Anbang Insurance Group Receives $9.65 Billion Capital Injection from China Insurance Protection Fund

Anbang Insurance Group Receives $9.65 Billion Capital Injection from China Insurance Protection Fund

Anbang Insurance Group will receive capital injection of CNY 60.8 billion ($9.65 Billion) from China’s Insurance Protection Fund to ensure its solvency.  The group’s ex-chairman, Wu Xiaohui has admitted to fundraising fraud and embezzling more than US$10 billion.

” Anbang Insurance Group Receives $9.65 Billion Capital Injection from China Insurance Protection Fund “

In February 2018, the Chinese government had seized control of Anbang Insurance Group.  Anbang Insurance Group is being managed by a group of officials from the China Insurance Regulatory Commission (CIRC) for one year.  The regulatory intervention is one of China’s recent moves to stop Chinese conglomerates on aggressive overseas acquisition and to reduce financial risk.  The insurance conglomerate have significant stakes in banks and property developers including China Minsheng Banking Corp Ltd, China Merchants Bank Co Ltd, developers China Vanke Co Ltd and Gemdale Corp.

The Insurance Protection Fund was set up to protect policyholders in the event of an insurer going bankrupt.  It is managed by China Insurance Regulatory Commission (CIRC).  The rescue fund is a non-government fund, and will only hold the equity stake temporarily.  The company will be inviting private companies in the area of pension insurance, healthcare, Internet and technology, and those that share synergic resources with its core insurance business to participate in future private placements.

Sources: Anbang

 

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About Anbang Insurance Group

Anbang Insurance Group is a global insurance company with total assets of nearly 1971 billion RMB. With over 30,000 employees and a customer base of 35 million worldwide, Anbang stands out as one of the most profitable insurance companies in China. Its business covers life insurance, P&C insurance, health insurance, pension insurance, banking, asset management, etc. With a “customer-centric” strategy in mind, Anbang Insurance is dedicated to creating value for its worldwide customers.

Visit: Anbang Insurance Group

 

 


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HSBC to Pay $100 Million for Libor-Rigging Settlement in United States

HSBC to Pay $100 Million for Libor-Rigging Settlement in United States

HSBC has agreed to pay $100 Million in settlements for Libor-Rigging with the United States District Court.  The $100 million settlement is to to end further private litigations on HSBC role in Libor fixing and manipulation.  Since 2008, many banks had been investigated and made settlements to prevent further litigation.

” HSBC to Pay $100 Million for Libor-Rigging Settlement in United States “

In the settlement, HSBC denied any wrongdoing, but to avoid the risks, costs and distraction of litigation. The case is “Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court, Southern District of New York, No. 11-md-02262.”  In 2017, the U.K. Financial Conduct Authority had announced plans to end the use of Libor by the end of 2021.

Sources: Reuters, Bloomberg

 

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About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

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Former Chairman of Anbang Insurance Begins Trial in Shanghai

Former Chairman of Anbang Insurance Begins Trial in Shanghai

Former Chairman of Anbang Insurance, Wu Xiaohui is facing his trial in Shanghai for suspected fundraising fraud and embezzlement.  In the trial, the prosecutor said the defendant, Wu Xiaohui had fraudulently raised money and “treated the firm’s capital as his own capital.”

” Former Chairman of Anbang Insurance, Wu Xiaohui Facing Trial in Shanghai “

In 2011, faked financial statements were submitted to China’s insurance regulator for approvals to sell insurance products to the public for investment, and selling more than the approved limit.  By 2017, Anbang had oversold CNY 724 billion ($115 billion) of insurance products.  He is alleged to illegally used CNY 65 billion ($10.3 million), with some of the funds being were routed to other firms for investments, debt repayment and personal spending.

In the trial, the former Chairman of Anbang Insurance, Wu Xiaohui raised objections and also believed he did not violate any regulations.  His sister testified against him, claiming he controlled more than 200 companies (with some in the names of relatives), and 38 were used to control Anbang Group.  According to China’s criminal code, the sentences are punishable by up to life sentence.

In February 2018, the Chinese government had seized control of Anbang Insurance Group.  Anbang Insurance Group is being managed by a group of officials from the China Insurance Regulatory Commission (CIRC) for one year.  The regulatory intervention is one of China’s recent moves to stop Chinese conglomerates on aggressive overseas acquisition and to reduce financial risk.  The insurance conglomerate have significant stakes in banks and property developers including China Minsheng Banking Corp Ltd, China Merchants Bank Co Ltd, developers China Vanke Co Ltd and Gemdale Corp.

Anbang Insurance Group is a global insurance company with total assets of nearly CNY 1,9 trillion ($304 billion).  The group employs over 30,000 employees and has a customer base of 35 million worldwide.  Anbang Insurance Group was established in 2004,

In 2004, Anbang Property & Casualty Insurance was established and opened its first branch in Beijing.  In 2011, CIRC approved the restructuring of Anbang Property & Casualty Insurance for the establishment of Anbang Insurance Group.  Chairman Wu Xiaohui had transformed the group over the 10 years into one of the world’s largest insurance company.  He is married to Zhuo Ran, the granddaughter of Deng Xiaoping, China’s leader between 1978 to 1989.

