Morgan Stanley’s Chinese Land Scandal

From New York Times:

Since the height of China’s property boom, Morgan Stanley’s huge deals here have been the envy of the industry. Then, scandal hit.

Last month, with property prices here and elsewhere in free fall, the bank dropped a bombshell: in a and Exchange Commission filing, it said it had fired an executive in its China real estate division after uncovering evidence that he might have violated the Foreign Corrupt Practices Act, which bars American from bribing foreign officials.

That executive, Garth Peterson, was a star deal maker who had become a powerful figure on the investment scene, people knowledgeable about the investigation said. His supervisor, the head of global real estate investing, was placed on administrative leave.

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