The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. REUTERS
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.
Kuwait’s public pension fund had accused asset manager Man Group, EFG and others of laundering bribes paid to its late director.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.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.
Reporting by John Revill Editing by Linda Pasquini
