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Swiss East Affairs\u2019 forensic report reveals that funds in the high-profile Kuwait<\/em><\/strong>i \u201cArmy Fund\u201d case and the U.S. forfeiture case against Victor Noval originated from private wealth accounts disguised as military-linked deposits, challenging allegations that the assets were misappropriated state funds.<\/em><\/strong><\/p>\n Zurich, Switzerland\u00a0\u2014 (ARAB NEWSWIRE<\/a>) \u2014 Swiss East Affairs GmbH, a leading investigations and intelligence consultancy based in Zurich, has completed a detailed forensic financial analysis report\u00a0\u2014 commissioned and authorized by a prominent Kuwaiti law firm\u00a0\u2014 concerning the source of funds in the high-profile Kuwaiti \u201cArmy Fund\u201d case. The report also partially relates to the U.S. Department of Justice (DOJ) high-profile civil forfeiture case involving American businessman Victorino \u201cVictor\u201d Noval (Docket No. 2:20\u2011cv\u201106314).<\/p>\n Swiss East Affairs investigated the source of funds in the Kuwaiti \u201cArmy Fund\u201d case, in which several prominent political figures and several military officers in the State of Kuwait were accused of misappropriating public funds. The forensic investigation revealed that the bank accounts involved in the \u201cArmy Fund\u201d case were linked to bank accounts related to the U.S. forfeiture case, through which transfers were made to Victorino \u201cVictor\u201d Noval. Noval has been accused of laundering tens of millions of dollars allegedly misappropriated from the Kuwaiti Ministry of Defense.<\/p>\n The investigation conducted by Swiss East Affairs revealed that the funds tied to the \u201cArmy Fund\u201d case\u00a0\u2014 and to the acquisition of luxury real estate and assets in California, including the prominent 157-acre estate known as \u201cThe Mountain\u201d in Beverly Hills\u00a0\u2014 originated not from officially declared state accounts, but from long-standing Retail Fixed Deposit structures held in the name of Kuwait\u2019s Military Attach\u00e9 Office in London at Ahli United Bank (UK) PLC and National Bank of Kuwait (International) PLC.<\/p>\n These deposits\u00a0\u2014 traced back to at least 2001\u00a0\u2014 were neither reported in Kuwait\u2019s Ministry of Defense budgets nor subject to standard financial oversight. Instead, they were managed through discretionary arrangements characteristic of private wealth structures controlled by politically exposed persons (PEPs), rather than by state institutions.<\/p>\n \u201cOur forensic work established that these funds, though referred by the Kuwait authorities to be institutional accounts and public funds, functioned as private banking instruments,\u201d said Dr. Andrea Galli, lead investigator at Swiss East Affairs GmbH. \u201cThe legal and financial characteristics of these accounts\u00a0\u2014 specifically, their classification as Retail Fixed Deposits\u00a0\u2014 strongly indicate that they were structured and treated as privately owned, off-the-books assets.\u201d<\/p>\n In 2023, the Kuwaiti court overseeing the \u201cArmy Fund\u201d case convicted Sheikh Jaber Mubarak Al-Hamad Al-Sabah, former Kuwaiti Prime Minister and Minister of Defense, Khaled Jarrah Al-Sabah, former Minister of Defense, and several other military officers of financial misconduct involving military funds.<\/p>\n Simultaneously, the DOJ alleges that more than USD\u00a0104\u00a0million was embezzled by senior Kuwaiti officials and funneled into the United States between 2012 and 2015, where the funds were used by Noval and associated entities to acquire high-value assets.<\/p>\n The analysis by Swiss East Affairs, however, introduces critical context that will lead to reframe the legal understanding of the funds\u2019 origin and ownership. The forensic reconstruction in both the \u201cArmy Fund\u201d case and the U.S. forfeiture case tracks specific transfers originating from covert military accounts in London and Paris. These funds passed through opaque, classified account structures, with no evidence indicating they were publicly owned or declared.<\/p>\n The evidence in the forensic report by Swiss East Affairs shows that these funds may never have legally belonged to the Kuwaiti state\u00a0\u2014 potentially undermining key claims in the \u201cArmy Fund\u201d and DOJ cases. These findings became particularly relevant during settlement negotiations in early 2025, which led to a partial resolution between the U.S. government, the State of Kuwait, and Victor Noval regarding the forfeiture of certain assets.