Latest news with #PIFSS
Arab Times
18-05-2025
- Arab Times
Retired Syrian soldier jailed 7 yrs in Kuwaiti nationality forgery
KUWAIT CITY, May 18: The Criminal Court sentenced a retired Syrian soldier to seven years in prison, fined him KD961,000 and dismissed him from his job for unlawfully getting his salary, pension and rent allowance; and attempting to obtain a residential plot by forging Kuwaiti citizenship, claiming he is related to a deceased citizen. The Public Prosecution had earlier charged the defendant with unlawfully receiving cash amounting to KD22,430 from the Public Institution for Social Security (PIFSS); when he approached PIFSS employees and requested for pension based on forged documents: his civil identification and Kuwaiti nationality certificate, which falsely indicated that he is a Kuwaiti citizen. He also forced the institution to pay him a periodic pension, thereby enabling him to unlawfully obtain the aforementioned cash. Sources disclosed this crime was inextricably linked to another felony -- forgery of an official document related to the PIFSS database, as revealed in the investigations. Moreover, the Official Gazette (Kuwait Al-Youm) on Sunday published Decree No. 88/2025 revoking the Kuwaiti citizenship of 154 individuals and those who acquired the citizenship through them. This decree covers doctors, preachers, former athletes and media professionals who obtained citizenship based on the 'noble deeds' clause. Kuwait Al-Youm also published Cabinet Resolution No. 553, which revoked the Kuwaiti citizenship of three individuals and those who acquired the citizenship through them; under Article 21bis(A) of Nationality Law No. 15/1959 and its amendments, specifically the stipulations on forgery.
Zawya
18-03-2025
- Business
- Zawya
Kuwait pension fund's $1bln corruption lawsuit begins in UK court
LONDON - Kuwait's public pension fund accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a year-long $1 billion trial began at London's High Court on Monday. The Public Institution for Social Security (PIFSS), which operates Kuwait's social security and pension scheme, is suing the estate of Fahad Al Rajaan, its director from 1984 to 2014. Al Rajaan was in 2016 convicted in his absence of corruption and embezzling public money in Kuwait and died in London in 2022. PIFSS alleges that, over the course of two decades, Al Rajaan and his associates received at least $970 million in bribes, described as commission payments which banks and investment companies did not need to pay. It is suing Man Group seeking around $156 million, alleging the London-listed fund was involved in bribes paid to Al Rajaan to obtain PIFSS investment in Man products. But Man – whose CEO Robyn Grew and her predecessors are due to give evidence – say there is no evidence for PIFSS' case, which a spokesperson said it is "robustly defending". "PIFSS has not identified any evidence showing that Man or its current or former employees knew of any wrongdoing," the spokesperson said. Its lawyers said in court filings that Man knew nothing about Al Rajaan's corruption "let alone (did it) intend for any bribery to occur". EFG Bank is also fighting the case, in which PIFSS is seeking around $450 million for allegedly helping to launder corrupt payments. "PIFSS' bid to recover $450 million from a bank which paid no bribes and was not to any extent unjustly enriched through its relevant dealings is opportunistic and ill-conceived," its lawyer Camilla Bingham said in court filings. She added that the Kuwaiti state had already recovered around $600 million. The trial is due to conclude in early 2026. Reuters
Reuters
17-03-2025
- Business
- Reuters
Kuwait pension fund's $1 billion corruption lawsuit begins in UK court
LONDON, March 17 (Reuters) - Kuwait's public pension fund accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a year-long $1 billion trial began at London's High Court on Monday. The Public Institution for Social Security (PIFSS), which operates Kuwait's social security and pension scheme, is suing the estate of Fahad Al Rajaan, its director from 1984 to 2014. Al Rajaan was in 2016 convicted in his absence of corruption and embezzling public money in Kuwait and died in London in 2022. PIFSS alleges that, over the course of two decades, Al Rajaan and his associates received at least $970 million in bribes, described as commission payments which banks and investment companies did not need to pay. It is suing Man Group (EMG.L), opens new tab seeking around $156 million, alleging the London-listed fund was involved in bribes paid to Al Rajaan to obtain PIFSS investment in Man products. But Man – whose CEO Robyn Grew and her predecessors are due to give evidence – say there is no evidence for PIFSS' case, which a spokesperson said it is "robustly defending". "PIFSS has not identified any evidence showing that Man or its current or former employees knew of any wrongdoing," the spokesperson said. Its lawyers said in court filings that Man knew nothing about Al Rajaan's corruption "let alone (did it) intend for any bribery to occur". EFG Bank [RIC:RIC: is also fighting the case, in which PIFSS is seeking around $450 million for allegedly helping to launder corrupt payments. "PIFSS' bid to recover $450 million from a bank which paid no bribes and was not to any extent unjustly enriched through its relevant dealings is opportunistic and ill-conceived," its lawyer Camilla Bingham said in court filings. She added that the Kuwaiti state had already recovered around $600 million. The trial is due to conclude in early 2026.
