Latest news with #financialscandal
Malay Mail
42 minutes ago
- Politics
- Malay Mail
Home minister says no firm evidence to show Jho Low in China
KUALA LUMPUR, July 24 – Home Minister Datuk Seri Saifuddin Nasution Ismail said authorities have yet to obtain concrete evidence to verify recent reports that fugitive financier Low Taek Jho — better known as Jho Low — is residing and working in China under a false identity. Speaking to reporters today, Saifuddin addressed renewed claims published by international investigative journalists alleging that Low has been using a fake passport and operating freely in China. 'To date, we have not received any solid or verifiable evidence to confirm these reports,' he said 'We take all leads seriously, but there is nothing concrete at this point that we can act upon.' Saifuddin added that Malaysia continues to rely on diplomatic channels and cooperation with foreign intelligence and law enforcement to pursue the case, but noted that the process is complex. 'We need more than media reports, we need official confirmation or cooperation from the country where he is allegedly residing,' he said. Jho Low is the key figure in the massive 1MDB financial scandal and is wanted by multiple jurisdictions, including Malaysia and the United States. Despite numerous sightings and reports over the years, efforts to arrest and extradite him have so far failed. Saifuddin said Malaysia remains committed to locating and apprehending him, but reiterated that international legal cooperation is essential. 'We will continue working with our counterparts but for now, there's no new breakthrough,' he concluded. Reports emerged recently alleging that Jho Low is living in luxury in China under unofficial protection. The report was made by investigative journalists Bradley Hope and Tom Wright.
The Independent
17 hours ago
- Business
- The Independent
Judicial system needs ‘shake-up' after trader convictions, says Sir David Davis
Conservative MP Sir David Davis has said the judicial system 'needs a shake-up' after describing the convictions of two former financial market traders as a 'major scandal'. Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed at the Supreme Court on Wednesday. The former UBS trader and the ex-vice president of euro rates at Barclays bank were said to have manipulated the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). Speaking at a press conference following the Supreme Court judgment, Sir David described the two men as 'scapegoats for the sins that led to the financial crisis'. He said: 'The implications are far-reaching and of course have been devastating for those caught up in it. 'There were several other people convicted of rate rigging, dozens of others who were either prosecuted, acquitted or not prosecuted. Their lives were upended too. 'This scapegoating exercise happened as a result of collusion between the banks and government agencies, including the SFO (Serious Fraud Office) and FCA (Financial Conduct Authority) and we're not done with that. 'This scandal also highlights the need for urgent reform within our justice system on a range of issues – the handling of expert witnesses right through to the rigidity of the appeals system.' In an 82-page judgment, with which Supreme Court president Lord Reed, Lords Hodge and Lloyd-Jones and Lady Simler agreed, Lord Leggatt said judges' misdirection to the juries had led to the men's wrongful convictions. He said: 'The history of these two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error.' Sir David said the Supreme Court justices 'did not unpack' why the appeal system fell into error in these cases. He said: 'I think the judicial system needs a shake-up, and this is the latest demonstrator of it, and we will be returning to it in the future.' Mr Hayes said he believes the trials of the two men became caught up in the politics of the financial crisis, adding that there was a 'big desire from institutions and politicians, acting in their own interest largely', for traders to go to prison. Asked about his thoughts on what role juries play in cases like his and Mr Palombo's, he said it was a 'dangerous idea' for complicated fraud and financial cases to be heard only by a judge. The former trader added: 'The jury is the last defensive barrier that every citizen in this country has between them and a wrongful conviction. 'And are juries perfect? No, they're not. Do they make mistakes? Yes, they do. And you know, it's the best of a whole load of options, none of which is perfect.' Ben Rose, part of Mr Palombo's legal team, said Wednesday's Supreme Court judgment is 'likely to offer a route' by which others who have been convicted in similar circumstances 'can right the wrong that has been done to them'. He also said there was a 'fundamental error' in the way the case was prosecuted and that the role of the jury was 'overridden and usurped' by the judges. The lawyer added: 'That should not happen in a country that abides by the rule of law.'
