The subject being asked in Switzerland is did these income orders, which were supposed by UBS, paint bootleg profits from Sabah's timberland destruction? Our answer is positively yes.
The censure in Switzerland against UBS AG, for banking joist kickbacks upon behalf Sabah Chief Minister Musa Aman, has been eliminated from a Zurich open prosecutor to a bureau of a Attorney General.
This raises a make a difference to a sovereign level, indicating a intensity earnest of a case.
It has prompted a country's weekly commercial operation magazine"Handelszeitung" to exhibit further details upon a scandal, which is starting to prove rarely embarrassing for Switzerland's heading bank as well as extremely dangerous for Musa Aman.
Cashier orders value millions of dollars
One of a pass matters now raising eyebrows is a explanation 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 branch in Singapore behind in 2006.
Altogether, he deposited over $ 20million in mixed Singapore as well as US dollar assistant orders, all done out upon a same day, April 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 brand brand new 'Wealth Management Advisor', Denis Chua, who supervised Chia's brand brand new accounts.
Accepted by UBS advisor Denis Chua - done out by HSBC
Experts have expressed mystification to Handelszeitung writersthat a vital bank would have supposed these sorts of income transfers in such a fashion, though doubt their origin.
Jean-Pierre Man, Chairman of Transparency International Siwtzerland, is quoted as saying:
"To accept income cheques in such amounts is rarely suspicious as well as calls for an explanation in every case."
Likewise, a rarely eminent former open prosecutor, Paolo Bernasconi,comments:
"If this is true, it's an incredible 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 case of behalf of a Bruno Manser Fund, is austere which in doing 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 distance of a assistant orders which Michael Chia used to open his UBS AG bank accounts in 2006
The anxiety to a bank HSBC opens a brand brand new line of enquiry in this make a difference which threatens to! drag an additional vital international bank in to a heart of this scandal.
The array of Cashier's Orders referred to by a Swiss announcement were all sealed off by a Chief Cashier of HSBC Singapore upon 10th April 2006.
We have determined which this was a day which Michael Chia sealed down a array of accounts during a bank, a little held 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 evidence of estimable 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 wake up in a HSBC accounts prior to 2006 is really identical to a wake up which is afterwards available in a UBS accounts non-stop after 2006.
Both sets of accounts perceived large sums of income from companies related to logging concerns in Sabah as well as paid out income to Musa's sons as well as eliminated millions in to further accounts which in a future led toMusa Amanhimself.
The chart 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 in a future to Musa
Sarawak Report has determined 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 subsequentl! y reques ted which he mislay them!
It was during this point we have been told which Chia perceived a income orders, which he afterwards brought to Chua, who sealed as well as stamped 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 customers as well as their accounts".
However, they additionally claimed prevention of money-laundering was a pass priority as well as which they have installed "comprehensive world far-reaching risk government processes" for which reason.
This fails to answer because HSBC apparently sealed down a suspect account, though but authorised a criticism hilt to mislay a millions of dollars concerned in a array of massive income orders, sealed off upon a same day for different amounts by their arch cashier.
One monetary expert, speaking 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 said to detour any traceability of these accounts or their closure as well as we have to ask why? Issuing these assistant orders is a homogeneous to simply giving cash. Questions could positively be raised with regards to issues of money-laundering"
Exclusive! - A third bank, Oversea-Chinese Banking Corporation (OCBC), was additionally caught up in Michael ! Chia's m oney-web - this million dollar income sequence was a single of multiform processed by a bank
UBS are additionally resorting to minimum criticism in reply to a growing questions about a conduct of their Singapore branch, managed out of Hong Kong by Denis Chua.
However, whilst insisting which they work in all markets in line with a regulatory framework, Switzerland's largest bank did concede to a repository 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 eventually concede 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 courtesy to what these bank accounts were up to.
Client confidentiality should not be authorised to work as a crooks charter when it comes to a destruction of Sabah's Borneo Rainforest.
Time for banks who process bootleg joist income to come clean or face a consequence
- Sarawak Report
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