|09 January, 2019

Kuwait pension fund says files lawsuit against UK's MAN Group

The pension fund is seeking $156million in compensation relating to secret contracts between MAN Group and a former PIFSS executive between 1996 to 2013

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017.

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017.

Getty Images/Emad Aljumah

Kuwait’s Public Institution for Social Security (PIFSS) said on Wednesday it had filed a lawsuit against UK asset manager MAN Group Plc and its subsidiaries.

The pension fund is seeking $156 million in compensation relating to secret contracts between MAN Group and a former PIFSS executive between 1996 to 2013, it said in a statement.

The lawsuit was filed with the UK's Supreme Court, the fund said in the statement.

(Reporting by Hadeel Al Sayegh; editing by Jason Neely) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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