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Sonny Kalsi, Morgan Stanley Top Official, Suspended

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Morgan Stanley has suspended its global head of real estate investing after revealing that actions by an employee believed to be the former China property head "appear to have violated" the foreign corrupt practices act, a US law that prohibits corporate bribery.

People close to Morgan Stanley said the bank had put Sonny Kalsi, a high-profile banker who leads its big real estate division, on administrative leave effective immediately.

The move came after Morgan Stanley disclosed in a filing to the Securities and Exchange Commission that it had discovered actions initiated by an unnamed China-based employee that "appear to have violated" the act.

Read the whole story at Financial Times