Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
A $1 billion corruption lawsuit involving Kuwait's public pension fund commenced at London's High Court. The fund has accused asset manager Man Group, Swiss bank EFG, and others of laundering bribes connected to its late director, Fahad Al Rajaan. Lawyers representing the pension fund stated that Al Rajaan orchestrated a two-decade-long scheme involving corrupt payments exceeding $1 billion. Al Rajaan was previously convicted in absentia in 2016 for corruption and embezzling public funds. The pension fund alleges that over this period, Al Rajaan and his associates received at least $970 million in bribes, which were mischaracterized as commission payments that banks and investment companies were not obligated to pay.
📰 via @Reuters: Kuwait’s public pension fund accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a year-long $1 billion trial began at London’s High Court on Monday. https://t.co/zW18aSO9w1
PIFSS alleges that, over two decades, Al Rajaan and his associates received at least $970 million in bribes, which were described as commission payments that banks and investment companies did not need to pay https://t.co/2rBwkZc4Ec
Kuwait's public pension fund accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a year-long $1 billion trial began at London's High Court on Monday https://t.co/2rBwkZc4Ec
