Bahrain’s MPs have launched a probe into the financial affairs of Bahrain's sovereign wealth fund.

Bahrain Mumtalakat Holding Company oversees a portfolio of 36 companies including Alba and Gulf Air, said a report in the Gulf Daily News (GDN), our sister publication.

Eighteen MPs have put their names forward to be on the review panel, despite objections yesterday from parliament chairman Ahmed Al Mulla that it was too many.

However, parliament legal commission head Dr Saleh Al Gateeth said there was no limit on how many MPs could sit on an investigation committee.

It has been formed despite Mumtalakat chairman and Transportation and Telecommunications Minister Kamal Ahmed saying the probe was unnecessary since many of the companies within its portfolio were profitable.

The probe committee is set to meet today to choose a chairman and vice-chairmen, with plans to summon Mr Ahmed for questioning.

Mohammed Al Ahmed, one of eight MPs who originally suggested the formation of the probe, claimed "major violations" at Alba, Gulf Air and other companies in Mumtalakat's portfolio documented by the National Audit Bureau report had to be looked into.

"I am sure that the violations are ongoing in Mumtalakat and they will continue to be the norm unless we intervene and stop them," he claimed in parliament yesterday.

"We know that Mumtalakat has seen profitability, but it is not actually in profit due to loans that have been taken out and have to be repaid.

"There are major question marks about the financial and administrative decisions within the company.

"Besides, Edamah has lost land worth BD250 million without being compensated."

He said parliament wanted a full insight into the financial affairs of Mumtalakat.

"We want exact numbers on profitability, risk management and investment, administrative affairs and financial dealings," he said.

"This is to ensure that the decisions taken have been of value, otherwise they will be considered a waste of public money." - TradeArabia News Service