UBS faces a $500 million lawsuit in London brought by an exiled Chinese businessman after an appeal court on Wednesday rejected the Swiss bank’s latest attempt to have the case thrown out.
The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd Wiegmann/File Photofaces a $500 million lawsuit in London brought by an exiled Chinese businessman after an appeal court on Wednesday rejected the Swiss bank’s latest attempt to have the case thrown out.
The London branch of Switzerland’s biggest bank is being sued by Guo Wengui, a former billionaire also known as Kwok Ho Wan, and his company Ace Decade over an indirect investment in Chinese brokerage Haitong Securities. Guo has alleged that he and Ace Decade lost almost an entire $500 million investment after UBS forced a sale of so-called H-shares during a market rout in July 2015.
UBS had argued at London’s Court of Appeal last month that Guo and Ace Decade can only bring their lawsuit against the bank in Switzerland, an argument rejected by a lower court last year. But UBS’s appeal was dismissed in a written ruling on Wednesday. UBS had previously told a lower court that the claims are denied in their entirety.
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