(ANSA) - Milan, April 6 - BTG Pactual is asking Italian insurance giant Generali for damages related to losses it said it suffered with Swiss private bank BSI, said Bloomberg on Wednesday following a release from BTG on Tuesday evening.
BTG said the losses are connected to 1Malaysia Development Bank (1MDB), which is currently mired in a corruption scandal involving Malaysian Prime Minister Najib Razak.
BTG, a Brazilian financial company, purchased BSI from Generali in September 2015.
Generali said that BTG's request for damages doesn't "furnish any evidence to support possible violation of a declaration according to the sales contract".
BTG resold BSI just five months after its purchase from Generali, after a corruption scandal brought the arrest of former BTG chief André Esteves.
Bloomberg reported that BTG notified Generali of the damages request by letter, in which the company said it had a "right to damages to cover potential liabilities linked to BSI activity with a Malaysian state fund".
Last week BSI chief Stefano Coduri told investors that his bank was ceasing activity with 1MDB due to "official investigations" now underway.
BTG Pactual asks Generali for damages linked to BSI
Connected to 1Malaysia Development, bank mired in scandal