Former South Korean President Lee Myung-bak Charged for Corruption

Former South Korean President Lee Myung-bak Charged for Corruption

Former South Korean President Lee Myung-bak has been charged for corruption. He is charged for taking almost 11 billion won ($10.2 million) in bribes from Samsung and government agencies including 700 million won ($653,000) from the National Intelligence Agency’s official funds.  During his presidency, his government is also alleged to provide Samsung privileges including the 2009 pardon of its Chairman Lee Kun-hee, in return for bribes.

” Former South Korean President Lee Myung-bak Charged for Corruption “

Lee Myung-bak is the South Korea President between 2008 to 2013.  Prior, he was the CEO of Hyundai Engineering and Construction and was the mayor of Seoul between 2002 to 2006.  He had already been sentenced to a suspended three-year prison term for accounting losses and tax evasion at a Samsung affiliate.

Another former South Korean President, Park Geun-hye had been sentenced to 24 years jail for corruption.  In 1996, former South Korea Presidents Chun Doo-hwan (1979-1988) and Roh Tae-woo (1988-1993) were convicted in 1996 of mutiny, treason and corruption and for their roles in the Gwangju Uprising.  Both former Presidents were sentenced to death, amended to jail, and later received presidential pardons.

In recent times, Chairman of the Lotte Group Shin Dong-bin had been sentenced to 2.5 years in jail for corruption.  Samsung Group heir Jay Y. Lee was also sentenced to 2.5 years, but was freed after 1 year.

Sources: USA Today, Nikkei

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Macau Casino King Stanley Ho to Retire, Daughter Daisy Ho Steps Up

Macau Casino King Stanley Ho to Retire, Daughter Daisy Ho Steps Up

Macau casino king Stanley Ho (aged 96) has announced his retirement plan as the Chairman of SJM Holdings (0880.HK) at the upcoming AGM in June 2018.  His daughter, Daisy Ho (aged 53) will be taking over the business while he will be staying on as Chairman Emeritus.  His 4th wife Angela Leong and Timothy Fok, son of Stanley Ho’s former business partner Henry Fok, will be appointed as co-chairmen and executive directors of SJM Holdings.

” Macau Casino King Stanley Ho to Retire, Daughter Daisy Ho Steps Up “

In 1962, Stanley Ho secured the only gaming licence in Macau, a Portuguese colony in 1962.  His fortune grew in a 40 years monopoly, fuelled by casino players from China’s booming economy.  In 2002, the government opened the casino business to foreign investors and today, SJM is one of 6 licensed operators, with 19 casinos in Macau.  Other large players includes Sands China Ltd (1928.HK), Wynn Macau Ltd (1128.HK) and Galaxy Entertainment.

In June 2017,  Stanley Ho had stepped down as Chairman of Hong Kong conglomerate Shun Tak Holdings Ltd (0242.HK),  with his daughter Pansy Ho taking over. Shun Tak has businesses in transportation, property, hospitality and investments.  He has 4 wives and is reported to have 17 children.

Stanley Ho, a billionaire with net worth estimated at almost $3 billion, is the great-nephew of one of Asia’s first business tycoons, Robert Hotung.  SJM Holdings was founded in 1962 and (April 2018) has a market value of HK$40.8 billion ($5.2 billion) while Shun Tak Holdings founded in 1972 has a market value of HK$9.67 billion ($1.23 billion).

Source: Bloomberg, Reuters, SCMP

 

Video:

 

About SJM

SJM Holdings Limited is the holding company of Sociedade de Jogos de Macau S.A. (“SJM”), one of the six companies authorised to operate casino games of fortune and other games of chance in casinos, under the terms of a concession granted by the government of the Macau Special Administrative Region in March 2002. SJM is the only casino gaming concessionaire with its roots in Macau.

Visit: SJM Holdings

 

About Shun Tak 

Shun Tak Holdings Limited (the “Company”) and its subsidiaries (the “Group”) is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) hasbeen listed on the Hong Kong Stock Exchange since 1973.

Visit: Shun Tak

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

European Commission Raided Companies Involved in Sports Broadcasting Rights Including Rupert Murdoch’s Fox

European Commission Raided Companies Involved in Sports Broadcasting Rights Including Rupert Murdoch’s Fox

The European Commission had raided companies involved in sports broadcasting rights Including a business unit of media mogul Rupert Murdoch’s 21st Century Fox.  The raid is part of an investigation into a possible cartel (maintaining high price) of the sports broadcasting in Europe.  Billions are spent to secure exclusive rights to sports broadcasting, which can attract millions and tens of millions of viewers, translating into subscription & advertising revenues.

” European Commission Raided Companies Involved in Sports Broadcasting Rights Including Rupert Murdoch’s Fox “

The European Commission had conducted unannounced inspections, in numerous companies including Fox Networks Group, 21st Century Fox.  The European Commission have concerns these companies may have violated EU antitrust rules that prohibit cartels and restrictive business practices.

Sources: Reuters, BBC

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

 

Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation

Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation

Ant financial, one of China’s leading financial services technology company and an affiliate company of Alibaba Group, is raising at least $10 billion in capital, valuing the company at more than $150 billion.  Temasek Holdings, Singapore’s Sovereign Wealth Fund, is believed to be a lead investor among other leading institutional investors.

“ Alibaba Group Ant Financial to Raise at Least $10 Billion at $150 Billion Valuation “

Ant financial was officially founded in 2014, and was originally founded by Alibaba Group in 2004 as Alipay.  In 2007, Alipay had over 50 million users, while China only had 30 million credit card users.  In 2016, Ant Financial completed its Series B fundraising, raising $4.5 billion in funding.  Ant financial has 3 key businesses in payments, wealth management and lending.  In recent times, the company have invested into Paytm (India) and Ascend Money (Thailand).

