Kuwaiti ‘fraud suspect’ found dead

Security officials reportedly find body of businessman facing court case in US.

The SEC had filed a case against al-Braikan in theUS over an alleged fraud [GALLO/GETTY]
The SEC had filed a case against al-Braikan in theUS over an alleged fraud [GALLO/GETTY]

The US Securities and Exchange Commission (SEC) last week charged al-Braikan with scheming to make millions through fake offers to acquire American companies.

The SEC said it was freezing more than $5m in trading profits in his name and three companies he was associated with.

Al-Raya Investment, which is 10 per cent owned by the New York-based banking giant Citigroup, on Saturday denied that it had committed any violations in the US.

“The board of directors of Al-Raya Investment Company has reviewed all pending issues related to the civil lawsuit against it, its chief executive and other companies by the SEC,” Al-Raya said in a statement.

“The board … confirms the correctness of these dealings made by the CEO on behalf of the company.”

In a separate statement, Al-Braikan said that he had named a US lawyer to defend him in the case.

Source : News Agencies

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