Key Takeaways
- • A London judge found Man Group Plc liable for its role in a Kuwaiti bribery scheme, with potential damages of around $155 million, according to Bloomberg.
- • The court described the scheme as "corruption on a breathtaking scale" that siphoned about $1 billion from Kuwait's state-run pension fund over decades.
- • Man Group shares fell following the ruling.
- • The case stems from payments allegedly orchestrated by former Public Institution for Social Security director general Fahad al Rajaan, who is now deceased.
Summary
A London judge has ruled that Man Group Plc, described by Bloomberg as the world's largest listed hedge fund group, could be required to pay around $155 million for its role in a bribery scheme targeting Kuwait's state-run pension fund. The judge characterized the conduct as "corruption on a breathtaking scale," with roughly $1 billion allegedly siphoned from the Public Institution for Social Security over decades. Man Group's shares fell after the ruling was reported.
Man Group was one of dozens of defendants named in a sprawling London lawsuit brought by the Kuwaiti fund. The Public Institution for Social Security alleges that its former director general, Fahad al Rajaan, who has since died, extracted hundreds of millions of dollars in illicit payments from financial firms seeking to win the fund's business. The scheme is described as having operated over a lengthy period.
The available reporting does not detail the specific basis for the liability finding or the precise payments attributed to Man Group. Readers should note that the figure of around $155 million reflects potential liability as reported and that further proceedings, appeals, or settlements may follow. Institutional investors with exposure to Man Group or to the broader case should monitor subsequent court filings and company disclosures.
Man Group was one of dozens of defendants named in a sprawling London lawsuit brought by the Kuwaiti fund. The Public Institution for Social Security alleges that its former director general, Fahad al Rajaan, who has since died, extracted hundreds of millions of dollars in illicit payments from financial firms seeking to win the fund's business. The scheme is described as having operated over a lengthy period.
The available reporting does not detail the specific basis for the liability finding or the precise payments attributed to Man Group. Readers should note that the figure of around $155 million reflects potential liability as reported and that further proceedings, appeals, or settlements may follow. Institutional investors with exposure to Man Group or to the broader case should monitor subsequent court filings and company disclosures.
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