Kuwait's Al Raya Investment Company, whose chief executive officer was found dead last week, yesterday said it will cooperate with US authorities in a lawsuit filed against it over allegedly improper stock trades.
"The company would like to declare to the public and to its shareholders that it will cooperate with all regulatory authorities with regard to allegations from the SEC," Al Raya said.
Al Raya said its board has been investigating the lawsuit filed against it by US securities regulators despite the death of its CEO, Hazeem Al Braikan.
"We regret that he [Al Braikan] was not able to clear his position against the allegations from the SEC," it said.
Last week, Braikan was found dead in an apparent suicide that sent shockwaves through the Gulf Arab financial sector.
The US Securities and Exchange Commission filed a lawsuit against Al Braikan and two other financial firms last month, accusing them of having improperly earned millions of dollars from trades in shares of two US firms, Harman International Industries and Textron.
Al Braikan was chief executive of Al Raya, which is 10 per cent owned by Citigroup. Other major investors in Al Raya include Kuwait Projects, a firm linked to Kuwait's ruling family.
Al Raya said it would continue with business as usual. The firm had previously said it had committed no violations after the lawsuit was filed by the SEC
"The company would like to declare to the public and to its shareholders that it will cooperate with all regulatory authorities with regard to allegations from the SEC," Al Raya said.
Al Raya said its board has been investigating the lawsuit filed against it by US securities regulators despite the death of its CEO, Hazeem Al Braikan.
"We regret that he [Al Braikan] was not able to clear his position against the allegations from the SEC," it said.
Last week, Braikan was found dead in an apparent suicide that sent shockwaves through the Gulf Arab financial sector.
The US Securities and Exchange Commission filed a lawsuit against Al Braikan and two other financial firms last month, accusing them of having improperly earned millions of dollars from trades in shares of two US firms, Harman International Industries and Textron.
Al Braikan was chief executive of Al Raya, which is 10 per cent owned by Citigroup. Other major investors in Al Raya include Kuwait Projects, a firm linked to Kuwait's ruling family.
Al Raya said it would continue with business as usual. The firm had previously said it had committed no violations after the lawsuit was filed by the SEC
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