Yahoo
18 hours ago
- Business
- Yahoo
Judicial system needs ‘shake-up' after trader convictions, says Sir David Davis
Conservative MP Sir David Davis has said the judicial system 'needs a shake-up' after describing the convictions of two former financial market traders as a 'major scandal'. Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed at the Supreme Court on Wednesday. The former UBS trader and the ex-vice president of euro rates at Barclays bank were said to have manipulated the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). Speaking at a press conference following the Supreme Court judgment, Sir David described the two men as 'scapegoats for the sins that led to the financial crisis'. He said: 'The implications are far-reaching and of course have been devastating for those caught up in it. 'There were several other people convicted of rate rigging, dozens of others who were either prosecuted, acquitted or not prosecuted. Their lives were upended too. 'This scapegoating exercise happened as a result of collusion between the banks and government agencies, including the SFO (Serious Fraud Office) and FCA (Financial Conduct Authority) and we're not done with that. 'This scandal also highlights the need for urgent reform within our justice system on a range of issues – the handling of expert witnesses right through to the rigidity of the appeals system.' In an 82-page judgment, with which Supreme Court president Lord Reed, Lords Hodge and Lloyd-Jones and Lady Simler agreed, Lord Leggatt said judges' misdirection to the juries had led to the men's wrongful convictions. He said: 'The history of these two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error.' Sir David said the Supreme Court justices 'did not unpack' why the appeal system fell into error in these cases. He said: 'I think the judicial system needs a shake-up, and this is the latest demonstrator of it, and we will be returning to it in the future.' Mr Hayes said he believes the trials of the two men became caught up in the politics of the financial crisis, adding that there was a 'big desire from institutions and politicians, acting in their own interest largely', for traders to go to prison. Asked about his thoughts on what role juries play in cases like his and Mr Palombo's, he said it was a 'dangerous idea' for complicated fraud and financial cases to be heard only by a judge. The former trader added: 'The jury is the last defensive barrier that every citizen in this country has between them and a wrongful conviction. 'And are juries perfect? No, they're not. Do they make mistakes? Yes, they do. And you know, it's the best of a whole load of options, none of which is perfect.' Ben Rose, part of Mr Palombo's legal team, said Wednesday's Supreme Court judgment is 'likely to offer a route' by which others who have been convicted in similar circumstances 'can right the wrong that has been done to them'. He also said there was a 'fundamental error' in the way the case was prosecuted and that the role of the jury was 'overridden and usurped' by the judges. The lawyer added: 'That should not happen in a country that abides by the rule of law.'
Japan Times
2 days ago
- Business
- Japan Times
Former SMBC Nikko managers found guilty in market manipulation case
Five former executives at Japanese brokerage SMBC Nikko Securities were found guilty for their roles in a market manipulation case, marking the culmination of a scandal that rocked Japan's financial industry. The Tokyo District Court handed down suspended prison sentences for the firm's ex-head of equity Trevor Hill and his deputy Alexandre Avakiants, as well as three Japanese former executives. Prosecutors had sought multiyear prison terms for their alleged roles in trying to support stock prices ahead of what are known as block trades. When the allegations surfaced in early 2022, they shone a spotlight on Japan's financial sector and led to regulatory penalties against the brokerage. The subsidiary of Sumitomo Mitsui Financial Group, Japan's second-largest banking group, posted losses and cut costs in the wake of the revelations as clients took their business elsewhere. The firm's top executives took pay reductions to shoulder responsibility. Former general manager Makoto Yamada was sentenced to three years' imprisonment, suspended for five years, the court ruled on Tuesday. Hill and ex-deputy president Toshihiro Sato received two and a half years, suspended for five years. Another former general manager, Shinichiro Okazaki, and Avakiants got shorter suspended sentences. The case underscores the legal risks for foreign professionals working in Japan. The country's justice system has faced criticism for its conviction rate of more than 99%, suggesting to organizations including Human Rights Watch that trials are practically foregone conclusions. Still, criminal proceedings against foreign business executives are relatively rare in Japan. The most high-profile case in recent years was against Carlos Ghosn, the former Nissan Motor chairman, who was accused of financial misconduct and fled the country before he was tried. It has been more than two and a half years since prosecutors brought charges against the former SMBC Nikko managers and the firm. Ex-manager Teruya Sugino received a suspended prison sentence in 2023 after admitting to the accusations. SMBC Nikko itself pleaded guilty. SMBC Nikko resumed block offers in April after renaming them retail offers and introducing a tighter internal monitoring of the transactions.
South China Morning Post
5 days ago
- Politics
- South China Morning Post
Is Jho Low in Shanghai? Malaysia's Anwar vows to investigate claims about 1MDB fugitive
Prime Minister Anwar Ibrahim said on Saturday that Malaysia had not received any information regarding allegations that fugitive businessman Low Taek Jho, commonly referred to as Jho Low , was living in China Advertisement Anwar mentioned that he was planning to investigate the situation involving the central figure of the 1Malaysia Development Berhad ( 1MDB ) financial scandal in collaboration with Home Minister Saifuddin Nasution Ismail. 'I have no information; we have yet to receive anything. Let me check. I've read [the media reports]. I need to verify with the home minister,' he told reporters on Saturday. His comments came in response to various reports suggesting that Jho Low , sought by international officials, is believed to be living in an upscale district of Shanghai , allegedly using a forged Australian passport. Fugitive financier Jho Low is allegedly living in a luxury mansion in Shanghai under a fake identity. Photo: AP In a livestream titled Finding Jho Low, investigative journalists Bradley Hope and Tom Wright claimed Low was living in Green Hills, an ultra-exclusive neighbourhood in Shanghai. Advertisement
