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CORRECTED - UPDATE 1-Morgan Stanley fires China employee for violations
February 11, 2009 / 10:42 PM / 9 years ago

CORRECTED - UPDATE 1-Morgan Stanley fires China employee for violations

(Corrects spelling of Peterson’s name in fifth paragraph)

NEW YORK, Feb 11 (Reuters) - Morgan Stanley (MS.N) said on Wednesday it fired a China-based employee who initiated actions that “appear to have violated the Foreign Corrupt Practices Act.”

The investment bank said in a filing to the U.S. Securities and Exchange Commission that it reported the employee, based at “an overseas real estate subsidiary,” to authorities, and is continuing an investigation.

A Morgan Stanley spokeswoman was not immediately available to comment.

On Dec. 31, sources with direct knowledge of the situation told Reuters Garth Peterson, its top property dealmaker in China, had resigned. Peterson was the Shanghai-based managing director of Morgan Stanley Real Estate.

It was not immediately clear whether the Wednesday filing referred to Peterson.

Separately, the U.S.-based firm said in the filing shareholders approved conversion terms of convertible stock. (Reporting by Jonathan Spicer; Editing by Bernard Orr)

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