EFG International resolves Kuwait legal case
EFG International resolves Kuwait legal case ZURICH, Sept 23 (Reuters) - EFG International EFGN.S 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 EMG.L, 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.
($1 = 0.8214 Swiss francs)
(Reporting by John Revill
Editing by Linda Pasquini)((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))
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