Credit Suisse will pay price for Singapore rap
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Singapore
TIDJANE Thiam got away with a fine of half a million dollars, or just 0.009 per cent of what he paid the Americans late last year. Yet the Credit Suisse Group AG CEO won't be fooled by Singapore's apparent leniency.
Tuesday's gentle rap concludes a two-year investigation by the city-state into banks that, knowingly or otherwise, helped facilitate an elaborate scheme in which billions of dollars were allegedly looted from a Malaysian state investment firm and laundered.
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