• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, July 14, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

UBS loses bid to halt Chinese businessman’s $500 million London lawsuit

by Tanishqua Ghura
March 1, 2023 - Updated On March 2, 2023
in News
Reading Time: 2 mins read
0
More than $6 million spent by MTI Liquidators on lawyers & Investigators

credits: MarkeyLaw

TwitterWhatsappLinkedin

UBS is facing a $500 million lawsuit in London brought by an exiled Chinese businessman after an appeal court rejected the Swiss bank’s latest attempt to have the case dismissed on Wednesday. Guo Wengui, a former billionaire known as Kwok Ho Wan, and his company Ace Decade have sued the London branch of Switzerland’s largest bank over an indirect investment in Chinese brokerage, Haitong Securities. Guo claims that he and Ace Decade lost nearly their entire $500 million investment after UBS forced the sale of so-called H-shares during a market rout in July 2015.

You might also like

China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

SpaceX Injects $2 Billion Into Elon Musk’s AI Startup xAI Amid Broader $5 Billion Funding Push

Trump Threatens 30% Tariffs on EU and Mexico, Escalating Trade Disputes Ahead of August Deadline

UBS argued last month in London’s Court of Appeal that Guo and Ace Decade could only sue the bank in Switzerland, an argument rejected by a lower court last year. However, UBS’s appeal was denied in a written decision issued on Wednesday. UBS previously informed a lower court that the claims were completely denied. On Wednesday, UBS declined to comment. Lawyers for Guo and Ace Decade did not respond immediately to a request for comment.

Guo, who filed for individual bankruptcy in the United States in February 2022, was not represented at the hearing last month. According to the court, his U.S. bankruptcy trustee wrote to the court to say he took a neutral position on the appeal. UBS’s lawyer, David Quest, had asked the Court of Appeal to overturn a lower court decision allowing the case to proceed in London, claiming that the investment was made and the advice was given in China.

UBS loses bid to stop Chinese businessman's $500 million London lawsuit
Source: Yahoo Movies UK

“The damage caused to Ace Decade and (Guo) occurred in London when the H-shares… were sold by UBS London,” wrote Judge Geoffrey Vos in his written ruling on Wednesday.

“The claims undoubtedly arose from UBS London’s operations,” he wrote in his decision. “UBS London played a significant role in the events that gave rise to both the claim and the loss claimed.”

UBS

Union Bank of Switzerland (“Union de Banques Suisses” or “Unione di Banche Svizzere” in French or Italian, respectively) is abbreviated as UBS. It’s spelled “Schweizerische Bankgesellschaft” in German. When Union Bank and Swiss Bank merged, the new entity was known as UBS.

UBS Investment Banks offer corporate, institutional and financial planning clients with expert advice, creative technologies, implementation and thorough access to global financial markets.

According to people familiar with the matter, UBS will continue to operate in global markets and conduct research in India. According to a bank spokesperson, UBS remains committed to its business in India and maintains a significant presence both onshore and in the region.

 

Tags: #annonymous #hack #china #chinawebsite #international #cyberattack #tech #technology#chinese_company
Tweet54SendShare15
Previous Post

Twitter Faces Accessibility Issues and Outages Following Layoffs

Next Post

Venus Williams has joined the private equity firm Topspin.

Tanishqua Ghura

Recommended For You

China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

by Harikrishnan A
July 14, 2025
0
China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

China has reached a major milestone in its quest to revolutionize high-speed transportation. In a recent test conducted at Donghu Laboratory in Hubei Province, a magnetic levitation (Maglev)...

Read more

SpaceX Injects $2 Billion Into Elon Musk’s AI Startup xAI Amid Broader $5 Billion Funding Push

by Harikrishnan A
July 14, 2025
0
Elon Musk Threatens “Thermonuclear Lawsuit” Against Media Watchdog Amid Ad Exodus on X

Elon Musk's artificial intelligence company, xAI, has received a significant financial boost with SpaceX contributing $2 billion as part of a larger $5 billion funding round, according to...

Read more

Trump Threatens 30% Tariffs on EU and Mexico, Escalating Trade Disputes Ahead of August Deadline

by Harikrishnan A
July 14, 2025
0
Trump Campaign Confirms Security Breach Amid Concerns of Foreign Interference

President Donald Trump is once again shaking up global trade by threatening to impose a 30% tariff on imports from two of the United States’ closest trading partners:...

Read more
Next Post
Inspiring Quotes from the World of Tennis !

Venus Williams has joined the private equity firm Topspin.

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?