Kuwait Pension Fund Suing Man Group
The Public Institution for Social Security says the British firm made secret deals with one of its heads between 1996 and 2013.
Kuwait’s social security institution has filed a lawsuit with the UK Supreme Court against a British asset management firm.
The Public Institution for Social Security wants the Man Group ($114.1 billion) to pay $156 million, alleging that the organization made clandestine deals with a former fund chief between 1996 and 2013, the agency announced Wednesday.
The Man Group contested the claims.
“The subject matter of these allegations dates back over 20 years and, based on the evidence we have seen to date, Man Group will dispute any claim and intends to vigorously and robustly defend any proceedings,” the firm said.
The Kuwait fund’s actions were part of newly implemented measures ordered by Prime Minister Sheikh Jaber Al-Mubarak al-Hamad Al-Sabah to combat corruption, according to Minister of Finance Dr. Nayef Al-Hajraf.
Al-Hajraf said the social security institution is also suing officials from Abraj Holding Group, a Dubai-based private equity firm. That lawsuit claims Abraj did not pay back its $100 million loan.