Kuwaiti Port Fund dispute draws in rival Agility, senior Al-Sabah and many more

Published in GSN, 18 July 2019

The long-running dispute over alleged fraud at The Port Fund (TPF), a Cayman Islands-registered private equity vehicle which invests in logistics projects and which is run by Kuwait-based KGL Investment (KGLI), is drawing in rival logistics firm Agility, in addition to the members of the Kuwaiti royal family. The details remain murky, but centre on claims that lawyers acting on behalf of Agility have been trying to encourage at least one investor in TPF to launch legal proceedings against the fund.

Crowell & Moring, a US law firm which acts for TPF, has claimed that Bader El-Jeaan, a senior partner at Kuwaiti law firm Meysan Partners – which acts for Agility – has contacted at least one investor in TPF urging that person to take legal action against the fund in the Cayman Islands on the basis of allegedly suspicious transfers made from TPF. Crowell & Moring has written to Meysan Partners calling on it to stop making “false and defamatory” claims about the fund and threatening further legal action.

In a statement, El-Jeaan’s office said “significant questions have been raised in Kuwait’s parliament regarding the Port Fund. These questions should be answered.”

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