Swiss court rules against Czech appeal in Nomura case

The Swiss federal high court has ruled against the Czech Republic's appeal of a March arbitration ruling that decided in favour of the Japanese company, Nomura. Earlier this year arbitration proceedings ruled that the Czech Republic faces a fine of up to 40 billion crowns (over $1.7 billion US) for failing to adequately protect Nomura's investment in IPB, a Czech bank in which the Japanese group purchased 46% of shares in 1998. IPB went bankrupt in 2000, and was sold to another bank, CSOB, for a symbolic one crown.