Gulf investor asks US court to subpoena Kuwait lobbying records

      Published on Saturday, 4 January , 2020      712 Views     
Gulf investor asks US court to subpoena Kuwait lobbying records


A Kuwait-based corporation is asking a US court to shed light on the multimillion-dollar lobbying and public relations effort launched by Kuwait-based KGL Investment (KGLI) and its Cayman Islands-based Port Fund on behalf of its former executives, Marsha Lazareva and Saeed Dashti, who are accused of swindling investors.




The Gulf Investment Corporation (GIC) asked a federal court last week to subpoena a dozen banks in New York as part of a potential lawsuit against the Port Fund.

The GIC has notably asked for “documents and information” regarding US dollar transactions between “Port Fund companies” and lobbying and public relations firms, arguing the lawsuit is expected to address “the potential misappropriation of Port Fund assets to fund payments to lobbying and public relations firms who were hired (a) without the knowledge or consent of the Port Fund’s limited partners, and/or (b) to disparage the reputation of the State of Kuwait (one of GIC’s owners) in an attempt to secure the release from prison of KGLI principals Lazareva and Dashti.”

At the heart of the dispute are discrepancies over Port Fund investments in the Philippines, the profits of which the GIC says were not fully distributed to investors.

The GIC also claims that “suspicious litigation in Dubai” by the Port Fund’s fund manager led to an “uncontested award of $57 million to the fund manager that was concealed from the Port Fund’s limited partners.”

In a statement to Al-Monitor, the Port Fund said “all the transactions are legal, fully documented, legitimate and within the authority granted to the Port Fund managers.

We are surprised that a prestigious company like the Gulf Investment Corporation has allowed itself to become associated with these false allegations, especially after the Port Fund returned a significant profit to all investors.”

The GIC, which is owned by the six Gulf Cooperation Council states, is considering suing the Port Fund in the Cayman Islands, but a federal law from 1948 makes it possible for foreign actors to request discovery in the United States.

The requested subpoenas could shed light on the activities of high-level lobbyists, including former Senate Majority Leader Trent Lott, R-Miss., former Veterans Affairs Secretary and Republican National Committee Chairman R. James Nicholson and former Associate Deputy Secretary of Energy Randa Fahmy.

Their respective firms — Squire Patton Boggs, Brownstein Hyatt Farber Schreck and Fahmy Hudome International — were listed in the court documents, along with law firm Crowell & Moring, all of which formerly lobbied for the Port Fund and now work for KGLI. PR firms Sanglier Media and Tricuro, which work directly for Lazareva, are also listed.



KGLI and the Port Fund have spent more than $4 million on lobbying since 2018. Transactions with lobbying and public relations firms are being sought from five banks: Bank of New York, Citibank, HSBC, JP Morgan and Standard Chartered.

Keywords:
Category Business | 2020/01/04 latest update at 11:39 AM
Source : Al Monitor | Photocredit : Google
713 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.


No coronavirus in Kuwait; Kuwait vows China support
Kuwait Kuwait news

No coronavirus in Kuwait; Kuwait vows China support

Chinese Ambassador to Kuwait Li Minggang said Tuesday he had fruitful meetings with high-level Kuwaiti officials, closely monitoring…

Kuwait, Saudi Arabia start trial oil pumping from divided zone: Kuwait minister

Gulf Arabs back effort, not peace plan

Egypt, Saudi Arabia to sign power linkage contracts in May

Kuwait marks Amir’s 14-year rule Emir

Kuwait marks Amir’s 14-year rule

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah attended a flag hoisting ceremony at Bayan Palace on…

Kuwait Amir’s representative attends Saudi Camel Festival Emir

Kuwait Amir’s representative attends Saudi Camel Festival

Representative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince…

Kuwait Amir orders 3 days of mourning on Qaboos’ demise Emir

Kuwait Amir orders 3 days of mourning on Qaboos’ demise

All government institutions will shut down and Kuwait Flag will fly at half-mast for three days, according to…

Saudi King Sends Message on Bilateral Ties to Emir of Kuwait Emir

Saudi King Sends Message on Bilateral Ties to Emir of Kuwait

Custodian of the Two Holy Mosques King Salman bin Abdulaziz sent on Monday a message on bilateral relations…

GULF TV

Popular in GULF TV

FEBRUARY LIGHTS KUWAIT

6353 Views

FEBRUARY LIGHTS KUWAIT

Latest videos in GULF TV

805 Views

Clouds in Kuwait

Technology

Kuwait lifestyle and lifestyle Kuwait news

Lifestyle

Kuwait lifestyle and lifestyle Kuwait news

Culture

Culture news and Kuwait culture news

Sport

Sport news from Kuwait and world sport news

Events

Kuwait Events and Events News

Government

Kuwait government News

Emir

News from the Emir of Kuwait