KIO


KIO
   The Kuwait Investment Office became the symbol both of the boom in the Spanish economy in the 1980s and of the prevalence of corruption. KIO was the largest foreign investor in Spain, via a holding company called Grupo Torras. It began in 1984 to buy into paper manufacturing, chemicals, food production, real estate and banking, and its empire was said to be worth 700,000m pesetas. By late 1992, however, Torras had debts of 250,000m pesetas, of which 150,000m was owed to KIO itself. KIO's suspension of payments in December 1992 was reported at the time to be the largest ever in Spain. KIO estimated that its total losses in Spain between 1984 and 1992 amounted to 450,000m pesetas, and accused the former director of Torras, Javier de la Rosa, of maladministra-tion.
   EAMONN RODGERS

Encyclopedia of contemporary Spanish culture. 2013.