English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal

English premier league football club Arsenal has been tricked in a bogus $176,000 (CNY 1.2 million) “official car and bus partner” sponsorship deal with Chinese largest electric carmaker, BYD.

” English Football Club Arsenal Tricked in Bogus $176,000 Chinese Largest Electric Carmaker BYD Sponsorship Deal “

The fraudsters Li Juan and Chen Zhenyu have tricked at least 30 companies by representing BYD and sign fradulent sponsorship deals of around $177 million (CNY 1.2 billion) in the name of BYD.  They have been reported to have been arrested by Chinese police.

BYD (Build Your Dreams) was founded in 1995 and is a listed company on Hong Kong Stock Exchange and Shenzhen Stock Exchange with a market capitalisation of more than $16 billion (18/7/2018). The company is the IT industry, with businesses in rechargeable battery, handset and computer components and assembly services, automobile business in traditional fuel-powered vehicles and new energy vehicles.  The company also actively develop new energy products such as rail transit, solar farm, energy storage station, electric vehicles, LED, electric forklift.  BYD has nearly 220,000 employees and 30 industrial parks worldwide.  The company was founded as a rechargeable battery company by Wang Chuanfu.  He is a billionaire and is estimated to be worth almost $3.8 billion (Forbes).

Arsenal Football Club is one of the leading football club in England alongside Manchester United, Liverpool and Chelsea.  The club has 1.9 million members (Red & Digital members) and 38 million Facebook fans.  In 2016/2017, the football club reported revenue of $553 million (£424.0 million).  It is valued at $2.238 billion and ranked #39 in the 50 most valuable sports teams of 2018 by Forbes.

< Arsenal have issued the following statement:

BYD has informed Arsenal that they believe they have been the victim of a fraud in relation to various advertising agreements. This includes our partnership with BYD which was formally launched by both parties at an event at Emirates Stadium on 8th May. We are investigating the situation and discussing it with senior level BYD representatives who were involved in the launch of the partnership. We will make no further comments on this matter. >

Source: Arsenal, Caixin, BBC, The Sun, Forbes

 

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Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors

The former chief executive of the now defunct Anglo Irish Bank, David Drumm had been sentenced to 6 years jail  for misleading investors and clients.  In 2008, he had created the impression that deposits at the Anglo Irish Bank were $8.4 million (EUR 7.2 billion) larger than what the bank had, the year which is now known as the Global Financial Crisis.

” Former Ireland Bank CEO Sentenced to 6 Years in Jail for Misleading Clients and Investors “

David Drumm, a chartered accountant, had became the CEO of Anglo Irish Bank in his late 30s in 2005.  The Irish bank grown rapidly during the “Celtic Tiger” years, the economic phase of Republic of Ireland which expanded rapidly between mid-1990s to late-2000s, through foreign direct investments and property boom.  (Celtic refers to the Celtic culture, region and language that includes Ireland, Wales, Ireland, Brittany, Scotland.  Tiger refers to a fast growing economy such as the Asian Tiger in the 1960s to 1990s: Hong Kong, Singapore, South Korea and Taiwan)
In 2008, David Drumm stepped down as CEO of Anglo Irish Bank following the outbreak of the scandal.  In 2009, he moved to Boston in United States and subsequently filed for bankruptcy, where the move is reported to escape the harsher bankruptcy law in Ireland.  In 2015, he was arrested on an extradition warrant by the US Attorney’s Office in Massachusetts on the request of the Republic of Ireland.  Anglo Irish Bank was an Irish bank from 1964 to 2011, merging with Irish Nationwide Building Society in 2011 to form the Irish Bank Resolution Corporation.  In 2013, the bank was placed into liquidation overnight by Ireland’s emergency legislation.

Source: Reuters, Bloomberg, The Guardian, Anglo Irish Bank

 

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Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler has been arrested by German authorities for car emissions test fraud.  In September 2015, the German carmaker admitted using an illegal software to cheat diesel emissions tests in the incident referred as the “Dieselgate” scandal.

” Audi CEO Rupert Stadler Arrested by German Authorities for Car Emissions Test Fraud “

On 18th June 2018, Audi CEO Rupert Stadler was taken into custody at the request of the Munich II Public Prosecutor’s Office (Germany).  He has also been released from his duties as Board of Management of Volkswagen and Chairman of the Board of Management of AUDI.

