{
  "id": 18485903,
  "title": "Man Group faces $155m liability after ruling in Kuwaiti pension fund bribery case",
  "url": "https://urgent.news/2026/11/06/man-group-faces-155m-liability-after-ruling-in-kuwaiti-pension-fund",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T10:23:00.000Z",
  "source": {
    "name": "Hedgeweek",
    "slug": "hedgeweek",
    "url": "https://hedgeweek.com/news/man-group-faces-155m-liability-after-ruling-in-kuwaiti-pension-fund-bribery-case"
  },
  "original_language": "en",
  "account": "Man Group, a UK-based investment firm, faces potential financial liability of up to $155 million following a ruling in a corruption case involving a Kuwaiti pension fund. The case, which has been the subject of a year-long civil trial, alleges that two former subsidiaries of Man Group were aware of and participated in a scheme that involved bribing the former director general of Kuwait's Public Institution for Social Security (PIFSS). The scheme reportedly resulted in the diversion of approximately $1 billion from the pension fund over several decades. The ruling, delivered by Judge Richard Jacobs, also criticized an internal compliance review conducted during the tenure of the current CEO of Man Group, which cleared those involved in the alleged wrongdoing. Former Man Group Middle East head Antoine Massad was found personally liable for his participation in the bribery arrangements. The firm has expressed its disagreement with the ruling, describing it as a matter related to a contract terminated over 30 years ago and has stated that it is evaluating its options, including the possibility of an appeal.",
  "summary": "Man Group faces a potential $155m payment after a London judge found two of its subsidiaries liable in a corruption case involving Kuwait's state pension fund, sending its shares down as much as 5.9%, according to a report by Bloomberg. The ruling follows a year-long civil trial into allegations that Fahad al Rajaan, the former director general of Kuwait's Public Institution for Social Security…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}