Kuwait’s Public Institution for Social Security (PIFSS) has launched a $1 billion lawsuit in the UK, accusing asset manager Man Group, Swiss bank EFG, and others of laundering bribes paid to its former director, Fahad Al Rajaan. The trial, which is set to last for a year, opened at London’s High Court on Monday.
PIFSS, which manages Kuwait’s pension and social security funds, is suing Al Rajaan’s estate. Al Rajaan, who served as PIFSS director from 1984 to 2014, was convicted in absentia in 2016 for corruption and embezzling public funds. He passed away in London in 2022.
The pension fund alleges that over 20 years, Al Rajaan and his associates received at least $970 million in bribes, described as “commission payments” that banks and investment firms were not required to make. PIFSS is seeking approximately $156 million from Man Group, claiming the London-listed firm was involved in facilitating bribes to secure PIFSS investments in its products.
However, Man Group denies the allegations. A spokesperson stated that PIFSS has failed to present any evidence linking the firm or its employees to any wrongdoing. “We are robustly defending ourselves against these claims,” the spokesperson said, adding that there was no indication that Man was aware of any corruption or intended to be part of any bribery scheme.
EFG Bank is also fighting the case, with PIFSS seeking around $450 million for allegedly aiding in laundering corrupt payments. EFG’s lawyer, Camilla Bingham, argued that the claim is “opportunistic and ill-conceived,” asserting that the bank neither paid bribes nor benefitted unjustly from its dealings with PIFSS. Bingham also pointed out that Kuwait had already recovered around $600 million.
The trial is expected to conclude in early 2026.