EFG International Settles Legal Dispute with Kuwait's PIFSS, Ends Litigation Risk
EFG International Reaches Final Settlement with Kuwait's Public Pension Fund
Background of the Legal Dispute
ZURICH, Sept 23 (Reuters) - EFG International has reached a final settlement with the Public Institution for Social Security (PIFSS) of Kuwait related to civil proceedings in the UK, the Swiss private bank said on Wednesday.
Allegations Against EFG and Other Parties
Kuwait's public pension fund had accused asset manager Man Group, EFG and others of laundering bribes paid to its late director.
Financial Impact of the Settlement
Provision and Additional Impact
EFG, which has already recorded a provision to cover the case, said the settlement will result in a marginal additional impact of about 5 million Swiss francs ($6.09 million)to its net profit in the second half of 2026.
Removal of Litigation Risk
The settlement removes all legacy litigation risk for EFG related to the claims at issue in the UK proceedings, which related to events between 1995 and 2012, it added.
Currency Exchange Rate
($1 = 0.8214 Swiss francs)
Reporting Credits
(Reporting by John RevillEditing by Linda Pasquini)
