Two UBS bankers backed the creation of an illegal offshore investment vehicle to allow Indian billionaire Anil Ambani to invest in India stocks, UK market & financial services regulator told a London tribunal.
The claim has been made in a case brought against UBS’s former wealth management executive Sachin Karpe and the bank’s recently deceased Kurt Kumschick. Karpe allegedly misled the UBS about the true ownership of the Mauritius-based investment vehicle, called Pleuri.
If the bank is found at fault, punish them. Any way this is old news and Reliance I guess had already given the necessary clarification.