A wealthy Kuwaiti businessman staying in London faces arrest if he travels to Switzerland for allegedly stealing nearly $850 million (Dh3.12 billion) from Kuwait's main pension fund, which he headed for three decades.
Fahad Al Rajaan, 71, is the central figure of a legal battle being fought in London over seven schemes that were allegedly used to siphon hundreds of millions of dollars from the fund during years of kickbacks and secret commissions.
Al Rajaan is one of 37 defendants in the civil case but two private banks that are also accused say the case should be heard in Switzerland, where most of the deals took place.
The Kuwaiti fund, the Public Institution for Social Security, wants the case to be heard in London where Al Rajaan, the fund's former director general, would give “extensive witness evidence”.
The fund said he would not appear in Switzerland because of the risk of arrest.
He fled to Britain in 2014 but faces prison if he returns to Kuwait after being found guilty in his absence two years later of embezzling the fund. He was sentenced to 10 years in prison.
Papers filed for a hearing this week at London's High Court suggested he also faces arrest if he travels to Switzerland, where he and his wife face charges of embezzlement, misappropriation of funds and money laundering.
Al Rajaan was arrested in London in April 2017 on a request from Kuwait. An order was made for his extradition but he claimed asylum, saying he was a victim of a politically inspired vendetta, which effectively delayed the move.
Sources close to Al Rajaan said there was no ongoing legal action to try to send him back to Kuwait.
Since the extradition attempt, Al Rajaan and his wife, Muna Al Wazzan, were convicted at a second trial in Kuwait, sentenced to life in prison and fined a combined $311m, according to legal papers filed by one of the banks.
The couple are believed to be living in a five-bedroom serviced apartment in Knightsbridge, close to the upmarket Harrods department store and in an area of some of the most expensive properties in the UK. It was bought for £6.7m (Dh31.2m) in 2006.
The former bank chairman and public servant has been living an “extraordinarily lavish lifestyle”, spending at least $210m in the past 30 years, a judge said last month. Al Rajaan, who is accused of receiving more than $500m, is said to have assets in countries such as Switzerland, Bahrain, Lebanon, the US, Singapore and Lichtenstein.
The fund continues to pursue him through the civil courts in the UK and has filed a case in London against Al Rajaan, his wife, Swiss private banks, financiers and middle men, whom the fund claims were complicit in the alleged crimes.
But two of the private banks, Pictet and Mirabaud, are among 10 defendants arguing in the UK's High Court this week that the case should be heard in Geneva, Switzerland, rather than in London.
The fund alleges that Al Rajaan controlled tens of billions of dollars that were sent to investment houses on behalf of the Kuwaiti pension fund but pocketed a slice of the commission using middlemen and siphoned it through offshore accounts.
Banks acted dishonestly by paying the "secret commissions" and by routing the money to disguise where it was going, according to documents filed by the fund. It said the operation used fake names and documents.
A judge in the UK issued a worldwide freezing order last year after finding that the schemes adopted “concealment and subterfuge on a grand scale”.
Al Rajaan accepted that he received the money but denies that he has done anything wrong.
He claimed that the allegations against him were "politically motivated and groundless" and senior Cabinet ministers in Kuwait knew he was receiving money from the investment companies.
He is not involved in the efforts to shift the case from London.
The two banks have denied wrongdoing and said that Swiss banking secrecy rules meant they were unable to properly defend themselves in London.
Pictet said the case should be heard in Switzerland because the only witnesses with links to London were Al Rajaan and his wife, and most of the relevant bank accounts and documents were in Geneva. It said a deal had been struck with the fund to settle any disputes in Switzerland.
Mirabaud said it would “vigorously” defend the allegations against the bank and said the fund was aware of the so-called secret commissions.
The fund is also suing other companies including Man Group, an investment manager, and private Swiss banks EFG International and Union Bancaire Privee.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
From Conquest to Deportation
Jeronim Perovic, Hurst
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Killing of Qassem Suleimani
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
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More from Neighbourhood Watch:
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Killing of Qassem Suleimani
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
More on animal trafficking
More on animal trafficking
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
