Caproasia

The Vietnam court has upheld Van Thinh Phat Group Chairwoman Truong My Lan death sentence by lethal injection unless she repays $11 billion or at least 75% of stolen assets which her sentence will be reduced to lifetime jail. Read - https://lnkd.in/gZBrjwgz follow Caproasia | Driving the future of Asia The Vietnam court has upheld Van Thinh Phat Group Chairwoman Truong My Lan death sentence by lethal injection unless she repays $11 billion or at least 75% of stolen assets which her sentence will be reduced to lifetime jail.  In 2024 October, Van Thinh Phat Group Chairwoman Truong My Lan (Age 67) had been sentenced to jail for life in 2nd trial for $4.5 billion of illegal cross-border transfers and misappropriating $1.2 billion from 35,824 investors via bond issuances.   In 2024 April, Truong My Lan was sentenced to death in Vietnam for corruption & required to return $27 billion, with her Hong Kong real estate husband Eric Chu Nap-Kee sentenced to 9 years jail & niece sentenced to 17 years jail for securing $43 billion of loan & embezzling $12.4 billion from Saigon Commercial Bank (SCB) representing 93% of deposits at the bank.  In 2024 September, Vietnam leading property developer Van Thinh Phat Group Chairwoman Truong My Lan (Age 67) 2nd trial had started (19/924) including for money laundering charges with $4.5 billion of illegal cross-border transfers and misappropriating $1.2 billion from 35,824 investors via bond issuances.  In 2024 June, Truong My Lan (Age 67) is facing new money laundering charges (recommended by Vietnam Ministry of Public Security) for $4.5 billion of illegal cross-border transfers.   Truong My Lan is the majority shareholder of Saigon Commercial Bank.  83 other individuals were also charged & sentenced, with 4 received jail sentence for life.  Truong My Lan was selling comestics (stall) with her mother and started buying land & properties in 1986.  In 2011, Truong My Lan coordinated the merger of 3 small banks to form Saigon Commercial Bank.  Over the years, Truong My Lan had bribed many officials including $5 million to a chief inspector of Vietnam central bank.  Truong My Lan criminal trial had started on 5th March 2024, and husband (Eric Chu Nap-Kee) who works in real estate in Hong Kong was also summoned to court.  In October 2023, Vietnam government released a statement on Vietnam leading property developer Van Thinh Phat Group, An Dong Investment & affiliates for cheating $1.2 billion from 42,000 investors in 25 illegal bond fraud.   In 2022 October, Van Thinh Phat Group Chairwoman Truong My Lan was arrested by Vietnam police.  More info below:

Macau Court of Appeal upheld Tak Chun Group Chairman Levo Chen  2023 13-year jail sentence & $137 million (CNY 1 billion) fine for operating gambling business in Macau without licence, fraud & money laundering.  Levo Chen is husband of Taiwan Actress Ady An. Read - https://lnkd.in/gYdUMJE2 follow Caproasia | Driving the future of Asia Macau Court of Appeal has upheld Tak Chun Group Chairman Levo Chen 202313-year jail sentence & $137 million (CNY 1 billion) fine for operating gambling business in Macau without licence, fraud & money laundering.  Levo Chen is husband of Taiwan Actress Ady An.  In 2023 January, the former Chairman & CEO of Macau Suncity Group (Junket Operator) Alvin Chau had been sentenced to 18 years jail for fraud, criminal association, illegal gambling & money laundering in Macau, and to pay $829 million (HKD 6.5 billion) in compensation to the Macau government for lost revenue and $255 million (HKD 2 billion) to 5 casinos – Wynn Macau, Galaxy Entertainment Group, MGM China, Sands China and SJM Resorts (Sentence 18/1/23).  A casino junket operator facilitates VIP customers with lavish & incentives trips to casinos.  Macau is the only city in China where citizens are permitted to gamble in the casinos.  In 2020, Inside Asian Gambling named Chairman & CEO of Macau Suncity Group Alvin Chua as rank no. 6 in the Asian Gaming Power 50 ranking.   After Alvin Chau was arrested, Suncity Group announced the cessation of its junket business.  In July 2022, the board of directors of Suncity Group proposed a company name change to LET Group.  In 2023 February, Australia Federal Police (AFP) has charged 9 individuals for operating a $6.9 billion (AUD 10 billion) China-Australia money-laundering syndicate including Steven Xin who is the business partner of recently jailed Macau casino tycoon Alvin Chau.  In the codename Operation Avarus-Midas (Greek King who turned objects into Gold), the Australia Federal Police uncovered 2 gangsters with combined fortune of AUD 1 billion, with the syndicate building a portfolio of Sydney mansions, a luxury city building, hundreds of acres of land & cryptocurrencies.  The alleged transnational crime organisation is known as the Xin Money Laundering Organisation (MLO).  Xin MLO charged a fee of between 4% to 10% for money-laundered.

