S’pore-based Malaysian military contractor ‘Fat Leonard’ who bribed US Navy officers given 15 years’ jail
LOS ANGELES – Leonard Francis, the Malaysian military contractor known as “Fat Leonard”, was sentenced to 15 years in prison on Nov 5 for his role in the US Navy’s worst-ever corruption scandal. Francis, 60, was also ordered to pay US$20 million (S$26.3 million) in restitution to the US Navy by a federal judge in San Diego and to forfeit…
Six Charged in Scheme to Defraud the Federal Government
Six defendants have been charged for their roles in schemes to rig bids, defraud the government and pay bribes and kickbacks in connection with the sale of IT products and services to federal government purchasers, which resulted in overcharges of millions of dollars to the U.S. government, including the Department of Defense (DoD). On Oct. 9 and Oct. 16, a…
Lebanese family was holding Sunday gathering when Israeli strike toppled their building
AIN EL DELB, Lebanon (AP) — It was Sunday, family time for most in Lebanon, and Hecham al-Baba was visiting his sister. She insisted he and their older brother stay for lunch, hoping to prolong the warm gathering in stressful times. The brother declined. Like many in Lebanon, he hadn’t been sleeping because of Israel’s intensifying airstrikes, so he left…
US approves $2 billion in arms sales to Taiwan including advanced missile defense system
TAIPEI, Taiwan (AP) — The United States has approved $2 billion in arms sales to Taiwan, including the first-time delivery to the self-ruled island of an advanced surface-to-air missile defense system, in a move sure to anger China. Taiwan’s presidential office on Saturday thanked Washington for greenlighting the potential arms sales. Under the island’s new president, Lai Ching-te, Taiwan has…
Global financiers head to Saudi Arabia investment bash in shadow of war
Global financiers are poised to flock to Saudi Arabia’s annual flagship investment conference next week as a tightening of the kingdom’s purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and…
Trudeau is urged by fellow party members to step down as Canada’s prime minister
Prime Minister Justin Trudeau of Canada faced the stiffest challenge to his leadership from fellow elected Liberal Party members on Oct 23 during a closed-door meeting where he was urged to resign to avoid torpedoing the party’s chances in the next election. For more than a year, the Liberals under Mr Trudeau have trailed the Conservative Party by double digits…
Italian government faces backlash for celebrating World War II fascists
ROME – Italy’s right-wing government is facing criticism over its celebration of a major World War II battle, after the defence ministry said the defeated fascist soldiers of dictator Benito Mussolini had died for the country’s freedom. In a social media post on Oct 23 commemorating the anniversary of the 1942 battle of El Alamein in Egypt, the ministry described…
Zelensky signs decree to liquidate medical examination commissions amid corruption scandal
President Volodymyr Zelensky on Oct. 22 issued a decree to liquidate medical examination commissions for determining the severity of disabilities by Dec. 31. The decree was released after a meeting of the National Security and Defense Council (NSDC), which on Oct. 22 discussed violations at medical examination commissions and the fraudulent acquisition of disability status by officials through corruption schemes. Obtaining disability status…
Raytheon Company to Pay Over $950M in Connection with Defective Pricing, Foreign Bribery, and Export Control Schemes
Raytheon Company (Raytheon) — a subsidiary of Arlington, Virginia-based defense contractor RTX (formerly known as Raytheon Technologies Corporation) — will pay over $950 million to resolve the Justice Department’s investigations into: (i) a major government fraud scheme involving defective pricing on certain government contracts and (ii) violations of the Foreign Corrupt Practices Act (FCPA) and the Arms Export Control Act (AECA) and its…
Russian embassy alarmed by anti-Russian sentiments in Germany
BERLIN, October 16. /TASS/. Russia is concerned with the rhetoric being thrown around inside the German government saying that the country should prepare for war with Russia, which is not threatening anyone, the Russian embassy in Berlin said. “Russia is deeply concerned by the unconstructive rhetoric of German officials, special agencies and some individual politicians, calling for preparing for war…
India says ‘No Coincidence’ that Canada’s Accusations come as Trudeau set to testify at Chinese Interference Inquiry
New Delhi says Canada’s accusations against Indian diplomats and their expulsion is a politically driven move to show action amid criticism Prime Minister Justin Trudeau has turned a blind eye to foreign interference. The Indian Ministry of External Affairs says the move is strategically timed to coincide with Trudeau’s appearance at the Foreign Interference Commission, which has been mainly focused…
Ainet CEO Indicted for Major Fraud and Making False Statements to the U.S. Securities and Exchange Commission
A federal grand jury in the District of Columbia returned an indictment yesterday charging a Maryland man with major fraud against the United States and making false statements to the U.S. Securities and Exchange Commission (SEC) for his alleged participation in a scheme to deceive the SEC into thinking his company’s data center was certified at the highest rating level…
TD Bank Fined for Crypto Ties with UK and Colombia
According to a report from the Financial Crimes Enforcement Network (FinCEN) on Oct. 10th, TD Bank’s U.S. wing agreed to pay over $3 billion in penalties. The fine was for failing to properly monitor money laundering activities. The bank has also accepted limits on its future growth in the U.S. FinCEN found that TD Bank facilitated over $1 billion in…
Massive U.S. fine against TD Bank highlights relatively modest penalties in Canada
TORONTO — The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada. Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate…
TD Bank hit with US$3bn fine, pleads guilty to criminal charges
Canada-based financial institution TD Bank has announced its agreement to pay over USD 3 billion, pleading guilty to criminal charges related to money laundering in the US. As detailed by regulators, the fine follows TD Bank’s failure to appropriately monitor money laundering by drug cartels and other criminals, allowing them to transfer hundreds of millions of dollars in unlawful funds….
EU court upholds legal service ban to Russian entities, individuals
BRUSSELS (Reuters) – The EU Court of Justice upheld on Wednesday its ban on the provision of legal advice to Russian entities and individuals. The measure was first introduced in 2022 by the European Union as part of sweeping sanctions on Russia in response to its invasion of Ukraine. The ruling came after the Dutch bar association of Brussels, the…