Sources: SCMP, Reuters

 

 

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About Anbang Insurance Group

Anbang Insurance Group is a global insurance company with total assets of nearly 1971 billion RMB. With over 30,000 employees and a customer base of 35 million worldwide, Anbang stands out as one of the most profitable insurance companies in China. Its business covers life insurance, P&C insurance, health insurance, pension insurance, banking, asset management, etc. With a “customer-centric” strategy in mind, Anbang Insurance is dedicated to creating value for its worldwide customers.

Visit: Anbang Insurance Group

 

 


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Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging

Ex-Deutsche Bank trader, Christian Bittar is facing jail term for Euribor rigging after pleading guilty in a London court on the 2nd of March 2018.   The now 46 year old ex-Deutsche bank star trader had earned £90 million ($126 million) bonus in 2008, and was the firm’s most profitable derivatives trader from 2003 to 2010.

“ Ex-Deutsche Bank Star trader to be Jailed “

In 2011, Christian was fired as Deutsche bank distanced themselves from rate-rigging probes in the U.S. and U.K.  In 2015, Deutsche Bank was fined $2.5 billion by global regulators for failing to prevent attempts to rig benchmark rates.He was accused of colluding on Euribor submissions by betting on short-term interest rates.  In 208, he had bet on the 3-months & 6-months Euribor will rise faster than the 1-month rate.  After Lehman Brothers collapsed, his bets profited enormously, and he earned £90 million ($126 million) bonus in 2008.  As a proprietary trader, he had a share in the profits he made for the bank.

Christian grew up in Senegal, attended Grandes Ecoles University in France.  After graduation, he joined Societe Generale as a quantitative analyst.  He became a trader, and was hired by Deutsche Bank in London and thereafter Deutsche Bank in Singapore.  He will be sentenced in summer 2018 after a related trial ends.

Sources: Bloomberg, Bloomberg, Reuters

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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UBS to Pay $230 Million to Settle Mortgage-Backed Securities Probe

UBS to Pay $230 Million to Settle Mortgage-Backed Securities Probe

UBS will pay $230 Million to settle mortgage-backed securities probe in New York.  The settlement covers mortgage-backed securities issued between 2006 and 2007, with notional amount exceeding $10 billion.  Investors had lost billions of dollars in the certificates, backed by the loan pools (mortgage-backed securities).

” UBS Pays $230 Million to Settle Mortgage-Backed Securities Probe ”

UBS had ignored advisory issued during the due diligence process, and had breached its underwriting guidelines. The bank had admitted in the settlement prospectus supplements did not fully explain the bank’s due diligence process.  The $230 million settlement includes $189 million in consumer relief and $41 million in cash for the New York State.

Recent Settlements:

  • Royal Bank of Scotland – $500 million
  • JPMorgan Chase & Co. – $1 billion
  • Bank of America Corp. – $800 million

Source: Bloomberg, Reuters

 

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About UBS

Headquartered in Zurich and Basel, the UBS Group is a global firm providing financial services to private, corporate and institutional clients. The UBS Group is present in all major financial centers and has offices in over 50 countries. The UBS Group employs approximately 60,000 people around the world. The UBS Group’s historical roots stretch back more than a century.

Visit: UBS

 


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Law Firm Mossack Fonseca at Heart of Panama Papers to Shut Down

Law Firm Mossack Fonseca at Heart of Panama Papers to Shut Down

Mossack Fonseca, the law firm at the heart of the “Panama Papers” will be shutting down due to the economic and reputational damages on the firm.  Millions of documents and data was stolen and exposed from Mossack Fonseca, and leaked to the media in April 2016.  Names of powerful people including wealthy and politicians were leaked and exposed in the “Panama Papers” for using offshore corporations to evade or reduce taxes.

“ Law Firm Mossack Fonseca at Heart of Panama Papers to Shut Down “

In February 2017, Panama’s police arrested the law firm’s founders, Ramon Fonseca and Jurgen Mossack on money laundering charges.  They were released in April 2017.

Sources: Reuters, The Guardian, ICIJ

 

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About Mossack Fonseca

Established in 1977, we provide comprehensive international legal services. The firm provides services based on more than 35 years of experience. As part of its added value, the firm offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to request companies online, verify the status of companies, in addition to other transactions.

Visit: Mossack Fonseca

 

About Panama Papers

The Panama Papers are documents which were leaked from Mossack Fonseca, a Panama-based law firm which, according to its website, offers “comprehensive legal and trust services.” The website goes on to say that the firm offers “research, advice and services for the following jurisdictions: Belize, The Netherlands, Costa Rica, United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).” Some of those jurisdictions have been labeled tax havens – including Panama.

