KIO 'paid dollars 300m to foreign authorities'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE KUWAIT Investment Office paid dollars 300m ( pounds 200m) to 'political authorities and institutions' in Spain and elsewhere in connection with the Gulf war, the Spanish paper El Pais reported at the weekend. It did not specify the other countries involved but said the biggest single payment - to a Swiss bank account with its ultimate destination unknown - was dollars 80m.
Quoting from a confidential document attributed to a former senior official of Grupo Torras, the KIO's Spanish holding company, the paper said the money had been paid out of Torras funds and mostly through Bankers Trust in Geneva. It said the document had been written at the end of 1992 for the Kuwaiti prosecutor's office.
The aim of the payments, although they went on into 1992, had principally been to ensure the liberation of Kuwait, the paper quoted the document as saying.
Torras suspended payments in December 1992, declaring losses of more than 197bn pesetas (nearly pounds 1bn.) The KIO, based in London, has filed a suit in the UK against the former managers of its Spanish operation for alleged mismanagement.
Financial sources in Spain said the leaking of the document, if genuine, may have been related to the battle between the KIO and the managers, among them the Catalan businessman Javier de la Rosa, formerly vice-chairman of Torras.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments