Wan Kei Group raised approximately HK$170 million, and a majority of the net proceeds will be used for expansion of machinery and equipment, recruitment and repayment for certain outstanding finance leases.
Swiss financial regulator Finma is checking with some of the country's banks on whether they carried out business with Malaysia's troubled state investment fund 1Malaysia Development Berhad, a spokesman said yesterday.
A wholly-owned unit of Goldman Sachs Group received a banking license from The Hong Kong Monetary Authority (HKMA), the HKMA announced on Wednesday, in a step that creates a local subsidiary through which the U.S investment bank can book its trades.
Designed to boost financial inclusion, payments banks will allow transfers and take deposits up to a limit of Rs100,000 ($1,532), and are expected to reach customers predominantly via mobile phones.
The rules stipulate that client funds be held at recognised banks, that traditional bank accounts be used to channel large payments, and increased the disclosure requirements for online lending or crowdfunding platforms.
Some funds pay fancy salaries to their heads and other officials, resulting in erosion of capital, which ultimately affect the investor adversely.
The false policies contained invented details, including imaginary conversations and false signatures, and none were either requested or approved by any existing or new Westpac customer.