Money 

Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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Singapore 

Parliament: No fraud involved in National Gallery’s $12.4m waivers and contract variations, says Grace Fu, Singapore News

No fraud was involved in the National Gallery Singapore’s waiver of contractual provisions, said Culture, Community and Youth Minister Grace Fu in Parliament on Monday (Aug 5). These waivers largely related to penalties on the contractor for the extra time taken to complete the development project. In all, the waivers and contract variations given to Takenaka-Singapore Piling Joint Venture totalled $12.4 million, which was flagged in the Auditor-General’s Office (AGO) report last month. This sum is not overpayment, Ms Fu said in her reply to Mr Png Eng Huat (Hougang), so…

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Convoy fraud: Roy Cho could face seven years in jail after case is referred to District Court

Roy Cho Kwai-chee, the alleged mastermind in the fraud involving independent Hong Kong financial advisory firm Convoy Global holdings, could face longer jail time along with two associates, after a magistrate on Wednesday referred the case to the District Court, a higher court that can impose jail sentences of up to seven years.A pretrial hearing is scheduled for September 2 to arrange the transfer.Cho, 55, a former executive director at Convoy, was charged by the Independent Commission Against… Source link

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Singapore 

Gojek steps up fraud prevention measures to clamp down on ‘middlemen’, Singapore, Business News

SINGAPORE – Ride-hailing firm Gojek says it has taken steps to tackle the problem of fraudulent rides being offered through its platform, and will continue to strengthen its fraud prevention mechanism. Gojek said on Wednesday (June 19) that police have been investigating the issue since a report was made last month, adding that both the Indonesia-based company and the police have taken “significant actions” against unauthorised middlemen who have been offering cheap rides in Singapore. The Straits Times reported on Monday how at least two dozen “middlemen” have been actively…

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Vietnam 

Government to crack down on trade fraud – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    The General Department of Customs is developing a process to check goods which are often subject to trade fraud. — Photo tapchitaichinh.vn   HÀ NỘI — The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs. Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing US-China trade dispute. Nguyễn…

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Philanthropy recipients seek to draw a distance with Hong Kong’s alleged fraud mastermind and key figure of Enigma Network

Roy Cho Kwai-chee, the alleged mastermind in one of Hong Kong’s largest financial fraud investigations, appears to be a persona non grata as far as the recipients of his philanthropy are concerned.The Education University of Hong Kong, which named the main administration building after him on the back of a HK$25 million donation (US$3.2 million) in 2016, is trying to remove his name, according to two sources familiar with the matter.The nearly 9,000 students and staff at the university, which… Source link

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Singapore 

Jail for man linked to $37.4m fraud case, Singapore News

SINGAPORE – A Singapore-based company director has admitted in court his connection to a 2008 case in which Citibank in New York was duped into transferring US$27.2 million (more than S$37 million) from the corporate account of the National Bank of Ethiopia (NBE) to various beneficiaries worldwide. On Thursday (May 16), a Singapore district court heard that between Oct 2 and 16 that year, Citibank received 24 payment instructions purportedly sent by NBE and it later transferred the money to various other accounts in countries such as Australia, Japan and…

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Vietnam 

Fight against origin fraud to be enhanced – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Violations of “made-in-Việt Nam” labelling would be strictly handled. — Photo tienphong,vn HÀ NỘI — The National Steering Committee for Combating Smuggling, Commercial Fraud and Counterfeit Goods has asked the handling of violations related to “made-in-Việt Nam” origin fraud to be enhanced. The order came amid a reported flow of foreign-made and counterfeit products labelled as “made-in-Việt Nam”, especially consumer and fashion goods, which was causing a loss to the State budget revenue and damage to consumers as well as negatively affecting domestic export firms. Fighting origin fraud was essential…

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Vietnam 

Customs reforms must prevent fraud and help trade: Deputy PM – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HÀ NỘI – Reforms to customs checks and procedures must facilitate trade and prevent fraud at the same time, Deputy Prime Minister Vương Đình Huệ said, urging for enhanced supervision to ensure the quality of the process. Huệ spoke on the issue at a conference held by the Việt Nam Fatherland Front on Monday. He said customs reforms in recent years had removed or simplified 70 per cent of procedures, even more than the Government’s target of 50 per cent. This helped save an estimated 12 million working days and more than VNĐ5 trillion (US$212.7 million) for…

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Hong Kong insurer Blue Cross adopts blockchain to speed up medical claims, eliminate fraud

Hong Kong’s insurance firms are fast embracing technology to keep up with their more nimble rivals.On Tuesday, Blue Cross (Asia-Pacific) Insurance said it has become the first insurer in the city to launch a blockchain-backed solution to speed up medical insurance claims and prevent fraud, adding that the distributed ledger technology will also help the company cut costs.Rivals Prudential, HSBC Life and Bowtie Insurance have started selling insurance products and processing insurance claims… Source link

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