In 2017, Audi delivered 1.87 million cars, setting a new record for the group.  The 4 brands Audi, Lamborghini, Ducati und Italdesign form the Audi Group, which has been part of Volkswagen Group since 1965.

The Volkswagen Group has 12 brands including Volkswagen, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania and MAN.  It also offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management.

Source: Audi, Bloomberg, Reuters

 

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Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud

Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud

The brother-in-law of Spain’s King Felipe VI, Iñaki Urdangarin, will be serving his prison sentence of 5 years and 10 months in a women prison for security reason.

” Spanish King Felipe VI Brother-in-Law to Serve Time in Women Prison for Embezzlement & Tax Fraud “

Iñaki Urdangarin was found guilty in 2017 for embezzling millions of dollar and tax fraud between 2004 to 2006 from a non-profit foundation (Noos Foundation) he headed in Majorca.  He had used his royal connections to win public event contracts, overcharged for the events and had hid millions abroad.  Money from the non-profit foundation were used to pay for personal expenses including family holidays and home furnishings.

Iñaki Urdangarin is the husband of Princess Cristina, who is the sister of Spain’s current King Felipe VI (Reign – from 2014) and daughter of former King Juan Carlos (Reign 1975 – 2014).  In 2014, King Juan Carlos abdicated from the throne.

Princess Cristina was the first member of the Spanish royal family ever to stand in court.  Her husband, Iñaki Urdangarin, is a former Spanish national handball player.  Brieva prison, where he is serving his sentence, is a women prison, but has 4 cells reserved for males.

Source: Euronews, Reuters

 

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Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain

Portugal and Real Madrid football star Cristiano Ronaldo has agreed to pay $21.7 million (EUR 18.8 million) to settle tax evasion charges to tax authority in Spain.

” Portugal and Real Madrid Football Star Cristiano Ronaldo to Pay $21.7 Million to Settle Tax Evasion Charges in Spain “

In 2017, the football star was accused of evading $17.1 million (EUR 14.8 million) and had offered to make settlements that is believed to be $16.2 million  (EUR 14 million), but was rejected by Spanish tax authorities.  He was accused of trying to hide money linked to image rights made between 2011 and 2014.

The settlement includes paying $21.7 million (EUR 18.8 million) to Spanish tax authority and a suspended two-year jail term.  Under Spanish law, a two-year sentence for a first offence can be served on probation, with no requirement for custody (no jail-term).  The Agencia Estatal de Administración Tributaria (AEAT) is the tax revenue authority of Spain.

In 2017, Barcelona’s football star Lionel Messi was fined and given a suspended 21-month jail term.  Messi and his father Jorge, were found guilty of defrauding Spain of $4.75 million (€4.1 million) between 2007 and 2009.  They had used tax havens in Belize and Uruguay to conceal earnings from image rights.  They were fined $4.05 million (EUR 3.5 million) and made voluntary payment of $5.79 million (€5m), equal to the unpaid tax plus interest.

Cristiano Ronaldo, born is 1985 and aged 33, is one of the world’s highest paid athlete earning $108 million a year with an estimated personal net worth of more than $400 million.  He has many endorsements including a lifetime Nike contract that is valued at more than $1 billion.

Source: BBC, Skysports, Reuters, Time

 

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Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

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Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging

Societe Generale, one of the largest french bank and leading bank in Europe, has agreed to pay $860 Million to resolve criminal charges in the United States and France for bribing Libyan officials and manipulating LIBOR rates.  The bank has admitted to making over $90 million in corrupt payments and manipulating the London InterBank Offered Rate (LIBOR).

” Societe Generale to Pay $860 Million to Resolve Criminal Charges in US and France for Bribing Libyan Officials and Libor-Rigging “

Societe Generale agreed to pay a combined total penalty to the United States authorities of more than $860 million to resolve charges, of which $585 million for a scheme to bribe to officials in Libya and $275 million for manipulation of LIBOR.  In a coordinated settlement between United States and France, $292.5 million (50% of $585 million) of the penalties will be paid to the Parquet National Financier (PNF) in Paris for the Libya corruption scheme.

Between 2004 and 2009, Societe Generale had paid the Libyan Intermediary over $90 million, part of which the Libyan broker had paid to high-level Libyan officials in order to secure the investments from various Libyan state institutions.  As a result, the french bank obtained 13 investments and one restructuring from the Libyan state institutions worth a total of approximately $3.66 billion, earning profits of approximately $523 million.