Visit: Panama Papers by Forbes

 


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Credit Suisse Sued by Investor for Misrepresenting & Manipulating Products after Exchange-Traded Note Plunged 90%

Credit Suisse Sued by Investor for Misrepresenting & Manipulating Products after Exchange-Traded Note Plunged 90%

Credit Suisse had been sued by an investor for misrepresenting & manipulating the financial product that had plunged 90% in a market sell-off.  The note, VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN) was worth around $1.6 billion before the crash.  The swiss bank is alleged to liquidate its holdings to avoid losses.

” Credit Suisse sued for Misrepresenting & Manipulating Products “

The note tracks the CBOE Volatility Index, VIX, which is also known as the fear index.  In a statement to Reuters,  the product is only intended for sophisticated institutional clients and the bank had publicly available prospectus which had accurately and fully disclosed the risks of the investment in XIV (stock ticker).  XIV had booked more than 500% gain for the 2 years ending 1st February 2018.  The lawsuit, which seeks class-action status as well as unspecified damages is filed in U.S. District Court in Manhattan.

Sources: Reuters, Bloomberg

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

RBS will Pay $500 Million in Settlement for Mis-Selling Mortgaged Backed Securities 10 years Ago

Royal Bank of Scotland (RBS) has agreed to pay $500 million in settlement for deceptive practices and misrepresentations of residential mortgage-backed securities (RMBS) leading up to the financial crisis in 2008.  The settlement includes $100 million in cash to New York State and $400 million worth of consumer relief for New York homeowners and communities, including funds to spur construction of more affordable housing and to purchase distressed properties to prevent predatory investors.

” RBS to Pay $500 Million in Settlements “

RBS admitted it continued to package and sell to investors RMBS backed by mortgage loan, despite being warned by due diligence vendors the mortgage loans did not comply with underwriting guidelines, and applicable laws and regulations.  RBS had also securitised a large numbers of loans for which no diligence was performed.  Reviews conducted after the defaults of the mortgage loans showed serious problems in the origination of the loans and the originator.

The settlement was led by Attorney General Schneiderman, a key figure in recovering billions of settlements.  He is the co-chaired of the collaboration that includes Department of Justice (United States)  and other federal entities to investigate those responsible for misconduct contributing to the 2008 financial crisis for the pooling and sale of residential mortgage-backed securities.

Sources: Reuters, AG NY

 

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About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 


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Former Deutsche Bank Trader Fined $250,000 for Libor Rigging

Former Deutsche Bank Trader Fined $250,000 for Libor Rigging

Former Deutsche Bank trader,  Guillaume Adolph have been fined £180,000 ($250,000) for Libor rigging by the UK Financial Conduct Authority for offences had occurred almost 10 years ago.  Libor is the London Interbank Offered Rate and is the leading reference for global interest rate.

” Former Deutsche Bank trader Fined £180,000 for Libor Rigging “

Between 2008 and 2010, Guillaume had made requests to Deutsche Swiss franc Libor submitters to adjust their quotes to benefit his own trading positions.  He was also Deutsche Bank’s primary yen Libor submitter, and had arranged with a trader at another bank to make yen Libor submissions, that in submission, to consider price submissions that may benefit his trading positions.

In 2015, Deutsche Bank had already been fined $2.5 billion by British and U.S. authorities for alleged rigging of Libor.  Other traders have since been fined and banned in the financial sector in the Libor rigging including former UBS and Citigroup trader Tom Hayes being sent to prison.

Sources: FCA, Reuters

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank


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Russian Billionaire Farkhad Akhmedov Ordered to Pay ex-Wife £453 Million in British Court Ruling

Russian Billionaire Farkhad Akhmedov Ordered to Pay ex-Wife £453 million in British Court Ruling

Russian billionaire, gas and oil tycoon Farkhad Akhmedov has been ordered by the British court to pay his ex-wife, Tatiana £453million.  Queen Counsselor, Hodge Malek in the appeal for Tatiana, claims she had received only a fraction of the assets.  In the British Court of Appeal, billionaire Farkhad’s lawyer was forced to disclose full details of his fortune, with the court ordering his lawyer to reveal communications (that includes discussion on his personal assets) between Farkha and his lawyer.

” Russian Billionaire Farkhad Akhmedov to Pay ex-Wife “

In the latest ruling, Tatiana had been awarded almost £453million, including £2.5 million of content from the couple’s former home, a £350,000 Aston Martin, £90 million art collection and a Panamanian company that will pay £350 million. The award to Mrs Akhmedova represents almost 41.5% of the family wealth.

Tatiana had met Farkhad when she was 17 and married when she was 21, and moved to England shortly after.  They divorced after 20 years of marriage with 2 children.  In 2012, Farkhad sold shares in ZAO Northgas for an estimated $1.3 billion.  He had started out selling sable furs.  In 2014, Farkhad had bought a £300 million super-yacht from Russian billionaire and Chelsea football club owner Roman Abramovich.

Farkhad views that the British courts should never have intervened in their divorce, where the marriage had taken place in Russia and between 2 Russian citizens.  Prior to the case, he had provided generous provision to his ex-wife, Tatiana when their marriage was dissolved in Russia.

Sources: Daily Mail, The Sun, Metro

 

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