Kuwait dispute leaves SWF without managing director or full board

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The Kuwait Investment Authority, one of the world’s largest sovereign wealth funds, has been without a permanent board for more than two months. The terms of five of the nine board members expired on April 20.

The KIA’s deadlock coincides with a broader confrontation between the government and the mostly elected National Assembly. That body, the Gulf’s most assertive legislature, has complained of corruption and refused to pass a law allowing the government to borrow.

This has forced the

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