A Fox in Charge of a Global Money-Launderer’s Henhouse

A Fox in Charge of a Global Money-Launderer’s HenhouseIn 2014, the central banks of Tanzania and Cyprus took over the notorious FBME Bank, which was accused of a long list of banking violations that allegedly made it the money-laundering epicenter of global finance. But the man they put in charge of administering the bank appears to have been about as controversial as the…

Cyprus Bank Said to Help Porn Ring Launder Money

Cyprus Bank Said to Help Porn Ring Launder MoneyThe head of the credit card division of the notorious Tanzania-based FBME Bank allegedly helped an international child pornography ring launder money through the bank's Cyprus unit, according to a 52-page privileged and confidential report prepared by the international investigations firm Kroll International. The Kroll report, which was made available to Asia Sentinel,  was prepared…

International Investment Firm Ordered Shut in Bermuda

International Investment Firm Ordered Shut in BermudaThe Supreme Court of Bermuda has ordered the Bermuda arm of the controversial empire of the Lebanese Saab brothers liquidated following an investigation by KRyS Global, an international fraud investigation and dispute resolution firm. Ayoub-Farid and Fadi Saab are the beneficial owners of FBME Bank of Tanzania, whose Cyprus unit was in effect shut down…

China Overseas Investment Curb Exposes Splits in Government

China Overseas Investment Curb Exposes Splits in GovernmentWang Jianlin displayed considerable composure and self-confidence when facing questions about the recent sale of his theme park and hotel assets to smaller rivals Sunac China Holdings and Guangzhou R&F Properties. But Wang, the founder of China's largest real estate developer Dalian Wanda Group and formerly China's richest man, may actually have something to fear.…

Good for Alibaba? SCMP Quashes Column on Xi-linked Tycoon

Good for Alibaba? SCMP Quashes Column on Xi-linked TycoonThe steady erosion of the journalistic independence of the South China Morning Post, once the region’s most influential English-language daily, was demonstrated last week when the paper’s editors pulled an article linking an investor in Hong Kong’s Peninsula Hotel Group to Chinese President Xi Jinping’s chief of staff. The article, by long-time Money Matters columnist…

1H2017 Review: Korea

1H2017 Review: KoreaSouth Korea’s long-running political upheaval ensured that 2017 kicked off amid controversy. The very first day of the year saw president Park Geun-hye denouncing her impeachment by the National Assembly. However, on March 10, the Constitutional Court upheld the ruling, ending a presidency mired in controversy since Park’s election in 2012. Park was then arrested…

1H2017 Review: Japan

1H2017 Review: JapanFor Japanese Prime Minister Shinzo Abe, 2017 has been the year that his political credibility came into doubt. A poll conducted by the Mainichi Shimbun newspaper on June 17 and 18 showed that Abe’s approval rating fell 10 points to 36%, and the rate of disapproval reached 44% - his first net negative rating since…

1H2017 Review: Singapore

1H2017 Review: SingaporeSingaporean politics was rocked in June by Prime Minister Lee Hsien Loong’s siblings, who accused him of abusing his power. Their main grievance concerned what they considered the prime minister’s efforts to acquire and preserve the family home. His actions, they argued, ran contrary to the dying wishes of their father, Lee Kuan Yew, who…

1H2017 Review: Taiwan

1H2017 Review: TaiwanTaiwan’s gross domestic product is headed for its fastest clip since 2014, according to an economic think tank. GDP will probably exceed 2%, according to a forecast released in April by the Taiwan Institute of Economic Research (TIER). Darson Chiu, deputy director of macroeconomic forecasting at TIER, said the figure is not necessarily “a very…

Myanmar-China Pipeline: Myanmar Pays a Price

Myanmar-China Pipeline: Myanmar Pays a PriceAlthough a 770-km pipeline complex between the Kyaukpyu port in Myanmar to Yunnan in western China has begun to deliver oil and gas across the country, issues of compensation, environmental degradation, safety and adequate compensation remain. In many ways, the story of the pipeline illustrates the price countries pay for participating in China’s ambitious One…
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