EFG International's Swiss Bullfight With a Basketball Star: Former Chicago Bulls and Croatian national team basketball legend Toni Kukoc is suing EFG International for $11 million, alleging fraud in a hotel deal gone bad. ToniKukoc efg ChicagoBulls
Former basketball player and three-time NBA champion with the Chicago Bulls Toni Kukoc is suing Swiss bank EFG International alleging Banca della Svizzera Italiana of colluding with his financial advisor to embezzle $11 million, according to a «Basket News» report.
The advisor Paolo Banfi worked with Kukoc starting in 1991 and is said to have had no issues until another personal banker, Paolo Zola, came onto the scene in 2004. BSI had been acquired by EFG as part of a multi-year integration.The two advisors allegedly colluded to take funds from Kukoc's account and it is further alleged that his signature was forged for a hotel mortgage in the canton of Graubuenden.
From 2004 to 2007, the two advisors are accused of authorizing some 300 transactions amounting to the $11 million amount Kukoc is seeking. Of the total, $7.5 million is accounted for by the hotel mortgage in the lawsuit, which also alleges aiding and abetting civil theft, breach of fiduciary duty, and breach of contract.
The report goes on to say that Kukoc has tried seeking restitution in Swiss courts without success. Also that EFG has refused to comment on the case.