Kuwait Pension Fund Wins UK Lawsuit Against Asset Manager
Kuwait's pension fund secures partial victory in London court over alleged corruption claims.
The Brief
- Kuwait's pension fund won its lawsuit against Man Group and others in London.
- The case involved allegations of $1 billion in bribes paid to a late director.
- Judge ruled PIFSS' claims largely successful, but exact payments remain to be determined.
Kuwait's Public Institution for Social Security, which manages the country's social security and pension scheme, secured a partial victory in a London court case against asset manager Man Group and other defendants.
The lawsuit, filed in 2019, accused the estate of Fahad Al Rajaan of laundering bribes paid during his tenure as PIFSS director from 1984 to 2014.
Al Rajaan, who died in London in 2022, was previously convicted in Kuwait in 2016 for corruption and embezzlement of public funds.
PIFSS alleged that Al Rajaan and his associates received at least $970 million in bribes, described as commission payments that banks and investment companies were not obligated to make.
Judge Richard Jacobs stated that PIFSS' claims for compensation against the defendants were broadly successful, though the exact amounts to be paid are still to be determined.
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