Asset Recovery Watch

ARW-105
Kuwaiti Investment Organization
Kuwait
Kuwaiti Investment Organization Management (inclusive 1989-1992)
Jersey
Location of Recovery Effort, Asset Location / Alleged Asset Location
1999
Unknown
Art.17, Art.23
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
Please see United Kingdom entry for worldwide total assets returned amount
No
N/A

The National Team established by the Kuwaiti Investment Organization sought to enforce the United Kingdom judgment in the Isle of Jersey where its former Sheikh Fahad held assets. The Jersey courts stated in the cases of In the Matter of the Esteem Settlement and the No. 52 Trust (Abacus (C.I.) Limited as Trustee) and Grupo Torras S.A. v. Al Sabah and six others [2002] JLR 53 that between May 1988 and October 1990, Sheikh Fahad conspired with others to defraud Grupo Torras of a total sum of approximately $430 million, of which $120 million was paid to Sheikh Fahad. The court held that (a) Grupo Torras has a proprietary interest of 4.75% of 97 Dulwich Village and 4.27% of 242 Turney Road. Grupo Torras is entitled to an order which enables these interests to be realized. (b) The gift of Ceyla to the Esteem Settlement is to be set aside. Ceyla is entitled to recover the amount owed to it by the Esteem Settlement. (c) The gift of GBP 4 million to the No. 52 Trust is to be set aside. Grupo Torras is entitled to recover the net assets of the No. 52 Trust. (d) The gifts of GBP 1,693,500 and GBP 3,514,339 to the Esteem Settlement are to be set aside to the extent of 9.975% of the current value of 97 Dulwich Village.

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