Sources: Bloomberg, SCMP

 

Video:

 

Video:

 

 

 

About Ant Financial

Ant Financial Services Group is focused on serving small and micro enterprises as well as consumers. With the vision “bring small and beautiful changes to the world,” Ant Financial is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Yu’e Bao, Zhao Cai Bao, Ant Fortune, Ant Check Later, Ant Financial Cloud, Sesame Credit and MYbank.

Visit: Ant Financial

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Music Streaming Spotify Surged 13% at IPO on NYSE with $26 Billion Market Value

Music Streaming Spotify Surged 13% at IPO on NYSE with $26 Billion Market Value

Music streaming Spotify had surged 13% at IPO on the New York Stock Exchange (NYSE), at a reference IPO price of $132.  The stock closed at $149.01 on the 1st trading day, closing at  $147.92 at the end of the week, valuing the company at more than $26 billion.

“ Music Streaming Spotify Surged 13% at IPO on NYSE with $26 Billion Market Value “

Spotify opted for a direct listing on NYSE, bypassing investment banks or brokers to underwrite the offering, saving hundreds of millions of dollars in underwriting fees.  The reference price was set at $132, giving an early estimate of the level at which the the supply and demand could be balanced.  The opening public price was determined by the buy and sell orders collected by the NYSE from broker-dealers.

Spotify, founded by Daniel Ek and Martin Lorentzon, was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers.

After the IPO, both founders Daniel Ek and Martin Lorentzon became billionaires with net worth of more than $2 billion & $1 billion respectively.

Sources: Reuters, CNBC, Bloomberg

 

Video:

 

Video:

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

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

 

Video:

 

Video:

 

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

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed

$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed

A $8 Billion lawsuit against Billionaire Steven A. Cohen and hedge fund SAC Capital Advisor had been dismissed by a United States court.  Steven Cohen & SAC Capital Advisor was sued for working with hedge funds to spread false rumours and to depress the share price of Fairfax Financial, a Canadian insurer & investment group.

“$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed”

Fairfax had claimed it was targeted by hedge funds, creating rumours by encouraging reporters to write negative stories and analysts producing biased research.  On 29th March 2018, the case against Steve A. Cohen and SAC Capital Advisor by Fairfax was dismissed.

SAC Capital Advisor was founded by Steven A. Cohen in 1992.  Since 2010, after a series of investigation by the United States Securities and Exchange Commission (SEC) for insider trading, the firm shrank and in 2016, the business entity closed down.  In 2014, Steven A. Cohen converted his investment operations of SAC Capital Advisor into his family office, Point72 Asset Management.  He is estimated to have more than $14 billion net worth.

The case is Fairfax Financial Holdings Ltd et al v. SAC Capital Management LLC et al, and filed at the Superior Court of New Jersey, Morris County, Nos. MRS-L-2032-06, MRS-L-5000-06.

Sources: Reuters, Institutional Investor

 

Video:

 

Video:

 

Video:

 

Video:

 

About Fairfax Financial Holdings Limited

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its assets on a total return basis, which Fairfax believes provides above-average returns over the long-term.

Fairfax was founded in 1985 by the present Chairman and Chief Executive Officer, V. Prem Watsa. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.

Visit: Fairfax Financial

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

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

 

Video:

 

Video:

 

Video:

 

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.

Visit: HSBC

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

Lamborghini Shipped 3,815 supercars in 2017

Lamborghini Shipped 3,815 supercars in 2017

Lamborghini had shipped 3,815 supercars in 2017, selling 358 (+10.3%) more units than in 2016 (3,457).   America sold 1,338 units (35.1%), Asia sold 1,000 units (26.2%) while 1,477 units (38.7%) was sold in Europe, Middle East & Africa.   Since 2010, the number of units sold by Lamborghini had grown by 293%, from only 1,302 units to a record 3,815 in 2017.

” Lamborghini Shipped Record 3,815 Supercars “

The Italian supercar maker from Sant’Agata Bolognese reported revenue of Euro 1.009 billion in 2017, a 11.3% increased from Euro 906 million in 2016.  V12 Lamborghini Aventador sales grew by 6% from 1,104 to 1,173 units while V10 model Lamborghini Huracán sales grew by 12% from 2,353 to 2,642 units.

Source: Official Press Release

 

Video:

 

Video:

 

About Lamborghini

The history of ‘Lamborghini Automobili’ officially starts in 1963. Nevertheless, we must consider the far-off roots of this event, and they are the roots of Ferruccio Lamborghini. Born in 1916, this capable, impetuous, strong-willed Taurus was the leading character in the foundation of the company and the early phases of its extraordinary history.

Visit: Lamborghini

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

 

910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium

910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium

A 910-carat diamond known as “The Lesotho Legend” had been sold for $40 million in a tender on 12th March 2018 in Antwerp, Belgium.  The 910 carat diamond, classified as a D color, Type IIa diamond, with the highest color and quality ratings, was sold by Gem Diamonds to an undisclosed buyer.

” 910-carat Diamond “The Lesotho Legend” Sold for $40 million in Belgium “

“The Lesotho Legend” diamond, named after the country it was founded, was uncovered from the mountain area Letšeng strip mine in Lesotho, South Africa.  It is the fifth largest gem quality diamond ever recovered.

70% of the Letseng mine is owned by Gem Diamonds.  The Letseng mine location is known for its production of white diamonds.

Source: USA Today, CNBC, Official Press Release

 

Video:

 

Video:

 

About Gem Diamonds:

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

Visit: www.gemdiamonds.com

 

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency