KUWAIT, July 25 (Reuters) - Kuwait's Al Raya Investment said on Saturday it has committed no violations after the U.S. Securities and Exchange Commission sued its CEO financier Hazem Khalid Al-Braikan over suspicious stock trades.
'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 obtained by Reuters.
'The board ... confirms the correctness of these dealings made by the CEO on behalf of the company,' added the company, which is 10 percent owned by Citigroup Inc.
Braikan said in a separate statement that he has named a U.S. attorney for the case.
On Thursday, the SEC sued al-Braikan and entities linked to him saying they earned millions from trades after 'fraudulent' takeover reports sent the shares of U.S. firms Harman International Industries and Textron soaring.
(Reporting by Rania El Gamal; Editing by Firouz Sedarat) Keywords: HARMAN ALRAYA/ (rania.elgamal@reuters.com; +965 224 089 45; Reuters Messaging:rania.elgamal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'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 obtained by Reuters.
'The board ... confirms the correctness of these dealings made by the CEO on behalf of the company,' added the company, which is 10 percent owned by Citigroup Inc.
Braikan said in a separate statement that he has named a U.S. attorney for the case.
On Thursday, the SEC sued al-Braikan and entities linked to him saying they earned millions from trades after 'fraudulent' takeover reports sent the shares of U.S. firms Harman International Industries and Textron soaring.
(Reporting by Rania El Gamal; Editing by Firouz Sedarat) Keywords: HARMAN ALRAYA/ (rania.elgamal@reuters.com; +965 224 089 45; Reuters Messaging:rania.elgamal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.