Kuwaiti Investment in Citigroup, Merrill Loses 40%

Kuwait Investment Authority lost 40 percent of its $5 billion investment in Citigroup Inc. and Merrill Lynch & Co., said lawmaker Waleed al-Tabtabai, citing the sovereign wealth fund’s Managing Director Bader Al-Saad.

The country also lost foreign investments worth 9 billion dinars ($30.8 billion), mostly “book losses,” from March to December because of the global financial crisis, al-Tabtabai said, citing al-Saad who briefed lawmakers at a closed-door session in parliament today.