Asset Recovery Watch

ARW-106
Kuwaiti Investment Organization
Kuwait
Kuwaiti Investment Organization Management (inclusive 1989-1992)
Kuwait
Undertaking Recovery Effort, Location of Recovery Effort
1991
Unknown
Art.17, Art.23
Yes
Criminal Prosecution
No
NA
"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).
Unknown
Unknown [UK judgment noted criminal proceedings in Kuwait]
Please see United Kingdom entry for worldwide total assets returned amount
Unknown
Unspecified

The UK High Court - Queen's Bench, Commercial Court wrote in its June 24, 1999 decision that "According to Sheikh Fahad, [criminal] proceedings have been on foot in Kuwait since 26th October 1992 against him and others for misappropriation of public funds." (Source: Grupo Torras SA & Ors v Sheikh Fahad & Ors [1999] EWHC 300 (Comm) (24 June 1999), at 109.) The same decision notes that the Kuwaiti Public Prosecutor in Kuwait brought criminal proceedings against Sheikh Fahad and others who are "wanted for having embezzled large sums from these companies... that is from GT and THL [Grupo Torras and Torras Hostench London Limited]." (Source: Grupo Torras SA & Ors v Sheikh Fahad & Ors [1999] EWHC 300 (Comm) (24 June 1999), at 108.)

Unspecified

National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization; Kuwaiti Public Prosecutor
National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization