Billion-dollar global finance crash case in Royal Court

A BILLION-DOLLAR civil court hearing is ongoing in Guernsey in what is one of the most high-profile cases tied to the global financial crisis.

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The case, in which liquidators are suing the collapsed Guernsey-based Carlyle Capital Corporation for £1bn., is being held in the Royal Court.

Carlyle Group co-founder Bill Conway, pictured, has been among those in Guernsey for the case, and is thought to be one of the highest-profile figures to appear at a civil case tied to the international financial crisis that struck in 2007-08.

Mortgage investment company CCC was put into compulsory liquidation in Guernsey at the height of the crisis in March 2008, with losses of more than $1bn.

The Guernsey case has sparked interest from international media, including the Wall Street Journal, which reports that it has been alleged that Mr Conway and six other Carlyle and CCC officials acted recklessly and should have started selling the fund’s assets months before it failed.

The defendants deny those allegations.