FSA wins tribunal case

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The FSA has won its case before the Financial Services and Markets Tribunal (the Tribunal) to ban the former CEO of Alternative Solutions (AltSol) from working in the UK financial services industry.

The Tribunal found that Mr Milan Vukelic's actions during August 1999 until October 2002, whilst acting as CEO, lacked integrity. The AltSol business unit was established by the General Reinsurance Corporation to develop and market financial reinsurance products.  The contracts can be misused by struggling insurance companies seeking to disguise their true financial position. The tribunal says during his time as CEO Vukelic was responsible for overseeing and structuring three different transactions designed to allow the client insurance companies to hide very significant losses in their...

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