US hedge fund QVT Financial, which won a legal battle against collapsed broker Refco two years ago, has today turned up the heat on UniCredit, accusing the Italian group of flouting corporate governance standards and disregarding shareholder rights on a Kazakh bank takeover last year.

UniCredit’s Bank Austria subsidiary acquired 92% of ATF for $2.1bn (€1.4bn) in November, and offered to buy out remaining minority shareholders for $84.8 per share and $47.3 per preference share.