Kuwait sovereign wealth fund fights court battle with fired executives | Financial Times:
The Kuwait Investment Authority’s London arm has launched High Court proceedings against former executives over an alleged conspiracy to award unlawful pay increases.
The case is part of a broader dispute between the $600bn sovereign wealth fund and a number of former employees, which began during a period of upheaval after Saleh Al-Ateeqi, a former McKinsey partner who once worked for Tony Blair, was appointed president of the Kuwait Investment Office in April 2018.
More than 30 out of the KIO’s roughly 100 employees have left the organisation since the start of 2018, according to people familiar with the matter.
The KIO, which opened an office in London in 1953, is the world’s oldest sovereign wealth fund; the KIA was established in 1982 as the KIO’s parent firm.
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