The company claims Credit Suisse bought a bond without authorization.
Diamond equipment maker Sarin Technologies Ltd. (SGX:SGD) has filed a lawsuit with the Financial Industry Regulatory Authority (FINRA) in New York against Credit Suisse Securities Ltd. The company claims that Credit Suisse Securities purchased a bond instrument with a face value of $ 1 million, without prior authorization, and that the investment caused it a significant loss.
Sarin claims that the investment does not conform with its investment strategy, especially in view of the sub-prime crisis and current market conditions. The company added that it had already provided for this loss in its financial statements.
Sarin Technologies is seeking a reversal of the transaction and other remedies.
Sarin Technologies is the only Israeli company traded on the Singapore Stock Exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2008
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