Trouble Inside Kuwait's Money MachineRichard A. Melcher
Ever since Iraq invaded Kuwait last August, the Kuwaiti government-in-exile's financial brain trust has tried to calm nerves on worldwide markets by insisting that the nation wouldn't start a mass liquidation of its roughly $100 billion in Western and Asian assets. But as the U. N.'s Jan. 15 deadline for Saddam Hussein's withdrawal draws closer, the ruling al-Sabah family's main overseas financial arms, the Kuwait Investment Office (KIO) and its parent, the Kuwait Investment Authority (KIA), are dipping ever deeper into their pockets.
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