Kuwait has replaced Saleh Al-Falah as chairman of its Capital Markets Authority (CMA) after a stormy four years during which he drew criticism from some investors for his attempts to clean up the bourse and for the stock market’s weak performance.
Kuwait’s freewheeling stock market has one of the worst reputations in the region for patchy corporate disclosure and illicit trade.Longstanding tensions between Kuwait’s parliament and the cabinet made the dispute a political issue.
Falah, who has held the post since the CMA began operating in early 2011, will be replaced next month by former finance minister Nayef Al-Hajraf, state news agency KUNA quoted a cabinet decision as saying on Tuesday.
Falah was originally slated to have a five-year term, but rules were changed this year to reduce a CMA chairman’s tenure to four years, bringing his time in office to an end in September, local media reported.
Via : KUNA
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