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According to Brazilian daily Valor Econômico, EFG submitted on February 2 of this year a formal assessment to BTG requesting the price be reduced by 278mn Swiss francs (US$277mn).
EFG had already raised the issue in May of last year, when BSI was first implicated in the scandal involving transactions with Malaysian sovereign fund 1MDB.
The Brazilian bank has since said it expects, after hearing from advisors, to be paid an extra 95.7mn francs for BSI.
EFG, on the other hand, said it was not surprised by BTG's opposition, and that, if necessary, it would seek verification by an independent expert, which BTG had already included in the BSI sales agreement.