UBS AG was sued for wrongful dismissal by two former traders in Singapore who claimed they were fired in a bid by the bank to cover up its role in allegedly manipulating key reference rates.
Mukesh Kumar Chhaganlal, the bank’s former co-head of macro-trading for emerging markets in Asia, and Prashant Mirpuri, a former executive director, said in separate lawsuits filed at Singapore’s High Court yesterday that they were given no opportunity to defend themselves against the bank’s claims of gross misconduct on their part.
“There was a clear lack of particulars of what they did wrong,” their lawyer Daniel Chia said today. The Straits Times earlier reported the lawsuits.
UBS was fined about $1.5 billion in December by the U.S., U.K. and Swiss regulators for trying to rig global interest rates. The Zurich-based bank today declined to comment on the Singapore lawsuits, saying in an e-mailed statement that the reviews are ongoing and it is fully cooperating with the authorities.
The firings were “effected in order to cover up the defendant’s role in the growing scandal related to allegedly fixing of rates of non-deliverable forwards,” according to the lawsuits.
The cases are Prashant Parmeshwar Sunny Mirpuri v UBS AG (UBSN) S163/2013 and Mukesh Kumar Chhaganlal v UBS AG S164/2013. Singapore High Court.
To contact the reporters on this story: Andrea Tan in Singapore at atan17@bloomberg.net; Sanat Vallikappen in Singapore at vallikappen@bloomberg.net
To contact the editors responsible for this story: Douglas Wong at dwong19@bloomberg.net; Chitra Somayaji at csomayaji@bloomberg.net
UBS Sued by Two Singapore Traders Fired After Rate-Rigging Probe
Charles Pertwee/Bloomberg
The UBS Wealth Management Campus is seen in Singapore. The campus is used to train UBS private bankers and wealth management advisers.
The UBS Wealth Management Campus is seen in Singapore. The campus is used to train UBS private bankers and wealth management advisers. Photographer: Charles Pertwee/Bloomberg
UBS Sued by Two Singapore Traders Fired After Rate-Rigging Probe
Valentin Flauraud/Bloomberg
A UBS AG logo is seen beyond a security fence during construction work outside the company’s offices in Geneva.
A UBS AG logo is seen beyond a security fence during construction work outside the company’s offices in Geneva. Photographer: Valentin Flauraud/Bloomberg
UBS Sued by Two Singapore Traders Fired After Rate Probe
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