Carlos Ghosn Escape Accomplices Plead Guilty in Tokyo Court
River Davis, Tsuyoshi Inajima, and Sophie Jackman, 14 June 2021
The American father-son duo charged with helping former Nissan Motor Co. Chairman Carlos Ghosn flee trial in Japan a year and a half ago pleaded guilty in a Tokyo court Monday.
Appearing for the first time since they were extradited to Japan from the U.S. earlier this year, Michael Taylor, 60, and Peter Taylor, 28, listened as the prosecutor read out the charges. Asked by the judge whether there was anything wrong with the charges, Michael replied “No, your Honor” while Peter said “No, ma’am.” Continue reading “Article: Carlos Ghosn Escape Accomplices Plead Guilty in Tokyo Court”
Alleged Accomplices in Ghosn Escape Set to Appear in Tokyo Court
River Davis, 14 June 2021
Two Americans charged with helping former Nissan Motor Co. Chairman Carlos Ghosn flee trial in Japan a year-and-a-half ago are now set to appear at their own hearing at the Tokyo District Court on Monday.
Michael Taylor, 60, and Peter Taylor, 28, have been charged with helping Ghosn illegally escape Japan in December 2019, where he was facing charges of financial misconduct. The former executive, who has denied prosecutors’ accusations of understating income and using company funds for personal use, was smuggled out of Japan in a case for audio equipment and ended up in Beirut, where he currently resides. Continue reading “Article: Alleged Accomplices in Ghosn Escape Set to Appear in Tokyo Court”
Toshiba: probe into government collusion a warning to foreign investors in Japan
ishwarkimmins, 12 June 2021
Toshiba’s top executives once wrote in an email asking government officials to “defeat” hedge funds. Demand reported in an independent survey of shareholder consignments shows why shareholder activists rarely succeed in Japan.
Is Report on page 147 Learn more about the long-running battle between Japanese technology groups and foreign shareholders, including the Harvard Foundation and Singapore-based Effissimo. Toshiba concludes that it has colluded with the government to thwart foreign investors. Toshiba says it will review the report. Continue reading “Article: Toshiba: probe into government collusion a warning to foreign investors in Japan”
Four non-Japanese Toshiba Corp. directors call for shake-up after explosive probe
SOURAV D , 12 June 2021
On Friday, four non-Japanese independent directors of Toshiba Corp., the Tokyo-based multinational conglomerate focused on a swathe of sectors ranging from utility to industrial to consumer electronics goods, called for a sweeping overhaul of the company’s management and board after an investigation had unveiled a potential tie-up between Toshiba Corp and the Japanese Government aimed at ‘beating up’ foreign shareholders, sending shockwaves into the Japanese securities.
In point of fact, latest leg of explosive findings on Toshiba Corp’s securities exchange malpractice to squeeze more money out of foreign shareholders, would likely to add to further restrain on influx of foreign capitals into the Japanese money markets following a much-debated Ghosn scandal in late-2018 which had significantly loosened the Nissan-Renault-Mitsubishi alliance, suggested analysts. Continue reading “Article: Four non-Japanese Toshiba Corp. directors call for shake-up after explosive probe”
Convicted London interbank loan trader Tom Hayes joins a private espionage company
Agnes Zang, 23 May 2021
Former UBS and Citigroup trader Tom Hayes was found guilty of conspiracy to manipulate the Libor benchmark. He joined a company run by former Black Cube operator Seth Freedman Intelligence agency.
Hayes was released from prison In January And is working hard to overthrow his beliefs. He will join Freedman’s new agency, Red Mist, in June as a consultant, providing intelligence services against white-collar workers and financial misconduct. Continue reading “Article: Convicted London interbank loan trader Tom Hayes joins a private espionage company”
Global Derivatives Cling to Libor Even as Its Retirement Nears
William Shaw and Alex Harris, 14 April 2021
Anyone hoping Libor’s death notice would accelerate the shift of hundreds of trillions of dollars worth of derivatives toward replacement benchmarks will be sorely disappointed.
In the U.S, just 4.7% of contracts traded in March were pegged to the Secured Overnight Financing Rate, or SOFR, the benchmark slated to replace the London interbank offered rate, according to data from the International Swaps and Derivatives Association released Wednesday. That’s down from 5% in February. Continue reading “Article: Global Derivatives Cling to Libor Even as Its Retirement Nears”
Japan ensures G20 pledge vs ‘disorderly’ moves as FX language tweaked, sources say
Tetsushi Kajimoto, 09 April 2021
TOKYO (Reuters) – Japan made sure that language warning against excess currency market volatility remained in place when G20 finance leaders made a rare tweak to their message on exchange-rate moves, said officials with knowledge of the deliberations.
In the first communique compiled since U.S. President Joe Biden took office, finance leaders of the Group of 20 major economies called for the need for currency moves to reflect “underlying” economic fundamentals. Continue reading “Article: Japan ensures G20 pledge vs ‘disorderly’ moves as FX language tweaked, sources say”
One of World’s Greatest Hidden Fortunes Is Wiped Out in Days
Katherine Burton and Tom Maloney, 30 March 2021
From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the world’s greatest fortunes.
Even on Wall Street, few ever noticed him — until suddenly, everyone did.
Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time — a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink. Continue reading “Article: One of World’s Greatest Hidden Fortunes Is Wiped Out in Days”
FCA comes down on Wirex after allegations of turning a blind eye to money laundering
Aisling Finn, 30 March 2021
The Financial Conduct Authority (FCA) has decided to crack down on crypto and fiat currency payments provider Wirex after money laundering allegations surfaced, according to an investigation by Fintech Futures.
In response to the article, Wirex’s legal team said: “The article in question contains a number of false, defamatory and misleading statements, including the allegations that money is being laundered through the company, and Wirex is currently considering its legal options to have the article removed immediately.”
Concerns were allegedly first raised all the way back in February 2019 after several Wirex employees independently approached the FCA with concerns that customer money was being laundered through the company, according to the report by Fintech Futures.
The employees, one of which was in a senior compliance position, also reportedly raised concerns that Wirex was trading crypto that wasn’t the company’s to trade. Continue reading “Article: FCA comes down on Wirex after allegations of turning a blind eye to money laundering”