Man Group Found Liable by Judge for ‘Breathtaking’ Kuwaiti Bribery
A judge ruled Man Group Plc liable for its role in a massive bribery scheme that siphoned $1 billion from a Kuwaiti pension fund, potentially forcing the firm to pay around $155 million.
The ruling came after a court found the firm’s conduct involved “corruption on a breathtaking scale.” The scheme allegedly spanned decades and targeted a Kuwaiti state-run pension fund. The judge’s decision sent Man Group shares lower as investors reacted to the potential liability.
corruption on a breathtaking scale
The case centers on the misappropriation of approximately $1 billion from the pension fund. While the judge has established liability, the final amount Man Group must pay could differ from the estimated $155 million. The company has not yet commented on the next steps.
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