1st November 2016
Relatives of the financier accused by U.S. prosecutors of playing a central role in siphoning more than $3.5 billion from Malaysia’s state investment fund are fighting attempts to seize assets acquired with misappropriated funds. Four family members of Low Taek Jho, also known as Jho Low, have initiated claims for… Read More
1st November 2016
EFG International has closed its purchase of Swiss bank BSI SA for about a quarter less than the originally anticipated price, after BSI shed billions of Swiss francs in managed assets amid investigations into its role in the alleged misappropriation of money from Malaysian state investment fund 1Malaysia Development Bhd. Read More
31st October 2016
Hong Kong’s Securities and Futures Commission (SFC) has cancelled the licences of Richmond Asset Management and its owner Graham Frank Bibby and banned him from re-entering the industry for 10 years. Richmond AM and Bibby secured around $5m (£4.1m, €4.5m) from 36 clients to invest in a company and a… Read More
25th October 2016
A reform requiring Ukraine’s politicians and officials to declare their assets online in order to fight corruption is under threat. Some lawmakers and anti-corruption activists say there are persistent attempts to sabotage the measure, which is backed by the International Monetary Fund (IMF). As reported by the Reuters news agency,… Read More
24th October 2016
China’s banking regulator plans to allow local governments to set up more asset management companies (AMCs) as part of a broader effort to manage corporate debt and reduce the growing volume of troubled bank loans that pose a risk to the economy. The China Banking Regulatory Commission (CBRC) is relaxing… Read More
21st October 2016
A man from Springfield received a federal prison sentence of two years and nine months on Thursday for an investment fraud scheme that gained him more than $1.1 million. A judge also ordered Christopher Hanson, 54, to pay $1,134,500 in restitution to his victims. Hanson pleaded guilty on Sept. 14,… Read More
20th October 2016
A court in the United States ruled on Monday to disqualify lawyers representing a firm connected to the Magnitsky fraud case, after they had switched sides to defend a company accused of money laundering. The ruling by the US Court of Appeals for the Second Circuit instructed a court in… Read More
19th October 2016
Christopher Paul Byrne, the founder and managing director of Lumiere Wealth Ltd, a Jersey advisory firm, has been arrested “in connection with” ongoing investigations into the firm and its ties to Guernsey-registered Providence funds. In a statement on its website, the Jersey Financial Services Commission said it was “aware of the… Read More
19th October 2016
Leonardo DiCaprio is aiding the investigation into a Malaysian embezzlement scam linked to his hit film The Wolf of Wall Street, according to his spokesperson on Tuesday. The Hollywood star contacted the US justice department in July just after it filed a lawsuit to seize more than US$1bn in allegedly… Read More
18th October 2016
David Vaughan Jones, 76, of Welshpool, Powys, initially denied charges of theft and fraud at Mold Crown Court. But on Tuesday, he pleaded guilty to 24 of the 39 charges, which the prosecution accepted. Judge Niclas Parry deferred sentencing until April 2017, and gave him a chance “to put his… Read More