June 7, 2018 / 1:37 PM / 9 months ago

Kuwaiti pension fund says to see Abraaj case through to end

DUBAI, June 7 (Reuters) - A Kuwaiti pension fund that has filed a petition to wind up private equity firm Abraaj over the non-payment of a $100 million loan said on Thursday it was obligated to see the case through to the end to return the funds to Kuwaiti citizens.

Kuwait’s Public Institution for Social Security (PIFSS) is refusing to agree to a debt settlement deal with Abraaj, complicating its efforts to sell its investment management business to New York-based Cerberus Capital Management, sources told Reuters this week.

The PIFSS said it has “legal, fiduciary, and an ethical responsibility” to see its case against Abraaj “through till the end and return these funds”, adding that the funds invested in the Dubai-based private equity firm belong to “the hard working people of Kuwait”. (Reporting by Hadeel Al Sayegh; Editing by Adrian Croft)

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