Kuwaiti royals face US Magnitsky risk

Published in GSN, 18 July 2019

Two members of Kuwait’s royal family, along with a number of other officials, are at risk of being targeted by United States sanctions, in the latest twist in the long-running saga over alleged fraud and embezzlement at Kuwaiti-owned investment vehicle The Port Fund.

At least three members of the US Congress have written to Treasury secretary Steve Mnuchin in recent months, asking him to start a Global Magnitsky Act investigation into six Kuwaitis for their involvement in the detention, on what they say are false charges, of KGL Investment (KGLI) managing director Marsha Lazareva. KGLI ran the troubled fund. The first letter, sent on 25 April, was from Senator Roger Wicker (Republican, Mississippi) and Representative Steve Chabot (Republican, Ohio). It was followed on 28 June by a similar letter from Representative Madeleine Dean (Democrat, Pennsylvania).

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