The ex-CEO of Singapore listed-recycling firm Citiraya Industries Ng Teck Lee(Age 58) & his wife Thor Chwee Hwa (Age 55) had been arrested in Malaysia on 3rd December 2024 (Malaysian Anti-Corruption Commission) after 19 years for $53 million embezzlement ($72 million) by selling products overseas instead of recovering precious metals from scrap materials.  Both had fled Singapore in 2005 after the Singapore Corrupt Practices Investigation Bureau (CPIB) started investigations.  Read - https://lnkd.in/gprVUnaW follow Caproasia | Driving the future of Asia The ex-CEO of Singapore listed-recycling firm Citiraya Industries Ng Teck Lee(Age 58) & his wife Thor Chwee Hwa (Age 55) had been arrested in Malaysia on 3rd December 2024 (Malaysian Anti-Corruption Commission) after 19 years for $53 million embezzlement ($72 million) by selling products overseas instead of recovering precious metals from scrap materials.  Both had fled Singapore in 2005 after the Singapore Corrupt Practices Investigation Bureau (CPIB) started investigations.  Citiraya Industries was renamed as Centillion Environment & Recycling in 2006, and later merged with a United States firm & renamed as Metech International in 2012. 

Japan Mitsubishi Corporation trading company lost $90 million (CNY 600 million) in unauthorized copper trades by China Shanghai-based trader Gong Huayong, with the trades made with local China companies & some related companies and allowing some companies to defer payment.  The trader Gong Huayong had been fired and a criminal complaint had been filed.  Read - https://lnkd.in/gwwMzDRu follow Caproasia | Driving the future of Asia Japan Mitsubishi Corporation trading company had lost $90 million (CNY 600 million) in unauthorized copper trades by China Shanghai-based trader Gong Huayong, with the trades made with local China companies & some related companies and allowing some companies to defer payment.  The trader Gong Huayong had been fired and a criminal complaint had been filed.  In 2019, Mitsubishi had closed Singapore-based oil trading unit after a trader lost $300 million. 

United States SEC settles record keeping charges and imposed no fine against China ICBC for the 2023 ransomware attack.  ICBC had failed to keep books & records, and sent clients written notifications for securities-related transactions after the ransomware attack.  ICBC had cooperated meaningfully & took extensive remedial measures. Read - https://lnkd.in/gm6rBfJF follow Caproasia | Driving the future of Asia The United States Securities & Futures Commission (SEC) has settled record keeping charges and imposed no fine against China ICBC (Industrial & Commercial Bank of China) for the 2023 ransomware attack.  ICBC had failed to keep books & records, and sent clients written notifications for securities-related transactions after the ransomware attack.  ICBC had cooperated meaningfully & took extensive remedial measures.

