Asset Recovery Watch

ARW-109
Kuwaiti Investment Organization
Kuwait
Kuwaiti Investment Organization Management (inclusive 1989-1992)
United Kingdom
Location of Recovery Effort, Asset Location / Alleged Asset Location
1993
Unknown
Art.17, Art.23
Yes
Private Civil Action
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).
Completed
Final Judgment (No Appeal)
$548,000,000 (worldwide total for which ARW has official documentation; please see Summary field)
No
NA

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) provides an overview of Kuwaiti Investment Organization's worldwide recovery efforts. The Case Study noted that legal actions took place in a total of nineteen jurisdictions, including the Bahamas, Cayman Islands, Jersey, Kuwait, Spain, Switzerland the United Kingdom. (Please see separate entries.) In 1993, the Kuwaiti Investment Organization initiated civil proceedings which resulted in a 1999 judgment in the UK commercial court in its favor of $687 million in damages. [1999 EWHC 300 (Comm) - Grupo Torras SA and Torras Hostench London Limited (in liquidation), Plaintiffs, -and- Sheikh Fahad Mohammed Al-Sabah, and others (total 56 defendants, comprised of natural persons and associated corporate vehicles). The United Kingdom judgment was the basis for proceedings in the Bahamas, Cayman Islands, and Jersey where trusts and other assets belonging to the main defendant Sheikh Fahad were located.

Unknown

National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization; Kuwaiti Public Prosecutor
Unknown
National Team established by the Kuwaiti Investment Organization
National Team established by the Kuwaiti Investment Organization
High Court of Justice, Queen's Bench Division, Commercial Court