High-Stakes Legal Battle: Kuwait's Pension Fund Takes on Global Financial Giants

Kuwait's Public Institution for Social Security is suing Man Group, EFG Bank, and others for allegedly laundering bribes paid to its late director Fahad Al Rajaan. The lawsuit, seeking over $1 billion, has begun in London's High Court, with involved parties denying PIFSS's claims.

In a dramatic courtroom showdown, Kuwait's Public Institution for Social Security (PIFSS) has initiated a $1 billion lawsuit at London's High Court against global financial entities Man Group and EFG Bank. Accusations hinge on allegations of money laundering connected to bribery deals involving PIFSS's former director, Fahad Al Rajaan.

The scandal traces back to 2016 when Al Rajaan was convicted in absentia for corruption in Kuwait, having passed away in 2022. The PIFSS claims $970 million was illicitly funneled as 'commissions,' seeking $156 million from Man Group alone, despite the fund's denials and lack of incriminating evidence.

EFG Bank faces a separate quest for $450 million over purported involvement in laundering transactions. However, with $600 million already recovered by Kuwait, EFG's representatives argue the claims lack merit, branding them 'opportunistic.' The high-stakes trial is expected to wrap up by early 2026.

(With inputs from agencies.)