NASSAU-The former director of Kuwait’s main pension fund has had his Bahamian assets frozen as officials seek to recover the nearly $850 million he allegedly stole.
Fahad Al Rajaan, 73, is accused of siphoning hundreds of millions of dollars during the three decades that he served as the director of the Public Institution for Social Security.
Al-Rajaan’s fled to London, England in 2015.
In June 2019, Al-Rajaan was convicted in abstentia in a Kuwait court of embezzling public funds and hiding the money in accounts abroad. He was sentenced to life in prison.
On October 16, 2019, the English High Court granted a world freezing order against Al-Rajaan, preventing him of disposing of assets anywhere in the world up to the value of $847.7 million, pending a civil suit.
Al-Rajaan has extensive assets in The Bahamas including $60 million in cash.
As a result, the fund applied to have the world freezing order registered here to prevent Al-Rajaan from disposing of those assets.
Justice Indra Charles granted the application on Monday,January 31.
Al Rajaan reportedly also has assets in countries such as Switzerland, Bahrain, Lebanon, the US, Singapore and Lichtenstein.
