11/20/2015
China Cracks $64 Billion `Underground Bank' Moving Money Abroad
The case brought the total for underground banking and money-laundering activities to 800 billion yuan since April
Legal, Regulation & Compliance
11/20/2015
Blacklisted HK: The Spanish Case
Friends of Harbour Times would be familiar with the remedy of Hong Kong being named a non-cooperative tax jurisdiction by the European Union earlier this year.
11/19/2015
Overhaul of China’s criticised financial regulation ‘must involve dominant role for central bank’
Wu Xiaoling, former vice-governor of the People’s Bank of China, says Beijing must learn from mistakes after its clumsy response following the summer’s stock market crash
11/19/2015
Debevoise Advises Russia China Investment Fund in its Investment in TutorGroup
Proceeds from the new investment round are to be used to accelerate TutorGroup’s international expansion, as well as for the continued enhancement of the company’s platform.
11/18/2015
The World’s Largest Law Firm Will Have 7,300+ Lawyers
Expected to launch in 2016
11/18/2015
Commonwealth Bank vows to clean up its act after fraud allegations
COMMONWEALTH Bank chairman David Turner wants Australia’s biggest bank to also be its most ethical following the damning financial advice scandal and allegations it fraudulently impaired loans.
11/18/2015
China’s Banks Test U.S. Legal System
Bank of China says turning over account records would violate Chinese law
11/16/2015
ASIC forces Formax to remove false statements on retail forex subsidiary ACMAS’s license suspension
Formax is controlled by Chinese investors, is based in the Cayman Islands, and has forex brokerage subsidiaries in New Zealand and the UK, where Formax recently received an FCA license.
11/15/2015
BB chief advises banks to use long-term savings for big projects
If banks want to finance long-term projects from short-term savings there will be tenure mismatch
11/14/2015
Avestra paid millions to Cayman Island company, court told
Troubled Australian fund manager Avestra sent millions of dollars to a Cayman Island entity linked with scandal-plagued Malaysian sovereign wealth fund 1MDB at the expense of retail investors, a court has heard.
11/13/2015
Asia’s Family Firms Need to Talk About Succession
Without a plan, the risk of business failure is high as the transition to the next generation looms.
11/12/2015
UK leads on anti-corruption push, U.S. and China lag, campaigners say
Governments and campaign groups are concerned about company ownership transparency because webs of companies in secretive locations are important vehicles for money laundering.
11/12/2015
Hong Kong Court of Final Appeal clarifies the law in respect of shareholders’ petitions to wind up foreign companies on just and equitable grounds
This is a milestone decision for shareholders seeking to wind up foreign parent companies with management from and/or assets indirectly held in Hong Kong.
11/11/2015
CSRC makes surprise swoop on leading PRC asset managers
According to the Beijing Times, a regulatory enforcement taskforce removed all computers from the research departments of the fund houses under examination.
11/11/2015
China: Facing collapse or slow decline?
Earlier this month, Schroders' Emerging Markets Economist, Craig Botham, spent a week in China
11/11/2015
$1 Billion of Shares Frozen as China Hedge Fund Boss Xu Probed
Xu, known in China as “hedge fund brother No. 1,” is one of the targets in a wave of investigations
11/11/2015
Kazakhstan to Establish Special Islamic Financial Company
ASTANA –A special Islamic financial company is to be established in Kazakhstan to issue sukuk – Islamic bonds, according to interfax.kz.
11/11/2015
Fitch: Asset-Quality Risks for Vietnam Banks Remain Despite New Rules
Beginning April 2015, Vietnam banks are required to classify loan quality according to the lowest rating assigned to each borrower by creditors as collated by the CIC.
11/10/2015
Dentons and 大成 formalize combination
The launch follows the previously-announced timeline set in January 2015, after a vote by partners of both firms endorsing the combination, with both firms indicating that an effective date would be set by year's end.
11/09/2015
2 Hong Kong-based firms to invest US$150-M in Clark Freeport
Two major Asian private equity firms are investing US$150-million to construct five office towers inside this Freeport.