KIO switches lawsuit to London
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.BARCELONA - The Kuwait Investment Office is planning to move the legal action against its former managers to the UK after having its case rejected in Spain, writes Justin Webster.
A spokesman for Grupo Torras, the KIO's collapsed Spanish holding company, confirmed that a writ was being prepared in London but declined to comment on who would be named in it.
Last month the KIO was surprised when a 170-page writ prepared by a Spanish law firm - which accused Fahad al-Sabah, former chairman of the KIO, Fouad Jaffar, its former general manager, and five Spanish managers of conducting a fraud of more than 100,000m pesetas ( pounds 610m) - was thrown out by a Spanish court.
The judge in charge of financial cases, Miguel Moreiras, ruled that the investigation into the collapse of Grupo Torras should continue as a civil case - already in motion after Torras filed for protection from its creditors.
'In order for (the former managers) to receive a criminal sentence it would be necessary that this type of fraudulent or unfair management were included in our penal code,' Mr Moreiras said. He added that although this had been proposed the reforms had not yet passed into law.
The writ alleged fraud, misappropriation of funds, machination to alter prices, tax evasion and falsifying documents. The KIO has appealed against the decision.
Carlos Solchaga, the Spanish economics minister, resisted pressure from the main opposition parties to open a parliamentary commission into Grupo Torras.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments