Asset Recovery Watch

ARW-107
Kuwaiti Investment Organization
Kuwait
Kuwaiti Investment Organization Management (inclusive 1989-1992)
Spain
Undertaking Asset Recovery, Location of Recovery Effort, Asset Location / Alleged Asset Location
1993
Unknown
Art.17, Art.23
Yes
Criminal Prosecution and Forfeiture; Private Civil Action
Unknown
Unspecified
"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
Please see United Kingdom entry for worldwide total assets returned amount
Unknown
N/A

According to a press report, in January 1993, the Kuwaiti Investment Organization (KIO) issued writs in the Spanish high court against Sheikh Fahad, Fouad Jaffar, Mr. de la Rosa and four other Spaniards who worked for the KIO. It accuses them of falsifying mercantile and public documents, fraud, manipulating prices and tax evasion, producing losses of well over 100 billion pesetas ($870 million). The KIO also sought a freeze on their assets to cover the alleged financial responsibilities. (Source: Justin Webster, "Kio's Spanish inquisition: The growing scandal of Kuwait's massive losses in Spain is exposing the dirty linen of one of the world's most secretive investment agencies and ringing government alarm bells. As the feud spills into the courts, Justin Webster looks at what lies behind the Grupo Torras disaster," The Independent (UK), January 10, 1993. Grupo Torras SA & Ors v Sheikh Fahad & Ors [1999] EWHC 300 (Comm) (24 June 1999) mentions a case in Spain, 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