Kuwait's Al-Raya to cooperate on U.S. lawsuit

Image by Kuwait-Ra'ed Qutena via Flickr

Kuwait's Al-Raya Investment Co, whose CEO was found dead last month, said on Monday it will cooperate with the U.S. authorities in a lawsuit filed against it over allegedly improper stock trades.

"The company would like to declare to the public and to its shareholders that it will cooperate with all regulatory authorities with regard to allegations from the SEC," Al-Raya said in a statement received by news agency Reuters.

Al-Raya said its board has been investigating the lawsuit filed against it by U.S. securities regulators despite the death of Chief Executive Hazem al-Braikan.