"Social Security" Wins London Battle Against Al-Rajjan
The Public Institution for Social Security wins a lawsuit in London against Al-Rajjan and his partners.
Translated by Qiyas from الراي — Original source
- Al-Mudhaf: The “Fatwa and Legislation” team followed the file for 11 years in cooperation with foreign offices
- The institution is proceeding with follow-up procedures resulting from the ruling and recovering its rights
- Protecting the institution’s funds and the rights of insured persons and retirees is a national responsibility
- Reuters: The lawsuit included “Man Group” and other entities in a money-laundering and bribery case
- The institution has the “right to a large extent” to obtain “compensation from various defendants”
KUNA – Acting Director General of the Public Institution for Social Security, Khaled Al-Mudhaf, expressed his pride in the issuance of a first-instance ruling by the English Commercial Court in London in favor of the institution against its former Managing Director, Fahd Majeed Al-Rajjan, and his partners.
Al-Mudhaf said in a statement marking the issuance of the first-instance ruling in the lawsuit filed in 2019, led by the legal team in the Fatwa and Legislation Administration against Al-Rajjan and his partners, which continued after his death against his estate and partners, with all claims granted, including interest and expenses to be determined by the court in subsequent sessions.
He praised the fruitful cooperation and coordination between the institution and the Fatwa and Legislation Administration, commending the significant efforts of the legal team in the administration, which followed this file for 11 years in cooperation with foreign offices appointed since the issuance of Cabinet Resolution No. (89) dated January 19, 2015, entrusting the administration and the institution to take legal procedures related to violations and suspicions of encroachment on public funds, and to follow up on legal cases and procedures in England, Switzerland, and other jurisdictions.
Al-Mudhaf emphasized that the Public Institution for Social Security is proceeding with all procedures resulting from the ruling and working to recover its rights, stressing 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.”
Judge Richard Jacobs, in a summary of the ruling published by Reuters, stated that the Public Institution 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.
Reuters noted that the ruling relates to the lawsuit filed by the “Social Security” institution in London against the asset management company “Man Group” and other entities, with several banks and investment companies accused of laundering bribes paid to Al-Rajjan.
