Financial and Banking News

Regional Financing

KIO Agrees Liquidation Plan For Its Spanish Investments

The London-based Kuwait Investment Office (KIO) has accepted a plan wherebyits former Spanish investment arm, Grupo Torras, will liquidate its assets inorder to pay off creditors. The plan will probably mean that KIO itself, whichis Grupo Torras' biggest creditor, will have to write off nearly $2bn in loansmade to the company since 1991.

Grupo Torras is proposing...