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Al Rajaan ... assets forzen.

Kuwait freezes assets of former AUB chairman

KUWAIT, January 28, 2015

Kuwaiti authorities have reportedly issued orders to freeze the property and assets of the former head of a Bahraini bank, a report said.

It was reported yesterday that former Ahli United Bank (AUB) chairman Fahad Al Rajaan had resigned from his position for 'personal reasons'.

However, Kuwaiti newspaper Al Jarida has claimed that Kuwait's Public Prosecution has issued orders to freeze his property and assets, as well as those of his relatives, a report in Gulf Daily News (GDN), our sister newspaper, said.

It said Al Rajaan was wanted for questioning over allegations of financial misconduct at the Kuwait Social Security Department, where he was formerly director-general.

The newspaper also stated that Al Rajaan planned to challenge allegations of wrongdoing and seek to lift the asset freeze.

Neither Al Rajaan nor representatives of AUB could be reached for comment yesterday.

Al Rajaan was listed among the 500 most powerful Arabs in the world in 2013 and had served as chairman of AUB since 2000.

He is also chairman of Wafra Investment Advisory Group, Kuwait; Ahli United Bank, Egypt; United Bank of Kuwait, London; and Kuwait Real Estate Investment Consortium.

He is also director-general of Public Institute for Social Security, Kuwait. - TradeArabia News Service
 




Tags: Ahli United Bank | AUB |

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