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Last month (see here) LEE Jae-Yong, officially number two at Samsung Electronics Co Ltd but, due to his father's infirmity, the de facto boss was questioned by police in connection with the alleged bribing of South Korean President PARK Guen-Hye. Prosecutors sought an order for an arrest warrant from a Seoul court but the court refused. However, that decision has been overturned on appeal and, in separate proceedings, the President has been suspended. Now LEE is held on remand in case he runs away or...

Editorial Staff
BIScom Subsection: 

When India decided to remove, without warning, two large value notes from circulation and cancel their legality, Economists chugged their drinks and were delighted that India would be pulling back into some kind of order the unsustainable position that the vast majority of the money in circulation was held outside the banking sector, in cash. But behind the scenes, there was a shadow hunting through the depths of the data that the exercise generated. And now that shadow is found to have some large and sharp teeth.

OMG!!!! Why do I date such losers? My Valentine's Day date just didn't get it. No roses, no French Champagne, no hand-made chocolate, no oysters and he even turned up in an Uber. An Uber!!!!! WTF? He just doesn't get the point of the holiday. And he's weird. He calls himself a Sevillian.

In the USA, a gun lobby is not the place where hunters put their guns in racks when they pop back into the house for lunch. It's the grammatically challenged collective name for those who promote the interests of manufacturers of, traders in and users of firearms. Together, they provide enough support to sway elections and ensure that guns are central to the lives of many Americans. But now, a group of lobbyists made up of prosecutors say, the gun lobbyists have gone too far.

Editorial Staff

A startling report published by Malaysia's state media company and widely disseminated raises questions over the granting of loans and the checks made on borrowers. It also raises the question of what problems might follow.

Editorial Staff
BIScom Subsection: 

 

Prosecutors in Panama have secured the remand, in custody, of Jürgen Mossack and Ramón Fonseca, the founders of Mossack Fonseca, the legal and professional services group at the heart of the so-called "Panama Papers."

Their arrest last week does not relate to that but rather to allegations of money laundering related to political bribes in Brazil.

 

Editorial Staff

As Malaysians unite against a range of issues, there is one man who is determined to try to develop racial tensions, using any means at his disposal including, allegedly, vigilantism, as the leader of a gang that vociferously, and forcefully, defends the current government, setting the authorities at odds with their political masters.

Case Summary: 

In February 2017, a director of a public company in Australia was convicted of embezzling AUD8.6 million and sentenced to jail for ten years with an order that he serve at least six years.

Embezzlement
World Money Laundering Report

New York state is one of a number of US states that now require taxpayers in the state to provide a driving licence or other state (not necessarily NY)-issued identification when taxpayers file returns electronically. Federal tax systems do not have a similar requirement.

Editorial Staff

A data breach affecting millions of US taxpayers may result in fraudulent tax returns in this current tax reporting season.

Case Summary: 

A former "Home Finance Manager" (mortgage salesman) with a bank was jailed for three years after pleading guilty to abusing his position to make a dishonest gain for himself and others. He submitted for approval fraudulent applications, knowing they were untrue, for applicants to borrow money that they would then "invest" in a developer with which he had a connection.

Consumer fraud
World Money Laundering Report

Economic and Financial Crimes Commission, EFCC, really has got the bit between its teeth in a way that few other anti-corruption bodies have managed elsewhere in the world. Yesterday, it brought two very high-profile figures before the court: a Senior Advocate of Nigeria (SAN), Muhammed Dele Belgore and a former minister, Professor Abubakar Sulaiman. They have pleaded not guilty in a case that has already tested the will of government to let the EFCC act independently and will now test the judiciary with which both defendants have a long and close history.

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