Palestine Investment Fund

The Palestine Investment Fund (PIF) was established in 2003 as an independent investment company aiming to strengthen the local economy through strategic investments, while maximising long-run returns for its ultimate shareholder; the people of Palestine.[1] It was created by a transfer of assets previously managed by the Palestinian Authority.[2] Since January 2009, Mohammad Mustafa serves as Chairman and Co-President of the company.[3]

Its assets total $800m.[4]

According to one source, the PIF does two internal audits; one from PricewaterhouseCoopers and another by an internal audit unit. External audits are undertaken by Ernst and Young, who have independently verified that PIF’s financials are in accordance with international auditing standards. Furthermore, the State Audit and Administrative Control Bureau audits the PIF’s governance and financial systems and, in addition, scores the performance of its internal auditing systems. Even further, the PIF is partners with US OPIC, UK DFID, and the World Bank’s IFC.[5] Under Palestinian Authority Prime Minister Salaam Fayyad, the PIF was celebrated for its transparent business practices, but in recent months, it has become involved in funding more and more questionable projects.[6]

Controversies

In June 2012, Mohammed Rashid (also known as Khaled Salam), the former economic adviser to Yasser Arafat, was sentenced to 15 years in prison after being found guilty of embezzling from the Palestine Investment Fund, the PLO and the Palestinian Authority. He was also given a $15 million fine and was ordered to repay the $34 million he embezzled.[7]

In April 2016, Mohammad Mustafa, the company's Chairman and Co-President, has been named in the Panama Papers.[8]

Investments

The PIF’s wholly owned subsidiaries include:[1]

The PIF has a minority stake in the following projects:[1]

References

  1. 1 2 3 Palestine Investment Fund. "Palestine Investment Fund Official Website". Palestine Investment Fund. Retrieved 2016-02-05.
  2. ↑ "Palestine Investment Fund | Sovereign Wealth Fund Institute". Swfinstitute.org. Retrieved 2016-02-05.
  3. ↑ "Mohammad A. Mustafa Ph.D.: Executive Profile & Biography - Businessweek". Bloomberg L.P. Retrieved 2016-04-05.
  4. ↑ https://web.archive.org/web/20100411085942/http://www.ameinfo.com/222588.html. Archived from the original on April 11, 2010. Retrieved August 15, 2012. Missing or empty |title= (help)
  5. ↑ Ashby Monk (4 August 2011). "Corruption at the Palestine Investment Fund?". University of Oxford. Retrieved 2016-02-05.
  6. ↑ Jonathan Schanzer (8 November 2011). "Should Treasury Sanction the Palestinian Investment Fund?". weeklystandard.com. Retrieved 2016-02-05.
  7. ↑ Egypt Independent (30 July 2012). "Palestinian attorney general demands freezing Rashid and Dahlan's Orascom shares". Egypt Independent. Retrieved 2016-02-05.
  8. ↑ "Panama Papers: The Power Players". International Consortium of Investigative Journalists. Retrieved April 3, 2016.
  9. ↑ http://www.wataniya.ps/en/corporate/about
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