Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

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Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

Sanne WassRehan Ahmad,  29 March 2021

Danske Bank A/S’ capital levels and projected first-quarter earnings imply that it could withstand a money-laundering fine of 20.9 billion kroner, or $3.3 billion, today and still achieve its management common equity Tier 1 ratio target of 16%, according to S&P Global Market Intelligence estimates.

Even a penalty of more than double that size would still leave Denmark’s largest lender above its current regulatory requirement, the analysis found. “There is a long way to go before the fine becomes an issue for the bank’s capital ratio,” said Jyske Bank equity analyst Anders Vollesen in an interview.

Danske’s material capital buffer is driving down risk associated with the outcome of its Baltic dirty money scandal, according to analysts, with some even seeing scope for distribution of excess capital to shareholders through generous dividends or share buybacks once the case is settled. Continue reading “Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target”

Article: France’s Covea files complaint against CEO of reinsurer Scor

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France’s Covea files complaint against CEO of reinsurer Scor

Matthieu Protard, 24 March 2021

PARIS, March 24 (Reuters) – French insurer Covea has filed a complaint against the CEO of reinsurer Scor SCOR.PA, Denis Kessler, alleging market manipulation and misuse of corporate assets, it said on Wednesday.

Covea, which is Scor’s biggest shareholder with a 8.45% stake, based on Refinitiv data, said in a statement the complaint filed with financial prosecutors followed a 195 million euro ($230.63 million) share buyback that Covea alleged had “artificially” inflated Scor’s share price. Continue reading “Article: France’s Covea files complaint against CEO of reinsurer Scor”

Article: Inventiva announces design of Phase III clinical trial with lanifibranor in NASH

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Inventiva announces design of Phase III clinical trial with lanifibranor in NASH

Yahoo Finance, 06 January 2021

Daix (France), January 5, 2021 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS) and other diseases with significant unmet medical need, today announced the details of the Phase III clinical trial with its lead drug candidate lanifibranor in NASH following the end-of-phase II meeting with the U.S. Food and Drug Administration (FDA) and the receipt of the Scientific Advice letter from the European Medicines Agency (EMA). The Phase III trial design and clinical strategy have been discussed with both regulatory authorities and the following key points can be confirmed:

Seeking of U.S. accelerated approval and EU conditional approval for lanifibranor to be based on a 72-week histology analysis – Inventiva will seek to obtain accelerated approval in the U.S. and conditional approval in the EU for lanifibranor based on a pre-specified histology analysis in approximately 900 patients after 72 weeks establishing a positive benefit-risk ratio.

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Article: Inventiva completes a capital increase of €15 m subscribed by existing shareholders

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Inventiva completes a capital increase of €15 m subscribed by existing shareholders

Yahoo Finance, 07 February 2020

Daix (France), February 7, 2020 – Inventiva (IVA.NX), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of diseases in the areas of fibrosis, lysosomal storage disorders and oncology, today announced the successful completion of a capital increase of €15 million subscribed by some of its current key shareholders, BVF Partners L.P., NEA, Novo Holdings A/S and Sofinnova Partners. The capital increase was executed at the closing price of February 6, 2020 without discount.

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Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

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Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

Brian Monroe, 17 October 2019

UBS pays $11 million to settle Italian money laundering probe, tied to tax fracas An Italian judge has accepted a request by UBS to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe, just the latest in a series of international probes and settlements tied to financial crime and compliance failures.

UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.

The judge on Thursday accepted the payment of 2.125 million euros as “agreed penalty” to close the case while also seizing 8.175 million euros as profit from the alleged money-laundering, two sources with direct knowledge of the matter said.

The settlement, which by Italian law is not an admission of guilt, was requested by UBS in July, after a deal with Italian prosecutors. Last June, the Swiss bank paid 101 million euros to settle its other Italian case, a related financial investigation, with tax authorities. Continue reading “Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more”

Article: INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

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INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

Yahoo Finance, 12 October 2018

Daix (France), October 12, 2018 – Inventiva S.A. (“Inventiva” or the “Company”), a biopharmaceutical company developing innovative therapies in nonalcoholic steatohepatitis (NASH), systemic sclerosis (SSc) and mucopolysaccharidosis (MPS), today announced that Pierre Broqua, Chief Scientific Officer and co-founder of Inventiva, will participate in the upcoming “ROTH Battle of the NASH Thrones Investor Conference” being held on October 17, 2018 at the Park Hyatt New York hotel, New York, USA.

Pierre Broqua will be speaking in the panel entitled “House of PPARs vs. House of THR-beta”, one of the conference`s four panel discussions covering topics currently at the forefront of drug development in NASH.

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Article: The London Whale resurfaces: Bruno Iksil speaks out

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The London Whale resurfaces: Bruno Iksil speaks out

Lucy McNulty, 17 April 2017

Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.

But, on January 11, he received a call from his New York lawyers that threatens to upend all that.

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