Category: banks

French prosecutors have issued an arrest warrant for Lebanon’s Central Bank Governor Riad Salameh, Arab News reported on 16 May. The warrant comes after Salameh failed to attend a court hearing in Paris. Prosecutors intended to press preliminary fraud charges, court documents and two sources said. Salameh has attempted to avoid arrest and has failed to show up for court hearings in his native Lebanon in the past. In March, the Lebanese Ministry of Justice asked the judiciary to arrest…

A businessman is due to appear in court in Latvia on Saturday in a murder plot trial that could shed light on the murky past of its banking system. Mihails Ulmans and his associate, co-defendant Aleksandrs Babenko, are alleged to have paid the killer of insolvency lawyer Martins Bunkus. Mr Bunkus is said to have uncovered evidence of money-laundering at LPB bank, partly owned by Mr Ulmans. He was shot dead in 2018. Both defendants deny any involvement. According to…

Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action. Over the past two years, President Joe Biden’s administration has sought to reframe the relationship with Beijing and build support among like-minded nations for a strong response to what officials in Washington and some other Western democracies say is “economic coercion.” But the G7 also needs to cooperate with China on broader global issues…

The Russian branch of environmental group Greenpeace on Friday said it would shut down after authorities declared the group an “undesirable organization”, effectively banning it from operating. In a statement, Russia’s Prosecutor General said Greenpeace had tried to “interfere in the internal affairs of the state” and was “engaged in anti-Russian propaganda” by calling for sanctions against Moscow. The label “undesirable” has been applied to dozens of foreign groups since Moscow began using the classification in 2015, and effectively bans…

The Pentagon has so far refused to name the target of the attack. However, relatives and neighbors of the victim claim he had no affiliation with the Islamist militants.  Two unnamed officials cited by the Post raised doubts about the strike, which occurred in a rural area of Idlib Province on May 3. “We are no longer confident we killed a senior AQ official,” one of the officials said, referring to Al-Qaeda. The second official added that “though we believe…

BEIJING – China is considering transferring government ownership in the nation’s biggest bad debt managers to a unit of its sovereign wealth fund as part of a financial regulatory regime overhaul, according to people familiar with the matter. Under the current proposal, the Ministry of Finance will move its stakes in China Cinda Asset Management, China Great Wall Asset Management and China Orient Asset Management to Central Huijin Investment, said the people, asking not to be identified. China Investment Corp…

LONDON (AP) — Deutsche Bank has agreed to pay $75 million to settle a lawsuit claiming that the German lender should have seen evidence of sex trafficking by Jeffrey Epstein when he was a client, according to lawyers for women who say they were abused by the late financier. A woman only identified as Jane Doe sued the bank in federal district court in New York and sought class-action status to represent other victims of Epstein. The lawsuit asserted that…

BENGALURU – Deutsche Bank has agreed to pay US$75 million (S$100.6 million) to settle a proposed class-action lawsuit alleging the lender facilitated the late Jeffrey Epstein’s sex-trafficking ring, The Wall Street Journal reported late on Wednesday, citing lawyers who sued the bank on behalf of alleged victims.

The suit was filed in 2022 in New York by an anonymous woman on behalf of herself and other accusers, alleging Deutsche Bank did business with Epstein for five years knowing he was engaged in sex-trafficking activity, the report said.

Deutsche Bank did not immediately reply to a Reuters’ request for comment. REUTERS

Iran Press TV Lebanon’s Central Bank Governor Riad Salameh has slammed French prosecutors for issuing an arrest warrant against him, saying he would appeal against the decision. Salameh made the remarks in a statement on Tuesday, after an international arrest warrant was issued earlier in the day following his failure to appear before French prosecutors to be questioned on corruption charges. Salameh denounced as “a violation of law” the arrest warrant, vowing to challenge it by filing an appeal. He…

SAN FRANCISCO – Wells Fargo & Co agreed to pay US$1 billion (S$1.3 billion) to settle a shareholder lawsuit that accused it of making misleading statements about its compliance with United States consent orders, following the 2016 scandal involving the opening of unauthorised customer accounts. The settlement is one of the top six largest securities class-action settlements of the past decade, according to lawyers for the investors, who filed a request on Monday for a Manhattan judge to approve the…

CAIRO (AP) — Sudan’s military chief has ordered the freezing of all bank accounts belonging to a rival paramilitary force. The two sides have battled for weeks across Sudan, pushing the troubled country to the brink of all-out war.

The decree, issued on Sunday by Gen. Abdel Fattah Burhan, will target the official accounts of the Rapid Support Forces in Sudanese bank, as well as the accounts of all companies belonging to the group, the state news agency SUNA reported.

It remains unclear what immediate effect the freezing would have on the RSF and how Burhan’s orders are to be enforced.

The military chief also announced the replacement of the governor of Sudan’s Central Bank, a move likely tied to the freezing decree. Over the past decade, the RSF amassed great wealth through the gradual acquisition of Sudanese financial institutions and gold reserves.

HONG KONG – Fierce competition for new mortgage customers is driving banks in Hong Kong to offer the highest cash rebates in nearly two decades.

The deals – offered as a percentage of the principal loan amount – ramped up from about 1.3 per cent last year to as much as 2.6 per cent currently, the highest in over 17 years, according to Centaline Mortgage Broker data.

Banks such as HSBC Holdings and Bank of China (Hong Kong) are using the incentive as a way to draw in clients, while property transactions remain subdued in the city’s real estate market that’s still reeling from an exodus of residents last year amid its zero Covid policy. Lenders are also getting squeezed as a cap on lending rates in the city crimps margins.

TOKYO – Japan’s SoftBank Group reported an annual net loss of 970 billion yen (S$9.6 billion) for the year ended March 31, with the Vision Fund unit posting a quarterly investment loss due to weakness in tech valuations.

Chief executive Masayoshi Son’s attempt to bestride the tech investing industry has suffered a series of high-profile reversals after outsized bets through SoftBank’s first Vision Fund turned sour and investments made at bubbly valuations via a smaller second fund slumped.

With key architects of that strategy having left, Mr Son has focused on shoring up the balance sheet, cutting his stake in e-commerce giant Alibaba Group Holding and stepping back from trademark presentations to focus on the listing of chip designer Arm.

LONDON – Britain is set to formally blacklist Russia’s mercenary force Wagner group as a terrorist organisation to increase pressure on Russia, The Times newspaper reported on Tuesday.

Wagner mercenaries have spearheaded Russia’s months-long assault on Bakhmut in the industrial Donbas region.

After two months of building a legal case, proscription or a formal blacklisting of the group was “imminent” and likely to be enacted within weeks, the newspaper reported citing a government source.

WASHINGTON – A Federal Reserve report warned that banks’ concerns about slower growth could lead them to make fewer loans, accelerating an economic downturn, and highlighted commercial real estate as an area of heightened risk that will draw more scrutiny from bank examiners.

The US central bank’s financial stability report released on Monday is the first since four regional lenders collapsed. The episodes prompted weeks of wild trading in bank stocks and forced regulators to take a series of extraordinary steps that included backstopping all depositors at Silicon Valley Bank and Signature Bank.

BEIRUT (AP) — A European judicial team questioned Lebanon’s caretaker finance minister on Friday in an investigation related to corruption probes of the country’s Central Bank governor, officials said. The questioning is part of a probe by a delegation from France, Germany, and Luxembourg, now on its third visit to Lebanon to interrogate suspects and witnesses in the case. Central Bank Governor Riad Salameh is being investigated abroad over several financial crimes and the laundering of some $330 million. During…