[Versatile]

Short summery:

 

One of these lawyers is Alvin Chong Chee Vun of Alvin Chong & Partners, Kuching, who has represented the Sarawak government, government-linked companies and prominent public listed companies with close links to Taib’s family.

 

Engaged by Norlia for the proposed sale of the land by Ample Agro to the “foreign investor”, Chong explains in the video that their suggestion is to execute the deal in Singapore.

 

“The Singapore has a China Wall… They will not tell them, the Malaysian government, nothing… They [Malaysian government] ask them and they’ve been turned down…

 

“Sorry, it’s none of your business. They are the new Switzerland. Jurisdiction by choice for people like us. We operate Singapore accounts too, both personal and corporate entities,” Chong says in the video.

 

http://hornbillunleashed.wordpress.com/2013/03/19/43411/

 

No wonder so many private bankers are highly paid. Every year end bonus gao gao. I also wan to be a private banker :(

Edited March 20, 2013 by Versatile

[Wyfitms]

Chey..

 

for a moment i thot we have attained our goal of swiss standards

[Altivo]

The correct term should be "chinese wall" and not "china wall" if the article is referring to the information barrier which prevents M'sia for obtaining details of the trade.

[Versatile]

  On 3/20/2013 at 3:13 AM, Wyfitms said:

Chey..

 

for a moment i thot we have attained our goal of swiss standards

 

Haha, in your dream.

[JumpySpeedFiend]

Isn't it the selling point of such private banking? Non-disclosure of customer info?

[Versatile]

  On 3/20/2013 at 3:14 AM, Altivo said:

The correct term should be "chinese wall" and not "china wall" if the article is referring to the information barrier which prevents M'sia for obtaining details of the trade.

 

Something curious me. If the Malaysia government asked for details of the trade, is it the MAS or the bank discretionary to disclose the details?

 

If the details asked is regards to tax evasion, shouldn't the government agency to provide all relevant details? Talking about the "chinese wall", what does it mean? Is there a regulation set internationally that a trade details involved foreign investors will not be disclose under certain circumstances?

[Rncw]

that also means we are the crooks' lair...where the biggest crooks come here to play

[Versatile]

  On 3/20/2013 at 3:37 AM, Rncw said:

that also means we are the crooks' lair...where the biggest crooks come here to play

 

I'm not surprise by that either. Singapore is famous for protecting the rich from international investigation.

 

It's their playground. That's why the rich loves to migrate to Singapore.

Edited March 20, 2013 by Versatile

[Altivo]

  On 3/20/2013 at 3:28 AM, Versatile said:

Something curious me. If the Malaysia government asked for details of the trade, is it the MAS or the bank discretionary to disclose the details?

 

If the details asked is regards to tax evasion, shouldn't the government agency to provide all relevant details? Talking about the "chinese wall", what does it mean? Is there a regulation set internationally that a trade details involved foreign investors will not be disclose under certain circumstances?

 

It's a grey area.

 

This reminds me of the US vs Swiss Banks incident where the US subsidiaries of Swiss Banks were alleged to have helped US customers evade taxes. Remember the banks initially refused to disclose customers names citing Swiss laws on Banking Secrecy? It was only when US threatened punitive measures to the US subsidiaries did the Banks then released the names.

 

For the Singapore case, it's a bit different cos the transaction was carried out in Singapore itself and not thru some Singapore entity in Sarawak. So unless the M'sian govtn is able to get hold on some leverage over Singapore, it's unlikely Singapore will release such information willingly.

 

A Chinese wall refers to a barrier that separates two or more groups, usually as a means of restricting the flow of information, to prevent a conflict of interest. eg: in a bank, the M&A department might know of information relating to some take-over bids by a company. But such info would not be made known to the Trading department as it would consider as insider information if the latter act on this information.

[VellfireS]

  On 3/20/2013 at 3:13 AM, Wyfitms said:

Chey..

 

for a moment i thot we have attained our goal of swiss standards

Soon.. Akan Datang..

[Altivo]

  On 3/20/2013 at 4:04 AM, VellfireS said:

Soon.. Akan Datang..

 

Got lah.

 

Swiss Standard of cost of living.

 

But 3rd world standard of salary/heathcare etc!

[VellfireS]

  On 3/20/2013 at 4:08 AM, Altivo said:

Got lah.

 

Swiss Standard of cost of living.

 

But 3rd world standard of salary/heathcare etc!

 

I agree.. Oh well.. healthcare.. I remember one Minister saying.. anything go across the border lo..

[HP_Lee]

  On 3/20/2013 at 3:05 AM, Versatile said:

Short summery:

 

One of these lawyers is Alvin Chong Chee Vun of Alvin Chong & Partners, Kuching, who has represented the Sarawak government, government-linked companies and prominent public listed companies with close links to Taib

Edited March 20, 2013 by HP_Lee

[HP_Lee]

New Swiss land in Asia

[Viceroymenthol]

Be grateful lah.

 

Our banking and finance infrastructure, banking secrecy, no inheritance tax, stable govt, stable currency, stable economy, military, excellent infrastructure, highly educated populace, warm temperature around the year, no natural disasters, green and pleasant, controlled crime rate, is what attracts UHNW individuals to "invest" here as well as MNCs to relocate their high value jobs here.

 

We are the perfect place to put money in. We are the perfect place to use as a base and HQ.

 

We are better than HK because HK is ultimately still under PRC command.

Edited March 21, 2013 by Viceroymenthol

[HP_Lee]

  On 3/21/2013 at 7:54 AM, Viceroymenthol said:

Be grateful lah.

 

Our banking and finance infrastructure, banking secrecy, no inheritance tax, stable govt, stable currency, stable economy, military, excellent infrastructure, highly educated populace, warm temperature around the year, no natural disasters, green and pleasant, controlled crime rate, is what attracts UHNW individuals to "invest" here as well as MNCs to relocate their high value jobs here.

 

We are the perfect place to put money in. We are the perfect place to use as a base and HQ.

 

We are better than HK because HK is ultimately still under PRC command.

 

That's why, we are named as the Switzerland of Asia. Again, this made us feel proud of

Edited March 21, 2013 by HP_Lee

[Galantspeedz]

Banker's 'fresh start' runs onto rocky road

 

Indonesian-born Mr Agus, now in his late 50s, moved here in 2000 to start afresh amid the fallout from the 1997 financial crisis, which hit Indonesia hard.

 

He became a Singapore citizen in 2004 - the year news reports quoted Indonesian officials as saying that he owed the Indonesian government 3.2 trillion rupiah.

 

The money, equivalent to $633 million at the time, was said to have been used to bail out two of his Indonesian-based banks which collapsed as a result of the 1997 crisis.

 

 

[Kiadaw]

Alpine town below majestic Bukit Timah Mountain.

 

typical Apline town in Switzerland.

 

Close enough!

Edited March 21, 2013 by Kiadaw