August 10, 2022 banking

Kuwait may lose $100 million in the Al-Raja’an case


Kuwait has refused to settle scores with Swiss banks, in exchange for the extradition of the fugitive Fahd Al-Raja’an, as sources claimed that the settlement might mix papers in favor of Al-Raja’an and the other defendants.

The source clarified that after losing two trial levels in London so far, it is very likely that Kuwait will not be allowed to appeal decisions before the British Supreme Court, and it will have to pay millions of pounds, in attorneys’ fees and trial expenses to the defendants, reports a local Arabic daily.

The source pointed out that time is not in Kuwait’s interest if it files new cases in Swiss courts, so directives were issued to complete legal litigation in British courts, indicating that it is very embarrassing for Kuwait to lose the third round of the trial in London, and it is again ends up paying millions to the plaintiff. They have to, especially since Britain is no longer part of Europe after the Brexit agreement, and the Lugano Treaty does not apply to it.

The source indicated that the Swiss lawyers strongly advised Kuwait to accept the offer of PICTET Bank (100 million dollars), and to end the matter by settling for this amount, as this step will encourage the rest of the Swiss banks to pay the remaining settlements to end the issue of the dispute with Kuwait.

The source confirmed that this decisive step will put an end to Al-Rajaan’s allegations that he is a political refugee, and accordingly he will be immediately handed over to the Kuwaiti authorities, and his claim will turn from a political refugee to a fugitive from justice.

Regarding not following this path, the legal source stated: “If Kuwait exceeds the date of August 23 and does not finish the matter before the Swiss courts by this date, it is likely that it will lose the $100 million offered by PICTET Bank,” adding: “It seems that lawyers in London do not want to end the matter amicably so that they can continue to collect huge fees from Kuwait.”

The legal source pointed out that Kuwait’s legal position was weak from the beginning, due to its resorting to bringing its cases before British courts, instead of bringing them before Swiss courts, as suspicious financial transfers to Al-Raja’an took place in some Swiss banks.

The source reiterated that public money is at risk in the event of losing the case and paying millions of pounds in compensation.

timeskuwait



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