Jurisdiction win in $860m Middle East-Swiss fraud dispute

  Approach

We advise and continue to act for Mr Amouzegar in a complex, multi-jurisdictional dispute involving allegations of secret commissions linked to PIFSS, Kuwait’s $100bn state pension fund. The claim focuses on investments made with Swiss banks, including Pictet and VP Bank. We successfully challenged the jurisdiction of the English courts in relation to the Pictet scheme — a decision upheld by the Court of Appeal, with the Supreme Court subsequently rejecting PIFSS’s application for permission to appeal.

 Proceedings relating to the VP Bank scheme — including a further jurisdictional challenge — are ongoing.

The trial in England concerning the remaining matters before the English courts began in March 2025 and is expected to last a year.

PIFSS has also commenced parallel proceedings in Switzerland against Mr Amouzegar, and developments in the English case are being closely monitored for their potential impact on the Swiss action.

Outcome

We secured a significant jurisdictional victory in 2020, confirmed by the Court of Appeal in 2021/22, effectively limiting our client’s exposure in England. The Claimant subsequently failed to include the VP Bank allegations against our client in the English trial. While proceedings relating to the Pictet scheme continue in Switzerland, our early success in narrowing the scope of the English claim has provided a strategic advantage and enabled us to shape the narrative across jurisdictions.

Impact

Our jurisdictional challenge not only delivered a legal win but materially reduced the complexity, cost, and reputational risk for our client. With proceedings in England and Switzerland running concurrently, our coordination across borders ensures consistency in defence and preserves our client’s position in both venues. The case highlights our ability to navigate international disputes, align strategy across legal systems, and deliver results where the stakes – financial and reputational – are exceptionally high.