The Investment Dar issued a clarification about the article titled "CBK likely to step in to bail out TID" that was posted on website on Sunday.
The article quotes unnamed GCC sources as claiming that The Investment Dar is in negotiation with the Central Bank of Kuwait regarding a cash injection of KD 200 million as follows:
"In the case of TID, the plan is to inject 200 million dinars of new capital immediately raised through the contributions of the Kuwaiti state utilities. GCC (Gulf Cooperation Council) sources confirmed that a meeting is scheduled to take place today (Sunday) between officials from the ministries of finance and commerce, the CBK and TID's board of directors."
The Investment Dar statement says: This is simply not the case, a meeting between The Investment Dar, PriceWaterhouse Coopers and the Central Bank of Kuwait took place yesterday (Sunday), the focus of which was solely to discuss the auditing of TID's financial results for the period ended Dec. 31, 2009, which have been delayed through delays in TID's subsidiary companies completion of their accounts for the period.
