Judicial Victory for 'Social Security' in London

As part of ongoing efforts to recover state funds, the Public Institution for Social Security (PISS) won a lawsuit before the High Court in London. The case was filed by the Kuwait Pension Fund against the asset management firm “Man Group” and other entities, accusing several banks and investment firms of laundering bribes paid to former PISS Director General Fahad Al-Rajjan.

According to a Reuters report broadcast last Thursday, PISS filed a lawsuit in 2019 against the heirs of Fahad Al-Rajjan before the High Court in London, accusing him of embezzling approximately $1 billion during his tenure. The institution alleged that Al-Rajjan and his partners received no less than $970 million in bribes in the form of commissions over two decades, which the banks and investment firms were not obligated to pay.

In a summary of his ruling, Judge Richard Jacobs stated that the Social Security Institution is entitled to “compensation from various defendants.”

Meanwhile, Khalid Al-Mutairi, the Acting Director General of the Public Institution for Social Security, expressed pride in the first-instance ruling issued by the English Commercial Court in London on Thursday in favor of the institution against its former Director General, Fahad Al-Rajjan, and his partners.

Al-Mutairi said, “This ruling was issued in the lawsuit filed in 2019, led by the Legal Affairs and Legislation Department’s legal team against Al-Rajjan and his partners. The case continued after his death against his estate, represented by his wife and heirs, as well as his partners. All claims were granted, along with interest and expenses, which the court will decide in subsequent sessions.”

He praised the fruitful cooperation and coordination between PISS and the Legal Affairs and Legislation Department, commending the significant efforts of the legal team that followed this file for 11 years, in collaboration with appointed foreign offices. This effort began following the Cabinet decision of January 19, 2015, which tasked the Legal Affairs and Legislation Department and PISS with initiating legal proceedings related to violations and suspicions of encroachment on public funds, and following up on lawsuits and legal actions in England, Switzerland, and other jurisdictions.

He emphasized that PISS is continuing to pursue all measures resulting from the ruling and working to recover its rights, affirming that “protecting the institution’s funds and the rights of insured persons and retirees is a national responsibility, and the institution will spare no effort in fulfilling it.”