Between 2010 and 2011, Societe Generale had deflated U.S. Dollar (USD) LIBOR submissions to make it look as though the french bank was able to borrow money at a more favorable interest rates than it was actually able to do.  This downward manipulation allowed Société Générale to create the appearance that it was stronger and more creditworthy than it was.

Source: Official Press Release

 

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Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK

Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK

Indian billionaire & jeweller Nirav Modi is seeking political asylum in the United Kingdom, 4 months after being linked to a $1.77 billion “fraudulent and unauthorised” transactions in India’s 4th largest bank.

” Indian Billionaire & Jeweller Nirav Modi Linked to $1.77 Billion Fraud in India Seeks Political Asylum in UK “

In February 2018, India’s 4th Largest Bank Punjab National Bank (PNB) had uncovered $1.77 billion of “fraudulent and unauthorised” transactions for the benefit of a few account holders that are alleged to include billionaire jeweller Nirav Modi.  He is wanted by the Indian police, and has been reported to be missing since February 2018 after the uncovering of the alleged fraud.

Nirav Modi founded global diamond jewelry house Nirav Modi (named after him) in 2010 and Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogue.  Nirav Modi’s jewellery are worn by famous hollywood and bollywood stars, including having Kate Winslet, Naomi Watts and Priyanka Chopra advertised for the brand.  He is estimated to have a personal fortune of more than $1.7 billion.

Source: TWI, Reuters, BBCTimes of India

 

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France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role

France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role

Bernard Arnault, the chairman of world’s leading luxury company LVMH and France’s richest man, has given his son Antoine Arnault a key role to manage image and communication at LVMH.  Already CEO of Berluti and chairman of Loro Piana, Antoine and his siblings are holding key roles in the publicly listed LVMH Group.

” France Richest Man and Chairman of LVMH Bernard Arnault Gives Son Key Role “

Bernard Jean Étienne Arnault, is chairman of LVMH group and France’s richest man with a personal net worth exceeding $80 billion.  30 years ago in 1988, he had acquired a large block of LVMH shares through an investment holding company.  In 1989, he acquired a large shareholding in the company and to prevent a potential breakout of LVMH group, and became the Chairman in 2017.

Today, LVMH is the world’s leading luxury products group with more than 70 brands, 42.6 billion euros ($49.95 billion) revenue in 2017, 145,000 employees and a retail network of over 4,370 stores worldwide.  LVMH group owns many leading luxury brands including brands such as Moet et Chandon, Dom Perignon, Glenmorangie, Krug, Hennessy, Veuve Clicquot,  Christian Dior, Fendi, Loewe, Marc Jacobs, Bvlgari, Hublot, TAG Heuer, Zenith, DFS and Sephora.

Born in 1949, Bernard Arnault has 5 children (1 daughter and 4 sons) from 2 marriages.  His daughter Delphine Arnault is an executive vice president at Louis Vuitton while his son Alexandre Arnault was named the co-CEO of Rimowa (German’s luggage maker) at the age of 24 in 2016.  Another son, Frederic Alexandre at age 23, had became the Head of connected technologies for Tag Heuer.

Source: BloombergLVMH

 

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French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 

French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 

French billionaire and Chairman of Dassault Group, which builds Rafale fighter jets and high-end Falcon business jets, Serge Dassault has died at the age of 93 on 28th May 2018.

” French Billionaire and Manufacturer of Fighter and Business Jets Serge Dassault Dies at Age 93 “

Serge Dassault is one of the world’s richest man and top 5 richest man in France with an estimated net worth exceeding $25 billion.  His father, Marcel Dassault had founded Dassault Aviation in 1929, designing and manufacturing planes for the French government in World War I.  Born in 1925 in Paris, Serge was imprisoned by the German military in 1944 as the Nazis attempted to force his father Marcel Dassault to design aircraft for them.  In 1986, he took over the business after his father’s death.

Today, Dassault Group includes Dassault Aviation, software company Dassault Systemes that is worth more than $14 billion and French daily newspaper Le Figaro.  In 2017, Dassault Aviation reported revenues of €4.8 billion with more than 11,000 employees.  Since 1929, the company has delivered over 10,000 military and civil aircraft in more than 90 countries, including the Rafale fighter, high-end Falcon business jets and military drones.

In 2014, Dassault Group had named CEO Charles Edelstenne as the successor to Serge Dassault.

Source: Reuters,  BBCForbes, Dassault Group

 

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