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Financial services company Vesttoo said on Tuesday it was laying off about 75% of its staff and closing some offices in Asia, as it tries to recover from a scandal over a fraudulent letter of credit used as collateral in a transaction with an insurer.
Source: https://www.insurancejournal.com/news/international/2023/08/02/733202.htm
Using the gears of government, in 1997 he barred the Union Bank of Switzerland (UBS) from leading a $1.3 billion letter of credit deal with the city, punishing the bank for failing to cooperate fully in helping Holocaust victims recover lost assets.