A senior member of the upper legislative chamber created controversy yesterday when he asked about the whereabouts of BD4 million from the Gulf Petrochemicals Industries Company’s set-up capital.

Shura Council human rights committee chairman Ahmed Al Haddad raised concerns during a debate on a government-drafted bill to change the 1979 Gulf Petrochemicals Industries Company Set-up Law, saying that the stated formation capital was BD56m while in reality it was BD60m.

“Where did the BD4m in the formation capital go? Is it part of administration and operations?” he questioned.The chamber fell silent as Shura Council chairman Ali Al Saleh sought an answer from financial and economic affairs committee vice-chairman Redha Faraj who couldn’t provided a clear answer.

Council member Abdulrahman Jamsheer said that he had made a call to former GPIC president and current Bapco chief executive Dr Abdulrahman Jawahery who clarified that it was BD60m, while BD56m could be a printing error.

Council first vice-chairman Jamal Fakhro said the set-up capital was originally between Bahrain and Kuwait for a total of BD56m – 50 years ago.Council financial and economic affairs committee chairman Khalid Al Maskati added that the shares were changed with the addition of BD4m in 1979 when Saudi Arabia joined.

“The shares were divided equally as BD20m for each of the three countries.

”The facts were then confirmed by Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa.Shura members then approved the legislation and referred it to His Majesty King Hamad for ratification.MPs approved the bill last month.

The amendment comes following a request from Saudi Arabia to allow GPIC to handle more business activities such as shipping, handling and loading.Meanwhile, the chamber’s weekly session yesterday saw 13 of the 40 members attend remotely without reasons stated.At the beginning of the session, secretary-general Osama Al Asfoor announced that Shaikh Jawad Buhussain was on sick leave.

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