05/25/2012

Fraud, recession plague global businesses: PwC survey

The study, which was carried out among 1,530 executives from 16 different industries and 64 countries, identified organisational and cultural resistance as the most common barriers to internal audit's ability to step up and meet stakeholders' in

05/22/2012

Basel heat on China banks this winter

The new rules, which are stricter than the global ones, will require systemically important banks to maintain capital adequacy ratio at 11.5 percent and core CAR at 9.5 percent by December 2013. The global deadline is the end of 2015.

05/21/2012

WEALTH Trio saga a warning bell for super fraud

ONE of the many government reports that arrived during the week and passed almost unreported was the multi-party parliamentary report into the Trio-Astarra superannuation fraud, and more's the pity.

05/17/2012

South Korean bank chief arrested for embezzlement

Lim, 50, is the second bank chief to be arrested since Solomon, Mirae, Hanju and Korea Savings Bank were suspended for six months on May 6 for failing to meet financial-strength standards.

05/17/2012

Market entry criteria revised for banking sector in Hong Kong

A spokesman for the Financial Services and the Treasury Bureau said, "These amendments seek to remove from the Banking Ordinance certain licensing criteria for banks, which have become unnecessarily restrictive and put Hong Kong at a disadvantage whe

05/17/2012

O’Melveny & Myers Hong Kong names new head

O’Melveny & Myers has appointed longtime capital markets partner David Johnson as the new head of the Hong Kong office, relocating from the firm's Century City office in California in the US.

05/15/2012

Billionaire's lover fights claims he forged will

Tony Chan, 52, the former lover of the eccentric billionaire – known as "Little Sweetie" for her taste in school-girlish attire and pigtails – appeared at a magistrates' court in Hong Kong for a pre-trial hearing that has revive

05/15/2012

Not guilty plea in $10m bank error trial

Appearing in the Rotorua High Court this morning Kara Mary-Jo Hurring, 33, entered the plea on on 25 counts of theft, three counts of attempting to dishonestly use a document, and two counts of money laundering.

05/14/2012

Black money: fin min examining CBDT report

Nearly ten months after it was formed to examine ways to check the menace of black money, a committee under the chairmanship of Central Board of Direct Taxes (CBDT) chief has submitted its report to the finance ministry.

05/11/2012

China banking watchdog to release new rules on bank fees

And according to Banny Lam Chiu-kei, macroeconomic research associate director at CCB International, lenders will have to diversify and improve their services to remain profitable as the regulator cuts more charges.

05/09/2012

Cadwalader Adds Jones Day Capital Markets Team in Hong Kong

In an interview Sunday, Asia practice head Rocky Lee said the firm was especially pleased to have recruited a team that has worked well together previously.Cadwalader, Wickersham & Taft has recruited a three-partner capital markets team from the Hong

05/09/2012

BNP Paribas sued for $47mln

The oil company can also pursue damages in relation to the breach of contract, the report added.

05/08/2012

SFO charges FX trader with fraud

He traded foreign currency on behalf of 73 investors, faces three charges of theft by a person in special relationship, obtaining by deception or causing loss by deception, and false statement by a promoter.

05/04/2012

Sun Hung Kai Ex-Chairman Arrested in Widening Probe

The arrest was “in connection with an investigation into an offence or offences suspected to have been committed” under the city’s anti-bribery law, Sun Hung Kai said in a statement today.