In a judgment handed down on 5 November 2026, the Commercial Court found that the Public Institution for Social Security (“PIFSS”) succeeded in its claim to recover around USD 1 billion in secret commissions paid to its former director general, Mr Fahad Maziad Al Rajaan, and his associates over the course of 30 years. The case involved the longest Commercial Court trial for 20 years, since BCCI v Bank of England, lasting a year and heard across 133 sitting days.
PIFSS, which operates Kuwait’s social security system, succeeded in establishing tortious corruption across all of the schemes alleged. The defendants to those schemes included associates of Mr Al Rajaan as well as domestic and international financial institutions involved in bribing him or in laundering the proceeds of the secret commissions. PIFSS separately settled its claims against two Swiss banks, Union Bancaire Privée, UBP SA and EFG Bank AG, for substantial sums.
Mr Al Rajaan used his “power and influence in order to procure the payment to himself, and his associates, of around USD 1 billion in commissions on the monies that PIFSS invested with various fund managers around the world”. The commissions were “secret and never disclosed to PIFSS” and were received in violation of Kuwaiti public property and anti-bribery laws.
The judgment contains a sustained analysis of private international law principles and the law relating to justiciability of claims established by reference to breach of criminal and public laws.
PIFSS was represented by Stuart Ritchie KC, Louise Merrett, Nico Leslie and Andrew Currie, along with Hugh Norbury KC, Anna Dilnot KC, Ruth Jordan, Christopher Burdin, Mark Belshaw, Jon Turnbull and Joshua Kimblin. The Man Defendants were represented by Leonora Sagan, along with Joe Smouha KC, James Collins KC, Felix Wardle and Freddie Onslow. AUB Trustees (Guernsey) Ltd was represented by Nick Daly along with Edward Cumming KC.
The judgment can be found here.
