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Qatar’s sovereign wealth fund is having lawyers examine whether and to what extent authorities have made claims against Switzerland for losses incurred as a result of the “forced” merger of Credit Suisse and UBS. This was reported by the Reuters news agency on Wednesday evening, based on well-informed sources.
According to Reuters’ calculations, the sale of the bank to UBS at well below market value will result in a loss of approximately $330 million to the Qatar Investment Authority (QIA). However, the law firm’s jurisdiction is still in the discovery phase, the report continues. Currently, no case is actively pursued.
Qatar Investment Authority (QIA) is Credit Suisse’s second largest shareholder with almost seven percent. QIA’s stake in Credit Suisse dates back to the 2008 financial crisis.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
