Corruption Ledger

Attorneys for Hunter Biden are expected in court Wednesday in Los Angeles, where he is accused in what prosecutors call a four-year scheme to avoid paying $1.4 million in taxes while living an extravagant lifestyle. President Joe Biden’s son has pleaded not guilty to the nine felony and misdemeanor tax offenses. He’s asking the judge to toss out the case, arguing that the prosecution was politically motivated, was tainted by leaks from IRS agents who claimed publicly the case was…

  MONTREAL – Boeing’s board has begun the search for a big hitter to take the helm of the troubled plane maker following the turbulent tenure of chief executive Dave Calhoun, with many industry executives and analysts predicting it will seek an outside remedy. Facing mounting pressure from airlines, regulators and investors, Boeing on March 25 announced a broader than expected shake-up with Mr Calhoun, 66, stepping down by the end of 2024 on the heels of the company’s commercial…

  NEW YORK – Wall Street stocks retreated March 25 as a market rally showed signs of fatigue and tech heavyweights faced stepped-up regulatory scrutiny in Europe. Maris Ogg of Fiduciary Trust said the reticent start was unsurprising given the relatively light schedule this week as far as economic news. “It certainly wouldn’t be unusual” to have some kind of consolidation after last week’s highs,” Ogg said. The Dow Jones Industrial Average fell 0.4 per cent to 39,313.64. The broad-based…

NEW YORK – Boeing announced on March 25 that CEO Dave Calhoun will leave his post as the aviation giant faces increased scrutiny after a series of safety incidents and manufacturing issues. The company has been hit by problems including a near-catastrophic incident in January when a fuselage panel on a Boeing 737 MAX 9 Alaska Airlines jet blew off mid-flight. No one was seriously injured, but the plane was forced to make an emergency landing with a gaping hole…

SINGAPORE – Digital content production house Vividthree Holdings in an announcement on March 24 noted the arrest of its board chairman and independent director Ho Choon Hou by the Commercial Affairs Department (CAD) in relation to alleged breaches-of-disclosure obligations by private cord blood bank Cordlife Group. Dr Ho was arrested by the CAD in relation to an offence under the Securities and Futures Act. He has been released on bail and has surrendered his passport. The board of Catalist-listed Vividthree…

SHANGHAI – The Chinese authorities are examining the role of PricewaterhouseCoopers in China Evergrande Group’s accounting practices after the developer was accused of a US$78 billion (S$105 billion) fraud, ramping up pressure on the global accounting giant that audited a slew of developers before the sector’s meltdown. The country’s securities regulator this week accused Evergrande’s main onshore subsidiary Hengda Real Estate Group of recognising sales in advance and massively overstating its revenue in the two years through 2020, prior to…

Leo Varadkar is to step down as Ireland’s prime minister in a shock decision, saying he was no longer the right person to lead his party into a general election due within a year. Varadkar, who has been Taoiseach since December 2022 and served previously in the role between 2017 and 2020, cited personal and political decisions but gave no details in a brief, at times emotional, announcement on Wednesday. “One part of leadership is knowing when to pass on…

THE HAGUE, Netherlands (AP) — In a decision hailed by an environmental group as a historic victory, an Amsterdam court ruled Wednesday that Dutch national airline KLM misled consumers in statements about sustainable aviation in a case that accused the carrier of “greenwashing.” Amsterdam District Court said in a statement that in some advertisements, that are no longer in use, KLM “makes environmental claims based on vague and general statements about environmental benefits, thereby misleading consumers.” The court said that…

Republicans in the U.S. House of Representatives seeking to chart a part forward in their impeachment probe of President Joe Biden will on Wednesday question two former associates of his son Hunter. House Republicans say the president and members of his family improperly profited from policy decisions in which Biden, a Democrat, participated while vice president from 2009-17. The White House has said the investigation is baseless and politically motivated. “It is obviously time to move on, Mr. Speaker. This impeachment…

LONDON/ZURICH – A year after the banking crisis that felled Credit Suisse, the authorities are still considering how to fix lenders’ vulnerabilities – including in Switzerland, where the bank’s takeover by rival UBS created a behemoth. The Swiss government-sponsored rescue of Credit Suisse and US bank salvages in March 2023 doused the immediate fires kindled by a run at little-known US regional lender Silicon Valley Bank. But regulators and lawmakers are only starting to address how banks could better withstand…

  BlackRock and Singapore sovereign wealth fund GIC are exploring the sale of a network of gas pipeline assets in Britain hat could fetch about US$2 billion (S$2.67 billion), according to people familiar with the matter. The owners are working with investment bank Jefferies Financial Group to find potential buyers for Kellas Midstream, the people said, asking not to be identified as the matter is private. The company owns a network of pipes, including the 404km undersea Central Area Transmission…

JPMorgan is facing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program. The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.” The OCC said it found that JPMorgan failed to monitor billions of…

  Ukrainian drones were used to hit multiple targets in a sweeping attack on Russia that reportedly ignited fires at two major oil facilities and saw armed groups cross into Russian territory. Russia’s Defense Ministry said nine of its regions were attacked by Ukrainian drones, while Ukrainian missiles were shot down over the Belgorod region early on March 12. The attacks, the ministry said, targeted several energy facilities, including LUKoil’s Norsi refinery, Russia’s fourth-largest, in the Nizhny Novgorod region about…

Benjamin Netanyahu’s ruling coalition is “in jeopardy”, according to a US intelligence assessment that highlighted mass protests against Israel’s prime minister and the prospect of looming elections. The conclusions over Netanyahu’s precarious political position were part of the US intelligence community’s “annual threat assessment” report on Monday, which reflects the “collective insights” of Washington’s intelligence agencies. “Netanyahu’s viability as leader as well as his governing coalition of far-right and ultraorthodox parties . . . may be in jeopardy,” the assessment said. It added that…

  Bitcoin topped US$71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70 per cent on the back of massive inflows into US exchange-traded funds.  The original cryptocurrency jumped as much as 3.2 per cent to US$71,631.45 on March 11.  “This rally comes following a weak Asian trading session in which shorts tested the conviction of longs – it appears the longs have given a rather convincing positive answer,” said Mr…

As you read through the details of the DOJ investigation, ask yourself why Boeing was permitted to regulte itself. Deregulation is a choice made by government.  The Department of Justice (DOJ) has initiated a criminal investigation into the Boeing jetliner incident that occurred on an Alaska Airlines plane earlier this year, as reported by the Wall Street Journal. According to the newspaper, the DOJ has reached out to passengers and crew members, including pilots and flight attendants, who were on…