United Overseas Bank, one of Asia’s leading financial institutions with 500 offices in 19 countries and territories, already had a branch in Ho Chi Minh City.
The panel would comprise participants from the financial services and credit industries, as well as non-industry participants such as lawyers and academics, and at least one ASIC staff member.
U.S. Magistrate Judge William Matthewman, who is fielding the case without a district judge, said the facts of the case could be interpreted in favor of either UBS or Bounty Gain Enterprises Inc. The holding company has asked arbitrators with..
“The CSRC is already paying close attention to this problem – we won’t fail to ensure accountability, and will respond with firm measures as warranted,” he added.
The tribunal began looking into Citic and directors including former Citic chairman Larry Yung Chi-kin in September 2014 even as the SFC launched a lawsuit seeking sanctions against the five and compensation for up to 4,500 investors.