Revealed as a favoured bank for money-launderers as well as crooks
As HSBC's Global Head of Complianceresignedin disgrace yesterday, acknowledging a bank had incited a blind eye to a towering $ 38 trillian dollars' of think transactions, thoughts in Sabah will have returned to a financial affairs of their Chief Minister, Musa Aman.
The Malaysian Anti-Corruption Commission (MACC) report in to joist kickbacks (a box described by Najib Razak as being "linked to Musa Aman") contains a great understanding of report about HSBC's involvement in estimate a millions of dollars which finished up in Musa's bank accounts.
Likewise, Sarawak Report has unprotected detailed report about a array of HSBC accounts related to Musa, which were eventually closed in 2006.
So, no surprise which a US Senate's Committee upon Homeland Security has reported which in a duration 2006-2010 a HSBC facilitated general money-laundering upon a enormous scale for drug gangs, terrorists as well as rogue nations, shunting a questionable funds in between offshore branches, a United States, Switzerland as well as elsewhere.
Sarawak Report's ownextensive dossieron Musa Aman creates transparent which a deduction of Malaysian joist crime should be combined to this shameful list!
Timber corruption
What ! general banks have helped Musa as well as his cronies to achieve
The victims of this multi-billion dollar pole embody a inland people of Sabah, who have been deprived of their native lands as well as hunting grounds; a taxpayers of Sabah, from whom immeasurable revenues have been stolen as well as honest businesses, which have been exploited by this rapist corruption.
Meanwhile, a consequences of this crime have included a wanton drop of one of a many precious superfluous environments upon a world which till not prolonged ago comprised a world's oldest as well as many bio-diverse area of superfluous rainforest.
Countless class of plants as well as animals have been wiped out in an bacchanal of preventable fervour over only a final decade alone.
In a past days Musa has once again unwisely attempted to deny all a evidence which haspiled up opposite him. Likewise a Speaker of a Sabah Assembly refused to concede a motion of no certainty to be put to a opinion a desperate magnitude which plainly undermined a approved process.
There have even been attempts to suggest which Musa has right away concurred a millions which were passed in to his Swiss bank accounts, though which he told a MACC which he was merely holding them as a hopeful for his political celebration "Pakatan Rakyat" as well as his boss a PM Najib Razak!
Even if this unlikely unfolding was true, do Musa's defenders really believe this would someway have him innocent of a rapist looting of his country's wealth? Because if Najib as well as Musa were in this together afterwards they have been both equally guilty!
The role played by banks like HSBC as well as UBS in a looting of Borneo's resources
Over a final decade, as a shrinking forests of Sabah have started to run out entirely, Musa ! Aman has continued to licence formerly stable areas as well as steep hillsides to be stripped bare of joist by his cronies.
His fervour has finished a drop of Sabah in a same approach which Taib's obsessive fervour has felled a once pretentious jungles of Sarawak.
Two Chief Ministers, Taib as well as Musa - both wallowing in a wealth stolen of their people
And as you have demonstrated in tighten detail over a past weeks, Musa's cronies have in lapse paid him tens of millions of dollars in kickbacks around his well well known nominees, together with his "middleman", Michael Chia.
It is interjection to a blind eye incited by Singapore as well as Hong Kong branches of dual global banks, HSBC as well as UBS which Musa Aman as well as Chia have afterwards been able to launder this income as well as funnel it, as you have demonstrated, through a array of off-shore accounts in to Musa's ownZurich bank account.
Chia - a dandy who incited out to be cack-handed at money-laundering
On countless counts a demeanour in which first HSBC as well as afterwards UBS have handled a millions of US, Singapore as well as Australian dollars sloshing around in Chia's accounts, breached a manners of correspondence which banks have been ostensible to abide by to forestall money-laundering.
Both banks should be entirely investigated upon this matte! r as wel l as held to account, as well as prosecutors in Switzerland as well as a environment NGO Bruno Manser Fund have this week taken serve movement to ensure which only such an investigation will take place.
This week Bruno Manser Fund released letters of complaint to a dual major regulatory bodies of Singapore, a Monetary Authority as well as a Financial Investigation Division to rapt them to a poise of UBS bank as well as HSBC in their conduct of a Musa Aman-linked accounts in Singapore.
These complaints cannot be abandoned in a light of a fact which The Swiss Federal Attorney General's Office has also in a past couple of days voiced which it has right away rigourously non-stop its investigations with relation to UBS, following a receipt of Sarawak Report's dossier of evidence.
That box will have been serve informed by a extensive report supposing to a Swiss by a Hong Kong authorities, who originally arrested Michael Chia in possession of $ 16million dollars back in 2008.
Even, Malaysia's own authorities have also been forced to at final acknowledge what alternative countries have prolonged been investigating. Each day which right away passes raises serve questions as to why a Attorney General (Musa's relations by marriage) has unsuccessful to act upon a dossier upon Musa which Prime Minister Najib Razak has reliable in upon his desk.
Compliance
Nowhere to censor - is Musa Aman's best excuse right away which he was merely a 'nominee' for "Pakatan Rakyat"?!
Because, even if Malaysia does zero in this case, a law will certainly come out as these beleaguered banks come under general vigour to own up to their part in this affair.
Key t! o Musa's ability to siphon scarcely a hundred million dollars of stolen income out of Sabah has been a eagerness of banks like HSBC to turn a blind eye as well as to mangle simple manners upon correspondence (the really error which will right away outcome in multi-million dollar fines for which bank in alternative tools of a world).
These manners direct which accounts related to politically unprotected persons as well as accounts which take receipt of large lump sums of income should be fully scrutinised as well as accounted for.
The accounts run by Michael Chia, a well well known join forces with of Musa, who afterwards passed upon these sums to Musa Aman himself as well as supposing income for Musa's dual sons, were clearly tip targets for such inspection upon both counts.
However, both HSBC as well as UBS unsuccessful to do so, preferring to go on to hoop exchange upon millions of dollars of kickback income.
In 2006 HSBC did finally tighten down Michael Chia's accounts, though in a demeanour which raises even more questions over compliance. A array of assistant orders amounting to a little $ twenty million were handed over to Chia in sequence to clean out his accounts.
Hard to snippet - by issuing huge assistant orders HSBC was helping Chia mangle a sequence of exchange as well as to illustrate conceal a source of his millions of dollars
Chia used these income orders to open his new accounts at UBS in Singapore, to illustrate providing him with a finish mangle in a sequence of transactions, whereby millions in kickback income had travelled from a accounts of Sabah based logging companies in to Musa Aman's Zurich bank accounts!
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