation’s board meetings showed that a decision was taken to write the amount off in 2018.
He said these investments dated to 1995, 2003, 2004, 2006, 2007 and 2008.
“Even though these cancelled investments resulted from mistakes by the previous SIO boards of directors, the current board shouldn’t overlook such amounts but try their best to recover them as they had been invested with a number of banks still operating in the kingdom,” he said.
Mr Al Nafei said SIO had filed 2,425 court cases to recover about BD21,888,000 and, before that, 2,786 claims to collect late payments.
According to information received by the committee, SIO’s board of directors wishes to sell nine plots of land it owns with a total area of 65,000sqm, he pointed out.
The committee chairman urged the board members to take their time before taking any action as these lands must be safeguarded and invested in the best way possible.
&uuid=(email))