Three cases in Kuwait Investment Authority office settled

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KUWAIT CITY, May 7: According to Bloomberg, the Kuwaiti sovereign wealth fund has reached a settlement regarding a dispute over bonuses for former managers in its London office, after the dispute was the subject of several legal issues and involved an intervention attempt by the British government, reports Al-Rai daily.

The Kuwait Investment Authority (KIA) engaged in a complex legal battle after the former director of the fixed income department at the Kuwait Investment Office in London Simon Hard filed a case with a labor court in Britain against the fund, alleging disclosure of confidential subjects and discrimination on the basis of age.

The agency said KIA responded by filing a lawsuit with the Supreme Court, accusing Hard of wasting the fund’s budget by raising salaries and bonuses when an executive director was on vacation. The fund was then required to hand over sensitive documents in the labor case and the British Foreign Office was implicated in the case, in order to clarify whether some employees enjoyed diplomatic immunity. Cases have also been filed against the fund by former director of the Securities Department Prashant Vithlani and former director of Human Resources Caroline Teller. A court official affirmed that the three lawsuits have been withdrawn, but the terms of the settlement were not disclosed

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