January 15th, 2010
China . compensate . Gucci
Bank of China agree to compensate Gucci and Richemont
Bank of China has been agreed to pay 300 thousands for Gucci and Richemont subordinate brands Chloe and Dunhill, because these brands sued that Bank of China owned financial record of fake brands.
Luxury company and bank submit a solution together to American district court judge John Koeltl. According to the submit, the bank will pay 300 thousands for luxury company, and the bank reserves the right of judgment and interpretation. Its origin or because of a Malaysian named Kelvin Cho sold fake goods on line through bank payment and foreign exchange settlement in 2007.
In 2008, Gucci and Richemont obtained indemnity 4.3 million dollar in judgment on Kelvin Cho, however, after judgment, Kelvin Cho still owed the company 4 million dollar. So these two company accused that Bank of China helped him with transfer accounts, and account was frozen in previous judgment. Later last year Bank of China agreed to release Kelvin Cho’s account, but the brand thought Bank of China didn’t abide by the agreement.