Croatia says it has defeated a €230 million claim brought by a Canadian real estate investor who sought to invoke a treaty on issues of state succession – as the state gears up for a new arbitration with Hungarian oil and gas group MOL.
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LONDON (Reuters) - A lawyer representing the Kuwait Investment Authority’s London office has told an employment tribunal that the fund should be covered by diplomatic immunity in a legal wrangle involving former staff who accuse it of victimisation.
Former fixed income head Simon Hard and another former staff member are pursuing an employment tribunal case against the Kuwait Investment Office (KIO), part of one of the world’s largest sovereign wealth funds, for alleged victimisation, discrimination and so-called whistleblowing detriment.
The former employees are themselves being sued by the fund over an alleged conspiracy to award unlawful pay rises, which they deny, but the High Court in July granted them a stay of application in that case in order to allow them to go ahead with their employment tribunal.
Kuwait Fund Claims Immunity in Bonus Fight With Ex-Managers
Bloomberg 2/3/2021 Jonathan Browning
(Bloomberg) Kuwait’s sovereign wealth fund, in the middle of a lawsuit with former managers at its U.K. office, says diplomatic immunity means it can avoid handing over “sensitive” documents to the court.
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The Kuwait Investment Authority is challenging an employment claim from a former executive, Simon Hard, saying he raised salaries and bonuses while his boss was away. The fund’s London branch is appealing a “remarkable and invasive” order that it provide internal emails and investment mandates.
“The making of these orders violates both the [fund’s], and the State of Kuwait’s, rights in international law, with potential consequences for Her Majesty’s Government in the conduct of the U.K.’s international relations,” the fund’s lawyer, Dan Sarooshi, said in a legal filing for Wednesday’s hearing.