KNN Writ Of Seizure For CC Debt Less than 10K

[scbccb]

Former StanChart consultant swindles more than S$105,000

This story was printed from channelnewsasia.com

Title : Former StanChart consultant swindles more than S$105,000
By :
Date : 18 July 2011 1755 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporelocalnews/view/1141581/1/.html

SINGAPORE: A personal financial consultant with Standard Charted Bank, who was tasked to advise customers on its wealth management products, abused her position and siphoned off monies from their bank accounts instead.

Ma Shumei transferred more than S$105,000 of customers' money without their authorisation into other accounts between October 2009 and February 2010.

On Monday, the court heard that she got hold of her customers' money by forging their signatures.

In most of the cases, Ma transferred the funds into her friends' bank accounts.

They would, then, transfer the money back to her via internet banking.

In the case involving the largest amount, Ma forged the signature of 61-year-old Brian Wayne McLachlan, one of the bank's customers, to open an Esaver account under his name without his permission.

She did this as Esaver accounts are paperless and no physical bank statements are mailed to account holders therefore making it easier for her to cover her tracks.

By forging the Australian's signature again on bank documents, she managed to transfer more than S$34,000 from his bank account into the Esaver account in December 2009.

The court heard that Ma managed to make off with S$20,000 of Mr McLachlan's money by December 24, 2009.

In January 2010, she forged the signature of another customer, 52-year-old Suparmi Sakri, and illegally transferred S$20,000 from the Indonesian's account into the Esaver one.

The court heard, she intended to use the money to pay back the amount she had taken from Mr McLachlan.

But Ms Sakri noticed the unauthorised transactions in March 2010 and notified the bank.

Ma made off with about S$51,000 from the monies she illegally transferred.

She has since made a full restitution.

For offences including cheating and forgery, 26-year-old Ma was sentenced on Monday to 10 months' jail after pleading guilty to eight of 23 charges.

-CNA/ck

Copyright © 2011 MediaCorp Pte Ltd

 

[scbccb]

Re: Neow Chee Neow Lan

MYOB ...

So now your idea of revenge is to keep posting news related to Standchart? Isn't that free advertising for them? Dumb.

 

[scbccb]

Kimchi Strike Blues

By Christian Oliver and Song Jung-a in Seoul

Peter Sands, chief executive of Standard Chartered, had better lock his door. The Koreans are coming to London!

It’s the end of the fourth week of a strike by Standard Chartered workers in South Korea and it’s hard to work out whether the strikers or management are going to blink first. Both look grimly determined. Standard Chartered executives say the strike almost broke down in the early hours of Friday after infighting between union factions.

But there was no sign of any fissure by 2pm, when four union leaders promised to fly to London on Saturday to tell Sands he does not understand local culture. They said they would be joined by British unionists who would help them form a picket.

“Sands is the main culprit behind this problem,” said Kim Jae-yul, the union chief, in a performance replete with the labour movement’s traditional fist-clenching and shouting.

Sands’ lack of cultural sensitivity, according to the union, lies in his attempted introduction of performance-related pay. Actually, many of South Korea’s leading companies already have performance-related pay so the problem is more one of bank culture than of Korean culture. Many banks prefer to promote people according to seniority and length of service. StanChart thinks that’s bad for profitability.

Korea’s feisty unions enjoy waging their battles abroad. A few years ago, protesters from Ssangyong, the carmaker, turned up in Shanghai to vent their spleens at their then owner, China’s SAIC. The Chinese were stunned by their gall. Hyundai’s union helped its workers in India take on management at a factory in Chennai, drawing up shopping lists of demands ranging from new suits to kettles.

Even after four weeks with no pay, Kim insists his workers are able to keep up the strike “for ever”. The union certainly has a pretty large war chest, estimated at $4.5m a month ago. Still, funds may be dwindling fast. Korea’s papers have mocked the rich unionists – with average salaries of $63,000 – for holding strike meetings in luxury condominiums in the east coast resort of Sokcho. The unionists had to switch to cheaper digs recently. Is the pitch to Sands really a last hurrah?

Adding some moral support, Korea’s powerful umbrella union for the financial sector – which is terrified that performance-related pay could spread if introduced at StanChart – said it would weigh in with a nationwide strike of all banks in September. This is a bit misleading. The umbrella union was going to hold this strike anyway over wages and only later added a link to performance-related pay.

Kim said he had no choice but to go to London because Richard Hill, the bank’s chief executive in Korea, does not show up to meetings.

In fact, Hill says he has met Kim twice this week. Amid all the smoke and mirrors, one thing is clear – this is becoming a very tangled web.