China Renaissance CEO Xie Yi Jing has resigned after 10 months since appointment as CEO (2024 February) for personal & family reasons, with Wang Lixing appointed as CEO.  In 2024 October, China Renaissance ex-Chairman Fan Bao’s wife Hui Yin-ching (Xu Yanqing) has been appointed as China Renaissance Chairperson.  Read - https://lnkd.in/gUTEu3nr follow Caproasia | Driving the future of Asia China Renaissance CEO Xie Yi Jing has resigned after 10 months since appointment as CEO (2024 February) for personal & family reasons, with Wang Lixing appointed as CEO.  In 2024 October, China Renaissance ex-Chairman Fan Bao’s wife Hui Yin-ching (Xu Yanqing) has been appointed as China Renaissance Chairperson.  In 2024 February, the Chairman of China Renaissance Fan Bao resigned as Chairman & CEO for health reasons & to spend more time on family matters (2/2/24), with Xie Yi Jing appointed as Chairman & CEO.  (Fan Bao’s wife Hui Yin Ching has been appointed as Non-Executive Director & holds 48.71% of China Renaissance shareholding.)  Fan Bao who had been reported to be uncontactable since 16th February 2023, had been cooperating in an investigation with China authorities.  Fan Bao is an influential China dealmaker and was former investment banker at Morgan Stanley & Credit Suisse.  In 2024 September, China Renaissance resumed trading on 9th September 2024 with share price decreasing -70% at the end of trading week to $155 million market value from $532 million market value since suspension on 31st March 2023.  In the latest annual report, China Renaissance had paid $11 million (CNY 78 million) to unknown China authorities in 2023 (received payment request in 2023 Q4), with the payment classified as “other receivables” in the company report.  Ex-auditor Deloitte Touche Tohmatsu had resigned in 2023 December, with Zhonghui Anda CPA appointed as new auditor for China Renaissance.  China Renaissance with market capitalisation of $532 million market capitalisation (31/3/23) had suspended trading on Hong Kong Exchange (HKEX) in a filing on 2nd April 2023, with the company unable to release the 2022 financial results ... ...

China Stimulus Plan – China central bank People’s Bank of China (PBOC) has bought $111 billion of 3-month outright reverse purchase agreements in 2024 November to improve liquidity in the banking system. Read - https://lnkd.in/gmM67cqa follow Caproasia | Driving the future of Asia China Stimulus Plan – China central bank People’s Bank of China (PBOC) has bought $111 billion of 3-month outright reverse purchase agreements in 2024 November to improve liquidity in the banking system.  In November 2024, China has announced to decrease the residential property deed tax for 1st-time buyers to 1% for properties size of 140 sqm & below from 1st December 2024, and 1.5% property deed tax for properties size of above 140 sqm.  The 2nd home property deed tax of 2% is only applicable for properties above 140 sqm, instead of the existing 3% property deed tax for size of above 90 sqm.  Earlier in November 2024, China has announced $1.4 trillion (CNY 10 trillion) 5-year packages to support China local government debts, comprising of CNY 2 trillion per year additional debt limit for local governments for 3 years from 2024 to 2026, and CNY 800 million per year in special bonds over 5 years from 2024 to 2029.  Earlier in November, China announced to reduce the capital requirements & lock-up period for investments into China A-shares for foreign strategic investors effective 2nd December 2024, for qualifying investors with proprietary assets of > $50 million or AUM > $300 million.   The existing requirements are proprietary assets of > $100 million or AUM > $500 million.   The shares lock-up period has also been reduced from 3 years to 1 year.  In 2024 September, China announced new stimulus plan for the economy – 1) Decrease average interest rates for existing mortgages by 0.5%, 2) 15% minimum downpayment for residential homes, 3) $71 billion (CNY 500 billion) Swap Program to allow access to funding for funds, insurers & brokers to Buy stocks, 4) $42 billion (CNY 300 billion) in low interest rate loans to commercial banks by China central bank (PBOC) for share buybacks or acquisitions, 5) Decrease 7-Day Reverse Repo Rate by 0.2% to 1.5%, 6) Decrease Cash Reserve Requirement Ratios (RRR) by 0.5% freeing up $142 billion (CNY 1 trillion) of capital for lending.

