Asset Recovery Watch

ARW-104
Kuwaiti Investment Organization
Kuwait
Kuwaiti Investment Organization Management (inclusive 1989-1992)
Cayman Islands
Location of Recovery Effort, Asset Location / Alleged Asset Location
Unknown
Yes
Actions Initiated by Foreign Jurisdiction
No
N/A
"The following items were critical to the success of asset recovery in the Kuwaiti case. -The establishment of a dedicated and competent National Team was critical to the success of the initiative. - Political will was secured to ensure the success of asset recovery. - The elimination of pressures helped to achieve breakthrough successes for stolen assets recovery efforts. - Processes were initiated against individuals, rather than institutions, resulting in less resistance and fewer legal battles. - Private law actions, for several reasons, were a well-established route for asset recovery." (Source: Dr. Mohammad A.A. Al Moqatei, "Stolen Asset Recovery: A Case from Kuwait," in Stolen Asset Recovery: A Good Practices Guide for Non-Conviction Based Asset Forfeiture (Stolen Asset Recovery Initiative, 2009).
Completed
Assets Returned to Victim or Requesting Jurisdiction
Please see United Kingdom entry for worldwide total assets returned amount
Unknown
Unspecified

The Kuwaiti Investment Organization sought enforcement of the English judgment in the Cayman Islands. Early restraint orders were obtained by the Kuwaiti Investment Organization, enabling them to freeze trust assets belonging to Sheikh Fahad. Trusts maintained in Cayman by Sheikh Fahad were made to surrender their more than $30 million in assets, in partial satisfaction of the English judgment. (Source: Cayman Islands Government, "Enforcement of Judgments in Practice," posted at Cayman Islands Government website, at http://www.gov.ky/portal/page?_pageid=1142,1687439&_dad=portal&_schema=P....)

Unspecified

National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization; Kuwaiti Public Prosecutor
Unspecified
National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization
Grand Court