 

[da dick]

Re: Kimchi Strike Blues

wah. never get tired ah? tell u what, if you think u got the balls of the universe and have as ugly hair as donald duck trump, then u can do what he always doo.... borrow millions of dollars from banks, refuse to pay, and then sue the bank for doing their jobs.

somehow it worked for him. he's only worth 200 million USD, but he owes bank all over the world several billion dollars. donald trump bigger spammer/scammer than u, u dirty spammer.

 

[scbccb]

Re: Kimchi Strike Blues

Why don't you cut off da dick and shove it in your mouth? :oIo:

wah. never get tired ah? tell u what, if you think u got the balls of the universe and have as ugly hair as donald duck trump, then u can do what he always doo.... borrow millions of dollars from banks, refuse to pay, and then sue the bank for doing their jobs.

 

[Asshole]

Re: Kimchi Strike Blues

Stop whining, stop bitching, stop complaining about banks credit cards.

I urge all Singaporeans Citizens to consider carefully about having a credit card. Having a credit card is a double edge sword. If you want to use it, make sure you can pay your debts within 1 month time, and spend within your means, do not spend what you do not have... standard rates of credit card interest rates is 2% Per MONTH, which is 24% Per YEAR, which makes credit card companies a LEGAL LOAN SHARK.

The Banks have lawyers WORKING FOR THEM... and when you sign the contract with them (which I doubt most people would read the fine print), they do have the rights to sieze your property to reclaim the debt PLUS FEES & INTEREST & CAPITAL.

If you want, a Debit Card make more sense, and NETS is a good idea as well. SPEND WHAT YOU HAVE...

I've heard of people having debts incurred of up to more than SGD 300,000.00, and the most stupid thing that happen is that this person used other credit card to roll upon it.... which is financial suicide...

CASHFLOW = INCOME - EXPENSE

Make sure Expense is always lesser than INCOME, so that you have CASHFLOW! Good Luck

 

[scbccb]

Creative Accounting - Learn From The Best LULZ

StanChart makes record profit, weathers India slump

Wed, Aug 3 2011

By Kelvin Soh and Steve Slater

HONG KONG/LONDON (Reuters) - Asia-focused bank Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) reported a record-beating 17 percent rise in first-half profits on Wednesday as a booming Hong Kong market and increased restraint on costs outweighed a slump in India.

The London-headquartered bank, which makes over 80 percent of its profits in Asia and other emerging markets, said it expects costs to rise in line with income this year, removing an imbalance that had weighed on the lender over the past few years of rapid growth.

"Costs are coming down, which is always encouraging," said John Wadle, a Hong Kong-based analyst with Mirae Asset Management. "On balance, it was a set of encouraging results and I expect second half revenue to continue growing strongly."

Profits in India fell 39 percent from a year ago and the outlook looks tough due to interest rate rises, inflation and rising competition, the bank said. India had overtaken Hong Kong as the bank's most profitable country last year, but a slowdown had been "faster and deeper" than the bank expected.

But most other markets grew and Standard Chartered (2888.HK: Quote, Profile, Research, Stock Buzz) reported a pretax profit of $3.64 billion, up from $3.12 billion a year earlier and beating analysts' expectations for $3.47 billion.

Its London-listed shares were up 1.5 percent at 15.73 pounds by 0720 GMT, outperforming a 1.3 percent fall by the European bank index .

"We've got a different story to other banks. We're growing, we're hiring and we're delivering profit growth," Peter Sands, chief executive, told reporters on a conference call.

Sands said the bank would add about 1,000 jobs this year as it picks up the pace of hiring in the coming months after cutting 1,170 jobs in the first six months of the year as it attempted to keep costs under control. That was about 1 percent of its 84,000 staff.

The bank limited cost growth to 8 percent in the first half, below income growth of 11 percent, and said it expects cost and income growth to be flat for the full year.

Banks in Asia are facing stiff wage price inflation -- Standard Chartered said its staff costs rose 15 percent on the year and rival HSBC on Tuesday called the environment a "war for talent."

Cost growth rising faster than income growth, known as "negative jaws," has dogged Standard Chartered in the past year as it battles local and international rivals to keep and retain staff in fast-growing Asian markets.

Lenders have cut jobs to restrain costs and HSBC this week said it will axe 30,000 jobs by 2013 and Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) cutting 2,000 jobs.

Problems in western economies such as the euro zone debt crisis and U.S. debt ceiling were having a "profound" effect across the global economy, Sands said, warning it could add to asset inflation in Asia and create economic bumps.

"Our markets are in much better shape than Europe and the U.S., but they're not immune to the ripple effects of some of the problems in the west. Growth in our markets is not going to be even or smooth or linear, and India is a good example," he said.

He declined to predict how long the slowdown in India would last, but said the country remained a "key engine" of future income and earnings growth.