HSBC loses court appeal for $33.7 million European Union (EU) cartel fine for rigging Euribor rates benchmark between 2005 to 2008 alongside JP Morgan, Credit Agricole, Deutsche Bank, RBS & Societe Generale.  Read - https://lnkd.in/gQWWtdg6 follow Caproasia | Driving the future of Asia HSBC loses court appeal for $33.7 million European Union (EU) cartel fine for rigging Euribor rates benchmark between 2005 to 2008 alongside JP Morgan, Credit Agricole, Deutsche Bank, RBS & Societe Generale.  

UK asset manager Abrdn with $3.1 billion market value is the most shorted UK stock, with share price -21% YTD, -14% in last 12 months & -54% in last 5 years.  In 2024 May, Abrdn CEO Stephen Bird resigned after 4 years as CEO.    In 2021, Abrdn had rebranded from Standard Life Aberdeen to Abrdn, and since 2022, Abrdn has closed more than 120 funds.  Read - https://lnkd.in/gQqism-v follow Caproasia | Driving the future of Asia UK asset manager Abrdn with $3.1 billion market value is the most shorted UK stock, with share price -21% YTD, -14% in last 12 months & -54% in last 5 years.  In 2024 May, Abrdn CEO Stephen Bird resigned after 4 years as CEO.  In 2021, Abrdn had rebranded from Standard Life Aberdeen to Abrdn, and since 2022, Abrdn has closed more than 120 funds.  In January 2024, Abrdn had announced to cut around 10% of employees to save $191 million.  UK asset manager Abrdn currently have around $620 billion AUM.  abrdn

Tesla Elon Musk $55 Billion Pay Package – United States Delaware judge has upheld the decision to reject Elon Musk $55 billion pay package despite majority of shareholders voted to approve in 2024 June.  The $55 billion pay package is currently worth around $101 billion.  Tesla has also been ordered to pay plaintiff’s lawyers $345 million in cash or Tesla stock.  Read - https://lnkd.in/gKvngmPy follow Caproasia | Driving the future of Asia Tesla Elon Musk $55 Billion Pay Package – United States Delaware judge has upheld the decision to reject Elon Musk $55 billion pay package despite majority of shareholders voted to approve in 2024 June.  The $55 billion pay package is currently worth around $101 billion.  Tesla has also been ordered to pay plaintiff’s lawyers $345 million in cash or Tesla stock.  Tesla Elon Musk $55 Billion Pay Package Voting Result (13/6/24) – Majority of Tesla shareholders have voted to approve Elon Musk voided $55 billion pay package which is worth $46 billion now (13/6/24: $571 billion market value), and to move incorporation to Texas.  In February 2024, a United States Delaware court voided Elon Musk $55 billion Tesla CEO pay package and ruled the compensation as excessive, after a shareholders lawsuit in 2022 citing material misleading disclosure in 2018 on Elon Musk involvement in the compensation discussion & unjustly enriched himself. (Elon Musk has a current fortune of $205 billion, and may lose around $55 billion fortune to $150 billion, should he decide not to appeal).  The 3 law firms who had won & voided Elon Musk $55 billion Tesla CEO pay package lawsuit have filed for a record $6 billion in legal fees to a Delaware court (United States).  The 3 law firms are Bernstein Litowitz Berger & Grossmann, Friedman Oster & Tejtel and Andrews & Springer.  In 2023, a 5-day United States court trial has ended (21/2/23) for the shareholders lawsuit to void Elon Musk $55 billion pay packages tied to Tesla share price, citing material misleading disclosure in 2018 on Elon Musk involvement in the compensation discussion & unjustly enriched himself. The ruling by United States Delaware court Chancellor Kathaleen McCormick will be announced at least a few months later. Tesla share price is trading around $196 (24/2/23) and traded around $22 5 years ago (2018), representing 890% increase in share performance.  In 2022 June, Elon Musk, Tesla & SpaceX have received a $258 billion class action lawsuit for defrauding & promoting Dogecoin pyramid scheme. In the filing by American citizen Keith Johnson in a federal Manhattan court (New York, United States), the class action lawsuit seeks $258 billion in total damages, an order blocking Elon Musk & companies from promoting Dogecoin ... ...