Kuwait Social Security Wins UK Court Case Against Man Group to Recover Funds
Kuwait Pension Fund wins court case in London against Man Group and others to recover funds related to bribes and embezzlement
Translated by Qiyas from الجريدة — Original source
The Kuwait Pension Fund won a lawsuit on Thursday in London against asset management firm Man Group and other parties, accusing the fund of money laundering involving bribes paid to its late director.
The Public Authority for Social Security, which manages Kuwait’s social security and pension system, filed the lawsuit in 2019 against the heirs of Fahad Al-Rajjan in the High Court in London, accusing him of embezzling nearly $1 billion during his tenure.
Al-Rajjan, who served as the General Manager of the Public Authority for Social Security from 1984 to 2014, was convicted in absentia in Kuwait in 2016 on charges of corruption and embezzlement of public funds. He died in London in 2022.
The authority argued that Al-Rajjan and his partners received at least $970 million in bribes in the form of commissions over two decades, which banks and investment firms were not obligated to pay.
Judge Richard Jacobs stated in a summary of his ruling that the Kuwaiti Public Authority for Social Security has the right “to a large extent” to obtain “compensation from various defendants,” but the amounts to be paid have not yet been determined.