<\/p>\n Swiss East Affairs confirms that its forensic analysis has been submitted\u00a0\u2014 via legal counsel on behalf of its clients\u00a0\u2014 to the UK Central Authority, and may contribute to ongoing civil and criminal proceedings. The firm\u2019s work includes the reconstruction of over 23\u00a0cross-border financial transfers, totaling more than GBP\u00a070\u00a0million, all originating from secret military-related accounts ultimately tied to the \u201cArmy Fund\u201d and U.S. forfeiture cases.<\/p>\n \u201cWhile legal culpability remains a matter for the courts, our findings raise profound questions about financial governance, sovereign asset accountability, and the intersection of state secrecy with private ownership,\u201d Dr. Galli added.<\/p>\n This raises a fundamental and still unresolved question: Who was the ultimate beneficial owner of these funds? Bank records and informal witness accounts suggest the deposits may have represented private wealth accumulated or safeguarded on behalf of a senior Kuwaiti royal figure. Notably, some sources attribute the origin of these accounts to the late Emir of Kuwait.<\/p>\n Swiss East Affairs GmbH continues to cooperate with relevant authorities to support judicial inquiries into the origin, structure, and legality of the disputed international assets.<\/p>\n Media Contact:<\/strong> This <\/em>press release issued through Arab Newswire (<\/em>www.arabnewswire.com<\/a>) \u2013 a newswire service for Arab World, Middle East and North Africa (MENA), and it is distributed by EmailWire\u2122\u00a0(<\/em>www.emailwire.com<\/a>) \u2013 the global\u00a0newswire service that provides Press release distribution with guaranteed results\u2122.<\/em><\/p>\n<\/p><\/div>\n
Dr. Andrea Galli
Swiss East Affairs GmbH
St\u00fcssistrasse 28, CH-8006 Zurich
E-mail: andrea.galli@swiss-east-affairs.ch<\/a>
Tel.: +41 43 537 80 10<\/p>\n
![<\/a>Sheikh Jaber Mubarak Al-Hamad Al-Sabah, former Kuwaiti Prime Minister and Minister of Defense<\/figcaption><\/figure>\n<\/div>\n <\/p>\nSwiss East Affairs\u2019 forensic report reveals that funds in the high-profile Kuwait<\/em><\/strong>i \u201cArmy Fund\u201d case and the U.S. forfeiture case against Victor Noval originated from private wealth accounts disguised as military-linked deposits, challenging allegations that the assets were misappropriated state funds.<\/em><\/strong><\/p>\nZurich, Switzerland\u00a0\u2014 (ARAB NEWSWIRE<\/a>) \u2014 Swiss East Affairs GmbH, a leading investigations and intelligence consultancy based in Zurich, has completed a detailed forensic financial analysis report\u00a0\u2014 commissioned and authorized by a prominent Kuwaiti law firm\u00a0\u2014 concerning the source of funds in the high-profile Kuwaiti \u201cArmy Fund\u201d case. The report also partially relates to the U.S. Department of Justice (DOJ) high-profile civil forfeiture case involving American businessman Victorino \u201cVictor\u201d Noval (Docket No. 2:20\u2011cv\u201106314).<\/p>\nSwiss East Affairs investigated the source of funds in the Kuwaiti \u201cArmy Fund\u201d case, in which several prominent political figures and several military officers in the State of Kuwait were accused of misappropriating public funds. The forensic investigation revealed that the bank accounts involved in the \u201cArmy Fund\u201d case were linked to bank accounts related to the U.S. forfeiture case, through which transfers were made to Victorino \u201cVictor\u201d Noval. Noval has been accused of laundering tens of millions of dollars allegedly misappropriated from the Kuwaiti Ministry of Defense.<\/p>\nThe investigation conducted by Swiss East Affairs revealed that the funds tied to the \u201cArmy Fund\u201d case\u00a0\u2014 and to the acquisition of luxury real estate and assets in California, including the prominent 157-acre estate known as \u201cThe Mountain\u201d in Beverly Hills\u00a0\u2014 originated not from officially declared state accounts, but from long-standing Retail Fixed Deposit structures held in the name of Kuwait\u2019s Military Attach\u00e9 Office in London at Ahli United Bank (UK) PLC and National Bank of Kuwait (International) PLC.