The Public Institute for Social Security has filed a lawsuit in the Court of Appeal in London demanding that two Swiss banks operating in Britain be forced to give explanations about money laundering and bribery accusations related to the case of the former Institute director Fahd Al-Rajaan, stressing the terms of court judgment do not prevent investigations into such allegations. Al-Rai quoting sources said recourse to the Court of Appeal came after the British Supreme Court had rejected the lawsuit in this regard filed in March 2021 by the Institute.
And according to what was published by “law360.com” website, which specializes in judicial affairs, the Institute lawyers demanded, in their appeal, annulment of the Supreme Court’s decision, which ruled last March that the Institute was not entitled to seek a request for investigation, accusing the Swiss banks “Pictet and SAE” and Bank of Mirabud & Sci SE paid secret kickbacks (bribes) to Al-Raja’an.
The British Supreme Court had issued its decision on the grounds that the two Swiss banks and their ten branches, their chief employees and their lawyers are under binding judicial terms that protect them from prosecution outside Geneva and Luxembourg.
But Counselor Daniel Bird, the foundation’s chief lawyer, said in the context of the appeal that “these provisions of the court apply to disputes arising from money that are deposited in the accounts of the two banks, but they do not apply to money that comes through secret commissions received by Al-Raja’an, which are commissions,” which the Institute asserts has been laundered through a network of corrupt schemes.”
“We argue in our lawsuit that it was not correct for the Supreme Court to reach the conclusion that the charges regarding these secret kickbacks fall within the scope of this corrupt relationship that arose from opening those bank accounts,” Bird added.
In the context of the original lawsuit filed, the institution had demanded to fine the two banks $500 million for laundering secret commissions over two decades (20 years). The site indicated that Al-Raja’an and the other defendants admitted those commissions, but they denied that they were illegal.
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