Corporate Crime | South China Morning Post
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Corporate Crime

Ex-UBS trader gets seven-year jail term for US$2.3b fraud

Kweku Adoboli was handed seven years in jail. Photo: Reuters

Former UBS trader Kweku Adoboli was convicted and sentenced to seven years in jail yesterday for the biggest fraud in British history, which resulted in US$2.3 billion loss for the Swiss bank.

Wednesday, 21 November, 2012, 4:10am

HSBC likely to face criminal charges for money laundering

HSBC is likely to face criminal charges stemming from US anti-money laundering investigations.

HSBC Holdings, Europe's largest bank by market value, said yesterday it was likely to face criminal charges stemming from US anti-money laundering investigations. It said the cost of a settlement could "significantly" exceed the US$1.5 billion the bank had already set aside.

6 Nov 2012 - 4:54am

Tycoon Nadir told to pay back £5m or serve six more years in jail

Jailed tycoon Asil Nadir

A British judge ordered jailed tycoon Asil Nadir to pay back £5 million (HK$62.3 million) of the £29 million he stole from his Polly Peck business empire or serve an extra six years in prison. The judge rejected his claim that during his 17 years in exile in northern Cyprus he was living on handouts from his mother.

4 Nov 2012 - 4:13am

UBS ex-trader Kweku Adoboli's tears in the dock

Former UBS banker Kweku Adoboli. Photo: AFP

Former UBS trader Kweku Adoboli wept yesterday as he told a jury that his "off-book trades" were done for the benefit of a bank that meant everything to him.

Addressing the court for the first time since his trial started six weeks ago, Adoboli said he believed his behaviour was not fraudulent and he had worked incredibly hard for years to generate profits.

27 Oct 2012 - 3:35am

The week explained: Asil Nadir

Robber baron: Nadir was sentenced to 10 years last month. Photo: Reuters

I have been thinking quite a bit about Asil Nadir lately. Yes, this is the man at the centre of one of Britain's biggest corporate scandals, who has spent almost two decades eluding the authorities and has just started a 10-year jail sentence after being found guilty on 10 charges of theft from Polly Peck, the listed company he controlled and led to bankruptcy.

10 Sep 2012 - 3:50am

China Sky One sued by US SEC over fake sales

China Sky One Medical (CSKI) and its top executives have been sued by the US Securities and Exchange Commission over claims they inflated revenue by about US$20 million with fake sales of a weight-loss product.

6 Sep 2012 - 8:45am

HK$175m offer to take over suspended Titan

Guangdong Zhenrong Energy, a unit of state-owned commodities trader Zhuhai Zhenrong, has offered to pay HK$175 million to take over debt-troubled fuel trading and logistics firm Titan Petrochemicals Group.

The proposed price represents a discount of about 99 per cent to the price Hong Kong-based Titan Petrochemicals shares last traded before they were suspended.

15 Aug 2012 - 11:15pm

Anti-graft brochure has much to say

A brochure on resisting corruption, which the Zhejiang Higher People's Court sent to all judges in the province this week, is significant - but not necessarily for the reason its authors intended.

One legal scholar said it was unlikely to be of any use in stamping out rampant corruption within the judiciary, and instead inadvertently highlighted the size of the problem.

14 Jul 2012 - 12:00am

Disclosure law means bosses face HK$8m fine

Lawmakers have approved controversial legislation requiring Hong Kong-listed companies and their senior executives to disclose price-sensitive information in a timely manner or face a fine of up to HK$8 million.

26 Apr 2012 - 12:00am

Bad legislation underpins court's support for the SFC

In a landmark ruling, a Hong Kong court yesterday backed the securities watchdog's efforts to make US-based hedge fund Tiger Asia Management cough up the profit it made from alleged insider dealing.

SCMP, February 24

26 Feb 2012 - 12:00am

Judge backs S.F.C. over Tiger Asia

In a landmark ruling, a Hong Kong court yesterday backed the securities watchdog's efforts to make US-based hedge fund Tiger Asia Management cough up the profit it made from alleged insider trading.

The Appeal Court confirmed the Securities and Futures Commission could independently seek civil remedies from Tiger Asia.

24 Feb 2012 - 12:00am

Corrections & clarifications

In the Focus feature headlined 'China's other drug trade' on page A4 on December 27, John Clark, chief security officer and vice-president of global security for pharmaceutical firm Pfizer, was wrongly quoted as saying: 'Roche has also trained enforcement authorities to raise their awareness'. It should have been 'Pfizer has also trained ...'

30 Dec 2011 - 12:00am

SFC to tighten oversight of I.P.O. sponsors

Ashley Alder, the new chief executive of the Securities and Futures Commission (SFC), has pledged to tighten oversight of listing sponsors to enhance investor protection.

The British lawyer, who replaced Martin Wheatley as the SFC's head this month, said he would release proposals in the coming months.

29 Oct 2011 - 12:00am

Penalties debated for proposed flat offences

The steering committee studying proposed laws to regulate the sale of new flats should have its draft report ready by the end of August.

29 Jun 2011 - 12:00am

Judge delays hearing on Hontex refund

Shareholders in fabric maker Hontex International Holdings will need to wait at least a few more months before they can get their money back from the beleagured company.

High Court Judge Jonathan Harris yesterday decided to hold a hearing on July 22 to sort out how and when the court should intervene in cases related to corporate misconduct and compensation for investors.

16 Jun 2011 - 12:00am