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UK court rejects Daiwa Capital Markets Europe's appeal over US$152.8M suit

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UK court rejects Daiwa Capital Markets Europe's appeal over US$152.8M suit

The UK Court of Appeal Civil Division shot down Daiwa Capital Markets Europe Ltd.'s appeal regarding a court judgement requiring the company to pay US$152.8 million to Singularis Holdings Ltd. over alleged fraudulent payments made in 2009.

The appeals court upheld a decision made by the High Court of Justice Chancery Division and dismissed Daiwa Capital Markets' appeal, according to a Feb. 2 release.

The High Court had ordered Daiwa Capital Markets to pay US$152.8 million to Singularis Holdings over payments made to companies controlled by Singularis' chairman and owner. Singularis claimed the payments were fraudulent and sought repayment.

Daiwa Capital Markets said it will review the judgement and consider all options, including an appeal to the UK Supreme Court.

Daiwa Capital Markets Europe is a unit of Japan's Daiwa Securities Group Inc.