“Proven corruption on a breathtaking scale”: Commercial Court victory for PIFSS following longest trial in 20 years

The Commercial Court has handed down judgment in favour of the Kuwait state pension fund in the mammoth PIFSS v Al-Wazzan [2026] EWHC 2847 (Comm) litigation. Hugh Norbury KC, Ruth Jordan and Jon Turnbull formed part of a successful multi-chambers team acting for the Claimant in one of the largest corruption disputes ever heard in the Commercial Court. 

The Court found PIFSS had succeeded in proving “corruption on a breathtaking scale, involving many individuals who had reached senior positions in public office or the financial services industries of fund management and banking.” PIFSS’ claims related to c. USD 1 billion of secret commission paid to the former Director General of PIFSS, Fahad Al Rajaan, by a number of financial institutions and intermediaries. PIFSS was successful in substantially all of its claims including those against the Estate of Mr Al Rajaan, investment managers including the Man Group, and intermediaries and bankers who had assisted in concealing the payments. A number of Swiss banks settled during trial or prior to judgment.

The year-long trial, which concluded in March, was the longest trial in the Commercial Court for 20 years. The c. 800-page judgment provides a detailed analysis of Kuwaiti and Swiss law claims in relation to bribery, corruption and money laundering. It also considers English law rules of private international law and justiciability.  

Hugh Norbury KC, Ruth Jordan and Jon Turnbull were instructed by Mo Bhaskaran, Martin Walsh, Nick Haworth, Pia Mithani, Zach Sananes and Laura Jenkins of Stewarts Law LLP for The Public Institution of Social Security of Kuwait. They acted alongside Stuart Ritchie KC, Anna Dilnot KC, Louise Merrett, Christopher Burdin, Nico Leslie, Mark Belshaw, Joshua Kimblin and Andrew Currie (of Fountain Court, Essex Court and 3VB).