Bloomberg Agency revealed that the Kuwait Investment Authority agreed to settle a legal dispute over bonuses with former managers of the London Investment Office, after a number of lawsuits emerged in this regard and the British government attempted to intervene to resolve the dispute.
The agency stated that the KIA had entered into a legal dispute with Simon Hard, the former head of fixed income at the London Investment Office, after he filed a lawsuit against the KIA before a British court on charges of reporting irregularities and discrimination on the basis of age. The proceedings took place on Tuesday, reports Al-Qabas daily.
Bloomberg indicated that the Kuwait Investment Authority responded by filing a lawsuit before the British Supreme Court, accusing Hard of increasing the budget expenses of the London Investment Office, by raising salaries and bonuses, while one of the office’s senior executives was on vacation.
The agency said, “Then the office was asked to hand over sensitive documents in the employment sector, and the British Foreign Office asked Kuwait to clarify whether some of the office’s employees enjoyed diplomatic immunity.”
Sources added, “Two former employees of the London Investment Office, Prashant Vithlani, former head of the stock sector, and Caroline Taylor, former head of human resources, also filed a lawsuit against the office.”
The sources concluded saying, “However, an official in a British court announced on Tuesday that the three cases had been withdrawn, although the details of the settlement were not announced.”