The former Asia CEO of Swiss bank BSI in Singapore has settled his bonus lawsuit with the company. The bank is going to be taken over by Swiss bank EFG International.
Hanspeter Brunner, BSI's former Asia chief who was referred to Swiss and Singapore regulators over the bank's ties with a Malaysian state fund, has settled a lawsuit seeking deferred payments, according to the bank's lawyer, reported news agency «Bloomberg» on Thursday.
Brunner's lawsuit alleged that BSI's Singapore unit breached bonus agreements and a separation pact without any legal basis. Brunner, 64, was among six BSI bankers referred by Singapore's central bank to prosecutors over lapses in dealing with 1Malaysia Development Bhd (1MDB), as finews.asia also reported.
At The Centre of Multiple of International Probes
He's also one of two former BSI executives the Swiss financial regulator has started proceedings against. «Hanspeter Brunner has withdrawn his claim against the bank in its entirety,» Muralli Rajaram, a Singapore-based lawyer for BSI, said Thursday by phone.
The Malaysian state investment firm is at the centre of multiple international probes into suspected money laundering and embezzlement.
Decision Seized
BSI's Singapore unit was fined by the city's regulator and is set to lose its license. The bank, which is being taken over by EFG International, has challenged the Swiss regulator's decision to seize some of its profits.
