Kuwait pension fund sues for $1 billion in UK

Kuwait's public pension fund has launched a $1 billion corruption lawsuit in a UK court against asset manager Man Group and Swiss bank EFG. The fund claims they laundered bribes paid to its late director, Fahad Al Rajaan. Al Rajaan, who led the fund from 1984 to 2014, was convicted of corruption in 2016 and died in London in 2022. The pension fund alleges he and his associates received nearly $970 million in bribes over two decades. Man Group is defending itself, stating there is no evidence of wrongdoing. EFG Bank is also contesting the claims, arguing that the Kuwaiti state has already recovered about $600 million. The trial is expected to conclude in early 2026.