<\/p>\nThese deposits\u00a0\u2014 traced back to at least 2001\u00a0\u2014 were neither reported in Kuwait\u2019s Ministry of Defense budgets nor subject to standard financial oversight. Instead, they were managed through discretionary arrangements characteristic of private wealth structures controlled by politically exposed persons (PEPs), rather than by state institutions.<\/p>\n\u201cOur forensic work established that these funds, though referred by the Kuwait authorities to be institutional accounts and public funds, functioned as private banking instruments,\u201d said Dr. Andrea Galli, lead investigator at Swiss East Affairs GmbH. \u201cThe legal and financial characteristics of these accounts\u00a0\u2014 specifically, their classification as Retail Fixed Deposits\u00a0\u2014 strongly indicate that they were structured and treated as privately owned, off-the-books assets.\u201d<\/p>\nIn 2023, the Kuwaiti court overseeing the \u201cArmy Fund\u201d case convicted Sheikh Jaber Mubarak Al-Hamad Al-Sabah, former Kuwaiti Prime Minister and Minister of Defense, Khaled Jarrah Al-Sabah, former Minister of Defense, and several other military officers of financial misconduct involving military funds.<\/p>\nSimultaneously, the DOJ alleges that more than USD\u00a0104\u00a0million was embezzled by senior Kuwaiti officials and funneled into the United States between 2012 and 2015, where the funds were used by Noval and associated entities to acquire high-value assets.<\/p>\nThe analysis by Swiss East Affairs, however, introduces critical context that will lead to reframe the legal understanding of the funds\u2019 origin and ownership. The forensic reconstruction in both the \u201cArmy Fund\u201d case and the U.S. forfeiture case tracks specific transfers originating from covert military accounts in London and Paris. These funds passed through opaque, classified account structures, with no evidence indicating they were publicly owned or declared.<\/p>\nThe evidence in the forensic report by Swiss East Affairs shows that these funds may never have legally belonged to the Kuwaiti state\u00a0\u2014 potentially undermining key claims in the \u201cArmy Fund\u201d and DOJ cases. These findings became particularly relevant during settlement negotiations in early 2025, which led to a partial resolution between the U.S. government, the State of Kuwait, and Victor Noval regarding the forfeiture of certain assets.<\/p>\nSwiss East Affairs confirms that its forensic analysis has been submitted\u00a0\u2014 via legal counsel on behalf of its clients\u00a0\u2014 to the UK Central Authority, and may contribute to ongoing civil and criminal proceedings. The firm\u2019s work includes the reconstruction of over 23\u00a0cross-border financial transfers, totaling more than GBP\u00a070\u00a0million, all originating from secret military-related accounts ultimately tied to the \u201cArmy Fund\u201d and U.S. forfeiture cases.<\/p>\n\u201cWhile legal culpability remains a matter for the courts, our findings raise profound questions about financial governance, sovereign asset accountability, and the intersection of state secrecy with private ownership,\u201d Dr. Galli added.<\/p>\nThis raises a fundamental and still unresolved question: Who was the ultimate beneficial owner of these funds? Bank records and informal witness accounts suggest the deposits may have represented private wealth accumulated or safeguarded on behalf of a senior Kuwaiti royal figure. Notably, some sources attribute the origin of these accounts to the late Emir of Kuwait.<\/p>\nSwiss East Affairs GmbH continues to cooperate with relevant authorities to support judicial inquiries into the origin, structure, and legality of the disputed international assets.<\/p>\nMedia Contact:<\/strong>Dr. Andrea GalliSwiss East Affairs GmbHSt\u00fcssistrasse 28, CH-8006 ZurichE-mail: andrea.galli@swiss-east-affairs.ch<\/a>Tel.: +41 43 537 80 10<\/p>\nThis <\/em>press release issued through Arab Newswire (<\/em>www.arabnewswire.com<\/a>) \u2013 a newswire service for Arab World, Middle East and North Africa (MENA), and it is distributed by EmailWire\u2122\u00a0(<\/em>www.emailwire.com<\/a>) \u2013 the global\u00a0newswire service that provides Press release distribution with guaranteed results\u2122.<\/em><\/p>\n<\/p><\/div>\n](\"https:\/\/i0.wp.com\/arabnewswire.com\/wp-content\/uploads\/2025\/07\/Foto-Sheikh-Jaber-Mubarak-Al-Hamad-Al-Sabah-former-Kuwaiti-Prime-Minister-and-Minister-of-Defense.png?fit=601%2C646&ssl=1\"){kind=link}