Gulf Insider
07-03-2025
- Health
- Gulf Insider
Kuwait To Build $790 Million Medical City For Retirees
Kuwait is set to develop a state-of-the-art medical city dedicated to retirees, a project estimated to cost 243 million Kuwaiti dinars ($790 million). Led by the Public Institution for Social Security (PIFSS), the initiative aims to modernize healthcare services for the country's aging population while integrating international medical standards and expanding private sector involvement. Located in Amghara on an 860,000-square-meter site, the Kuwait Medical City is designed to be a major healthcare hub, offering advanced medical treatment, long-term care, and rehabilitation services. A document reviewed by Al Qabas revealed that the project has already achieved key milestones, including the completion of a 132 KV power station, which has been handed over to the Ministry of Electricity, Water, and Renewable Energy. Infrastructure design work has also been finalized, with bids from contractors currently under review by project consultant KEO. The medical city will include a 400-bed hospital, with plans for future expansion to 800 beds. The facility will feature five specialised centres for cardiac and respiratory diseases, digestive disorders, urology and nephrology, and orthopedic care. In addition to medical services, the complex will house outpatient clinics, long-term care facilities, and rehabilitation services. Surrounding the hospital will be non-medical infrastructure, including residential, commercial, and recreational areas, along with green spaces. Beyond providing world-class healthcare, the project is designed to strengthen Kuwait's medical sector by reducing reliance on overseas treatment and enhancing local research and training programs. It will also create professional and technical job opportunities for Kuwaitis and serve as a training ground for medical students from Kuwait University. The development of Kuwait Medical City is progressing in phases, with 50 million dinars allocated in the 2025-2026 fiscal budget to cover project commitments. Consulting firms will be invited to submit designs for the hospital in July 2025, followed by the selection of a winning bid in November 2025 and the signing of a contract in December 2025. Hospital design and medical equipment selection are expected to be completed by September 2026, with construction set to begin in September 2027. The project is expected to be completed by the end of 2030.
Arab Times
09-02-2025
- Business
- Arab Times
PIFSS hosts exhibition for Kuwaiti retirees to showcase small businesses in Mubarakiya Market
KUWAIT CITY, Feb 9: The Public Institution for Social Security (PIFSS) hosted an exhibition for Kuwaiti retirees with small-scale businesses at Mubarakiya Market on Sunday, marking the country's national holidays. The event, which showcases a variety of local projects, will be open to the public until February 13. Capital Governor Sheikh Abdullah Salem Al-Ali Al-Sabah attended the opening of the exhibition and spoke to the press, expressing the Governorate's strong support for initiatives like this, which are driven by state institutions. He underscored the exhibition's importance in highlighting the talents of retirees, noting that it provides a platform to showcase their experience and skills. 'Such events play a crucial role in helping retirees display and support their small projects,' the governor stated. In an interview with Kuwait News Agency (KUNA), Acting Director General of PIFSS Ahmad Al-Thunayan explained that the exhibition is part of the institution's ongoing commitment to supporting retirees and their entrepreneurial projects. 'Retirees are an important part of our society, and we are proud to support their private ventures,' Al-Thunayan said. He also highlighted that this exhibition is the first of its kind, offering retirees an opportunity to showcase and promote their businesses. The exhibition features 60 pavilions, each displaying a range of projects and activities. Located in Mubarakiya Market, a popular destination with high foot traffic, the exhibition attracts a diverse audience. Al-Thunayan added that PIFSS is dedicated to supporting similar future events, including exhibitions, to benefit Kuwaiti retirees. He reiterated the institution's belief in its social responsibility toward Kuwaiti society and its commitment to providing opportunities for retirees to succeed. The exhibition provides an essential platform for retirees to engage with the community and contribute to the growing entrepreneurial spirit in Kuwait.
