Morgan Stanley has fired a China-based employee for corruption, Reuters reported. The investment bank said in a statement filed with the US Securities and Exchange Commission on Wednesday that the employee was based at "an overseas real estate subsidiary" and appeared to have violated the US Foreign Corrupt Practices Act, which prohibits payments to foreign officials by businesses. The investment bank provided no details, but sources said the bank’s top property dealmaker in China, Garth Peterson, had resigned. Morgan Stanley confirmed Peterson is no longer with the firm. It is unknown whether there is any connection between the SEC filing and Peterson’s resignation.
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