Reuters have reported on the HSBC’s apologize over its money laundering scandal.
HSBC will tell the U.S. Senate it sometimes failed to meet standards that regulators and customers expect, over accusations of drugs money laundering, on Tuesday.
“We will apologize, acknowledge these mistakes, answer for our actions,” the bank said in a statement.
“We give our absolute commitment to fixing what went wrong.”
It added that it has already taken “concrete steps to… address these issue” and “made changes to strengthen compliance, risk management and culture.”
Posted by Innovator on July 17, 2012
Chester Yung and Te-Ping Chen have of Wall-Street Journal have jointly reported a Hong Kong scandal which involved high rank individuals.
The co-chairmen of Hong Kong’s largest real-estate companyand a former government official were charged with bribery as part of an investigation that has shaken the city at its highest levels and fanned suspicions about cozy relations between politicians and local tycoons.
Hong Kong’s Independent Commission Against Corruption said brothers Thomas and Raymond Kwok, co-chairmen Sun Hung Kai Properties Ltd., face charges including conspiracy to offer advantages to a public servant. The antigraft agency also said Rafael Hui, previously the city’s No. 2 official, faced charges including misconduct in public office.
Sun Hung Kai Executive Director Thomas Chan and businessman Francis Kwan were also charged, the ICAC said in a statement.
Posted by Innovator on July 13, 2012