UK court freezes Al-Rajaan assets

This news has been read 55959 times!

EX-SOCIAL SECURITY CHIEF MUST BARE WORLDWIDE HOLDINGS

Kuwait team wins ruling in marathon three-decades chase

KUWAIT CITY, Nov 10, (KUNA): Head of Fatwa and Legislation Department Justice Salah Al-Masaad announced on Sunday that the Supreme Court of the United Kingdom has ordered the suspension, worldwide, of all assets — estimated at $847 million — belonging to the former Director General of the Public Institution for Social Security (of Kuwait) Fahad Al-Rajaan.

Justice Al-Masaad said in a statement to Kuwait News Agency (KUNA) that the verdict issued by the British court compels the defendant Al-Rajaan to disclose all his assets throughout the world. The verdict was issued on Oct 16, pending proceedings of a civil lawsuit filed against the former head of the Kuwaiti institution and others, he said, adding that the sentence was based on documents and “presented arguments”.

Justice Al-Masaad added that the sentence to freeze the assets has been effective since issuance of the verdict. Moreover, the British tribunal has accepted a request from the social security institution to reveal Al-Rajaan’s assets, where he is compelled to do this regarding all of his assets worldwide.

Justice Al-Masaad indicated that personnel of the fatwa department had been engaged in a marathon and tiring task, lasting for three decades, examining and authenticating documents in various countries and of diverse languages.

The Kuwaiti team of elite experts from the legislation department coordinated with specialized foreign bureaus to follow up and prepare the case against Al-Rajaan, he said, affirming the determination to track down and bring to book all manipulators of public funds and bringing back “the funds that have been illegally acquired”. He indicated that during the two day hearing, the court rejected Al-Rajaan’s arguments.

This news has been read 55959 times!