Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay United States authorities $76 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.  The United States Department of Justice (DoJ) have announced that Credit Suisse had engaged in a corrupt scheme by by hiring friends and family of Chinese government officials to win business with Chinese state-owned entities, generating at least $46 million in profits.

” Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific “

Between 2007 and 2013, several Credit Suisse senior managers in the Asia Pacific (APAC) region had hired and promoted candidates of government officials and executives of clients that were state-owned entities (SOEs) to win business for Credit Suisse.  These ‘relationship hires’ often lacked necessary technical skills, and offered fewer qualifications and significantly less relevant banking experience than other candidates for the jobs.  The hiring of friends and family of Chinese government officials had generated the bank at least $46 million in profits.

The DoJ and Credit Suisse (Hong Kong) have entered into a non-prosecution agreement, with the Swiss bank paying a criminal penalty of $47 million ($76,853,720) to resolve the matter.  In related proceedings, Credit Suisse Group also settled with the U.S. Securities and Exchange Commission (SEC), paying a total of $24,989,843 in disgorgement of profits and $4.8 million ($4,833,961) in prejudgment interest.  The total fine from both United States authorities DoJ and SEC, amounted to $76 million ($76,853,720).

Other banks have also made settlements with U.S. authorities for hiring practices, including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Lenovo Owner Completes Purchase of  89.93% of Banque Internationale à Luxembourg for $1.76 Billion

Lenovo Owner Completes Purchase of  89.93% of Banque Internationale à Luxembourg for $1.76 Billion

Legend Holdings, a HK listed company and founded by Lenovo owner Li Chuan Zhi, has completed purchase of 89.93% of Banque Internationale à Luxembourg (BIL), a leading universal banking group headquartered in Luxembourg.  The announcement to acquire the Luxembourg bank was made in September 2017, and is the completed after receiving regulatory approval from the Commission de Surveillance du Secteur Financier (CSSF) and the European Central Bank (ECB) for the acquisition of Precision Capital’s 89.936% stake in Banque Internationale à Luxembourg (BIL).  The minority share of  9.993% is owned by Grand Duchy of Luxembourg.

” Lenovo Owner Completes Purchase 89.93% of Banque Internationale à Luxembourg for $1.76 Billion “

Banque Internationale à Luxembourg (BIL) have total assets of €23 billion and assets under management of €37.7 billion.  Legend Holdings is founded in 1984 by Liu Chuan Zhi as Legends Computer, and is a leading diversified investment group today, with €43.92 billion of assets, annual revenues in excess of €40 billion and close to 70,000 employees worldwide.  In 2004, the company changed the English name to Lenovo and successfully acquired IBM’s global PC business in 2004, growing the brand into a global leader.

Liu Chuan Zhi is a multi-billionaire and his daughter is Jean Liu, the President of Didi Chuxing, China’s largest ride-hailing company.

Source: Banque Internationale à LuxembourgSouth China Morning Post

 

 

About Legend Holdings

Legend Holdings is a leading large investment group in China. The company has built an innovative business model of both strategic and financial investments. Through strategic investments, the company invests in segments including IT, financial services, innovative consumer services, and agriculture & food. The company’s financial investments business primarily consists of angel investments, venture capital and private equity across all stages of a company’s life cycle.

Over the past 33 years, under the leadership of the company’s Founder and Chairman, Liu Chuanzhi, and President, Zhu Linan, the company has capitalized on its understanding of China’s key development themes, complementary investment businesses and extensive management expertise to cultivate a number of outstanding and influential enterprises in China and overseas. By promoting business alignment and consolidation, and continuously optimizing its investment portfolio, the Company realizes sustainable growth in its corporate value.

Visit: Legend Holdings

 

About Banque Internationale à Luxembourg (BIL)

Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest multi-business bank in the Grand Duchy. It has always played an active role in the main stages of development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on financial markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland (since 1984), Denmark (since 2000), the Middle East (since 2005) and Sweden (since 2016).

Visit: Banque Internationale à Luxembourg

 

 

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Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak

Malaysian police had seized nearly $270 million (MYR 1.1 billion) of luxury handbags, jewelry, watches and values from properties linked to Malaysia’s ex-Prime Minister Najib Razak and his wife. More than 12,000 items were seized, including 423 watches, 234 pairs of sunglasses and 567 handbags, of which 272 are Hermes bags.  The items were seized from 6 properties, and are estimated be worth between $222 million to $270 million (MYR 900 million to MYR 1.1 billion).

” Malaysian Police Seizes $270 Million of Luxury Goods from Ex-Prime Minister Najib Razak “

Malaysian’s authorities are investigating Malaysia’s ex-Prime Minister Najib Razak involvement in siphoning billions of funds from the state investment vehicle founded in 2009, 1Malaysia Development Berhad (1MDB).  He is alleged to have laundered $681 million through his bank account, but had stated the money were donations from Saudi Arabia.  He was the Prime Minister of Malaysia from 2008 to 2018, and is the eldest son of Malaysia’s 2nd Prime Minister Abdul Razak Hussein (1970-1976).

The US Department of Justice has alleged in lawsuits that more than $4.5 billion from 1MDB was misappropriated, with money going int Hollywood movie “The Wolf of Wall Street”, Picasso painting, luxury yacht and luxury real estates in South Carolina and New York.

Source: Business Insider, Reuters, Reuters

 

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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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Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to has agreed to pay $100 Million to resolve USD LIBOR manipulation investigations in the United States.

” Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States “

The American bank had misled state and local governments, not-for-profit, private and institutional trading counterparties in United States by manipulating the USD LIBOR.  As a result, Citibank had made millions of profit while their clients had entered into swaps and other financial contracts with Citibank, without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.

With the Citibank $100 Million settlement, the Attorneys General have collected $420 million in payments from the three banks (Barclays, Deutsch Bank), almost all of which will be distributed to state and local government entities and not-for-profits.

The LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.  The investigation was conducted by a working group of 42 state Attorneys General offices, led by New York.

Source: New York StateBloomberg, CNN

 

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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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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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Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay US authorities $47 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.

” Credit Suisse to Pay $47 Million to US Authorities for Hiring Practices in Asia-Pacific “

The United States Department of Justice (DoJ) were investigating if Credit Suisse (Hong Kong) had hired relatives of government officials or powerful executives in Asia to increase chances of getting businesses & deals between 2007 to 2013.  These hiring practices would have infringed the U.S. Foreign Corrupt Practices Act.

The $47 million settlement to the United States Department of Justice (DoJ) is a non-prosecution agreement to resolve the case, and no criminal charges have been brought against the bank.  Other banks have also made settlements with U.S. authorities including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount

Deutsche Bank has announced a reduction of more than 7,000 jobs or 7.2% of global headcount, reducing Germany’s leading bank and world’s leading bank headcount from 97,000 to below 90,000.  In its Equities Sales & Trading business, about 25% of headcount will be reduced.

” Deutsche Bank Cuts 7,000 Jobs, 7.2% of Global Headcount “

The restructuring will allow the German bank to accelerate the pace of cost reduction across the bank, and a decrease in leverage exposure in the Corporate & Investment Bank.  At the end of Q1 2018, the corporate & investment bank have exposure of over €100 billion, or approximately 10% of Deutsche bank €1,050 billion of leverage exposure.

Source: Deutsche Bank, Reuters, Bloomberg

 

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