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UK Supreme Court upholds Singularis clawback against Japanese bank

By Dominic Lawson

30 October 2019

UK Supreme Court upholds Singularis clawback against Japanese bank Riyadh, Saudi Arabia / iStock.com/swisshippo

The UK Supreme Court has affirmed that Japanese-owned bank Daiwa is liable for over US$150 million to the Cayman liquidators of Maan Al Sanea company Singularis, finding it acted negligently in allowing the Saudi billionaire to fraudulently transfer funds from the company to his Saad Group.