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Kuwait’s Intl Investment Group CEO resigns

International Investment Group's (IIG) chief executive officer resigned just two months after being appointed to the position and has been replaced as acting CEO by board member Ghassan Al-Sultan, it said in a bourse statement on Wednesday.

November 16, 2011 8:23 by

Faisal Ahmed al-Baseiri took the helm of the troubled Islamic investment firm in September.

“Ghassan Al-Sultan was given special authorisation to manage the operations of the company until a new executive president will be appointed,” the statement said.

IIG, an Islamic investment firm, defaulted on two Islamic bond, or sukuk, payments last year and appointed KPMG to carry out an independent review of its business and make an assessment of its financial position.

Kuwait’s investment sector was hit hard by the global financial crisis due to a sharp fall in real estate values which led to massive erosion of their investment portfolios.

The country’s Investment Dar (TIDK.KW) was the first company in the region to default on a sukuk in May 2009. (Reporting by Martina Fuchs; Editing by Shaheen Pasha)

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