Costs were too high in South Korea and its balance sheet there inefficient, the bank said.

Sands said he was hopeful a dispute with staff in Korea will soon be resolved, as a strike continues over proposed changes to the pay structure.

The bank's profits in Hong Kong jumped 55 percent to $790 million as income rose 29 percent, while earnings in China jumped 76 percent to $137 million and revenues from Indonesia rose by a fifth.

Return on equity (RoE), a key measure of profitability, was 13 percent in the first half, down from 14.7 percent a year ago as the cost of holding more capital hurt. The bank's core Tier 1 equity rose to 11.9 percent from 9 percent.

Sands said the bank is aiming for an RoE of near 15 percent, but said it is hard to be definitive on returns "when so much is in flux around capital and liquidity regulation."

Its London-listed shares are down about 11 percent so far this year, valuing the bank at about $60 billion. It is trading at about 11 times earnings, roughly in line with crosstown rival HSBC.

(Editing by Greg Mahlich)

(Editing by Muralikumar Anantharaman)

© Thomson Reuters 2011. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.

 

[jw5]

Re: Creative Accounting - Learn From The Best LULZ

The bank with a conscience.

 

[scbccb]

Karma Chameleon

Author: A Sad Singapore
Comment:
hahaha FTs indeed!!

I heard one foreign Indian FT screwed up the system in Citibank Singapore so badly that he was exiled to Citibank KL. He snaked his way back to Singapore and he's now working at Standard Chartered. Well I also heard all the foreign ah nehs in the IT dept at Standard Chartered are useless. Some of the ah nehs have even quit cos they screwed up a project at SC. what a joke that the PAP regard these fraudsters as FTs!!!!!

Well some local Indians told me that the foreign ah nehs cannot be trusted and dun even have proper IT qualifications. They snaked their way into Singapore becos of connections and cannot perform but will saka those who can perform and taji the work to the latter.

Could our locals in the banks please elaborate on their working experience with these foreign liars? It's high time that we singaporeans expose all these fradulent foreigners to the CEOs who are probably not aware and send the foreigners packing up and going back to their third world countries.

These FTs are like the PAPers. Once they are established, they pay themselves well to the extent that they can stay in condos. Fraudsters!! Only the damn idiotic PAP will suck up to these so-called idiotic FTs!!!!

 

[scbccb]

CCB Nuke Broker LOLz

StanChart becomes a Seoul mate
May 10, 2010 9:36 am by Christian Oliver

Standard Chartered can finally begin to feel part of the family in South Korea, where it runs SC First Bank.

After a stormy arrival in a country where foreign investors can face a bumpy ride, StanChart’s selection as adviser and loan arranger in Seoul’s landmark $20bn deal to export nuclear reactors to Abu Dhabi is a sign the bank has entered Korea’s trusted inner circle. Getting a former South Korean prime minister – the urbane Han Seung-soo – onto the board hasn’t done any harm to their chances of deepening their ties with Seoul’s atomic programme as he has been leading the export drive. South Korea is planning to become the reactor exporter of choice for the developing world and Lee Myung-bak, the president, is hyping nuclear exports as the country’s next “growth engine”. Ever obsessed with output targets, the Koreans have said they will sell $400bn of reactors by 2030 to markets such as Indonesia, Turkey, Malaysia, India and the Middle East.

Being entrusted with such a watershed national project is a big turnaround from StanChart’s earlier experiences in the country. After it set up SC First Bank in Korea in 2005 in one of the country’s biggest foreign investments, StanChart faced union unrest that was theatrical even by Seoul’s explosive standards. Activists camped in tents in the bank’s lobby and stormed executives’ offices. Shareholders in 2007 had worried that Korea could be something of a weak link for StanChart, which felt under some pressure to explain it was not a foreign bank that would repatriate funds in times of crisis.

The nuclear deal could mark a threshold that StanChart has weathered the choppy waters. Although SC First Bank is only the sixth biggest bank in Korea, it has far more global connections than Korean banks and has installed Korean-speaking desks around the world. Major previous deals have included financing the expansion of Hyundai Motors’ plants in southern India.

Still, the domestic banks did not have too much hope of leading the deal. Abu Dhabi had insisted on a big name bank, reigniting debate among easily offended Korean officials about how the country can set up a “megabank”.

The more immediate challenge – and one that is curiously absent from most discussions of the Korean nuclear programme – is where all the money will comes from. “It is a hell of a lot of money in the current climate,” said one banker (not from StanChart).

 

[brian1234]

This rule will help the financial institutions to check the customer details before the sanction of the loan to the customers.There will some limitation for the customers with strict rules so that they can not take loans without the repayment.