ADVERTISEMENT
ADVERTISEMENT
Swiss Bank Settles $3.6M Balli Group Fraud Suit
Law360, London (April 6, 2021, 3:47 PM BST) Switzerland s Banque Internationale de Commerce has settled a commercial fraud claim against three executives of Anglo-Iranian steel trader the Balli Group, in the latest development following an investigation into the company s collapse by the U.K. s Serious Fraud Office.
The Swiss bank reached a confidential settlement agreement with Nasser Alaghband, Melis Erda and Colin Donaghue on Feb. 11, according to a court order that has just been made public. The individuals are all executives of the now-defunct steel firm Balli Group, but the company itself was not named in the suit.