| Started in 2006, Bahrain’s $11.2 billion sovereign wealth fund (whose name means “assets” in Arabic) has endured numerous restructuring programs. To reduce operating costs and increase its ability to procure top international talent to the firm, Mumtalakat has cut jobs. In 2009 the firm’s CEO, Mahmood Hashim al-Kooheji, brought in consultants from McKinsey and Co., who produced advantageous results in highlighting and mitigating inefficiencies, as well as fostering greater transparency.
Through the help of the advisers, Mumtalakat spotted government corruption and bribery, which amounted to $400 million in lost profits of one of the firm’s top producers, Alba. Last year, the sovereign wealth fund received a ten out of ten in the Linaburg-Maduell Transparency Index, which surveyed 52 funds with only 11 receiving top scores...............................................Full Article: Source
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