The question being asked in Switzerland is did these income orders, which were supposed by UBS, paint bootleg increase from Sabah's forest destruction? Our answer is positively yes.
The censure in Switzerland against UBS AG, for promissory note joist kickbacks upon behalf Sabah Chief Minister Musa Aman, has been eliminated from a Zurich public prosecutor to a bureau of a Attorney General.
T! his rais es a make a difference to a federal level, indicating a intensity seriousness of a case.
It has prompted a country's weekly commercial operation magazine"Handelszeitung" to reveal serve sum upon a scandal, which is starting to infer rarely annoying for Switzerland's heading bank as well as extremely dangerous for Musa Aman.
Cashier orders value millions of dollars
One of a pass matters right away raising eyebrows is a reason which Michael Chia (Chia Tien Foh) used a array of assistant orders value millions of dollars each to open his assorted bank accounts with a UBS bend in Singapore back in 2006.
Altogether, he deposited over $ 20million in mixed Singapore as well as US dollar assistant orders, all done out upon a same day, Apr 10th 2006. The orders, a little of which were value over $ 5 million, were all issued by HSBC in Singapore as well as afterwards sealed for as well as supposed by UBS AG's new 'Wealth Management Advisor', Denis Chua, who supervised Chia's new accounts.
Accepted by UBS confidant Denis Chua - done out by HSBC
Experts have expressed astonishment to Handelszeitung writersthat a major bank would have supposed these sorts of cash transfers in such a fashion, without questioning their origin.
Jean-Pierre Man, Chairman of Transparency International Siwtzerland, is quoted as saying:
"To accept cash cheques in such amounts is rarely questionable as well as calls for an reason in every case."
Likewise, a rarely eminent former public prosecutor, Paolo Bernasconi,comments:
"If this is true, it's an implausible story. Within UBS, a same standards should have been applied worldwide. In 2006, this should never have been possible."
Meanwhile, Monika Roth, a professor of law who is prosecuting a box of behalf of a Bruno Manser Fund, is austere which in you do so UBS:
"accepted a money-laundering risk, which isunacceptable as well as sheds a bad light both upon HSBC as well as UBS as members of a Wolfsberg group".
HSBC additionally open to critical criticism
SNG 5million 'only' - a size of a assistant orders which Michael Chia used to open his UBS AG ban! k accoun ts in 2006
The reference to a bank HSBC opens a new line of enquiry in this make a difference which threatens to drag an additional major international bank in to a heart of this scandal.
The array of Cashier's Orders referred to by ! a Swiss publication were all sealed off by a Chief Cashier of HSBC Singapore upon 10th Apr 2006.
We have established which this was a day which Michael Chia sealed down a array of accounts during a bank, a little hold in Singapore dollars as well as others in Australian as well as American dollars.
We hold copies of countless bank statements relating to these accounts up until this date as well as those statements bear justification of substantial payments from Sabah joist interests amounting to millions of dollars. They additionally show multiform payments being done from these accounts to Musa Aman's sons, who were studying in Australia.
In fact, a activity in a HSBC accounts before to 2006 is really identical to a activity which is afterwards available in a UBS accounts opened after 2006.
Both sets of accounts perceived vast sums of income from companies associated to logging concerns in Sabah as well as paid out income to Musa's sons as well as eliminated millions in to serve accounts which eventually led toMusa Amanhimself.
The draft drawn up by Hong Kong investigators - layers of accounts heading from Michael Chia as well as his associates, to a counsel Richard Barnes as well as eventually to Musa
Sarawak Repor! t has es tablished which a same Manager, Denis Chua, worked during both banks. We assimilate which after Chua left HSBC for UBS AG in 2006, HSBC examined a Michael Chia accounts as well as subsequently requested which he remove them!
It was during this point we have been told which Chia perceived a cash orders, which he afterwards brought t! o Chua, who sealed as well as hammered their acceptance upon behalf of UBS.
No comment
HSBC have so far stone-walled questions about their radical poise in this matter. The bank merely toldHandelszeitung:
"We cannot criticism upon cases relating to our business as well as their accounts".
However, they additionally claimed prevention of money-laundering was a pass priority as well as which they have commissioned "comprehensive universe far-reaching risk management processes" for which reason.
This fails to answer why HSBC apparently sealed down a suspect account, though nevertheless authorised a criticism hilt to remove a millions of dollars concerned in a array of massive income orders, sealed off upon a same day for opposite amounts by their arch cashier.
One monetary expert, vocalization to Sarawak Report, has commented:
"This really unusual. Normally, an criticism would be sealed as well as a funds simply eliminated to an additional regulated or accredited monetary institution. This method could be pronounced to circumnavigate any traceability of these accounts or their closure as well as you have to ask why? Issuing these assistant orders is a homogeneous to simply giving cash. Questions could positively be lifted with regards to issues of money-laundering"
Exclusive! - A third bank, Oversea-Chinese Banking Corporation (OCBC), was additionally caught up in Michael Chia's money-web - this million dollar income sequence was a single of multiform processed by a bank
UBS have been additionally resorting to smallest criticism in rep! ly to a flourishing questions about a control of their Singapore branch, managed out of Hong Kong by Denis Chua.
However, while insisting which they work in all markets in line with a regulatory framework, Switzerland's largest bank did concur to a magazine Handelszeitung:
"Should it spin out which employees have breached a law, UBS will permit which as well as will clear a make a difference in team-work with a authorities."
If UBS do finally concur wrong-doing in their exchange with Michael Chia as well as his web of monetary activities it will be time for them to suggest full team-work with a authorities with regard to what these bank accounts were up to.
Client confidentiality should not be authorised to work as a crooks licence when it comes to a destruction of Sabah's Borneo Rainforest.
Time for banks who routine bootleg joist income to come purify or face a consequence
- Sarawak Report
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