Mysterious BDA

Document Sample
Mysterious BDA Powered By Docstoc
					Mysterious BDA

Banco Delta Asia case the final solution, making North Korea got his wish to get their
assets. But the matter to the Department of Industry and Macau negative effects, but
they can not eliminate in the short term.
April 10, 2007, the last day of the Easter holidays, Macau Lisboa road crossings,
pedestrian flow, such as weaving. Sides of the road are the famous Las Vegas
"Lisboa" and "Lisboa" entertainment
market, attracting a large number of tourists from around the world.
Hotel Lisboa on one side, the bank branch Lisboa door, but so has deserted, little a
few people out. In the past 18 months, the Macau local banks, has been in Macao,
"the Korean black money" storm center.
September 15, 2005, the fifth round of six-party talks, the U.S. Treasury Department
issued a statement accusing the Macau bank and North Korea-related money
laundering involved, and in accordance with its domestic law the "Patriot
Act" Article 311, to classified as "highly concerned about
money laundering bank", ordered a ban on Banco Delta Asia Bank of
America and has business dealings.
The U.S. Treasury has just released a statement, the bank's various
branches on the outbreak of the "run" wave two-day total client
put away more than 300 million patacas deposits. Macao Chief Executive Edmund Ho
announced the formation of the Commission, took over the Banco Delta Asia, and
North Korea to freeze the bank accounts of institutions, totaling about 25 million U.S.
dollars.
As North Korea's intransigent attitude, "do not pay back the
money does not talk about the denuclearization issue," the fifth round of
six-party talks break up 13 months later years, until the end of 2006, only to resume.
Talks to restart, largely because the U.S. concessions. March 19, 2007 held the sixth
round of six-party talks, the U.S. delegation, Assistant Secretary of State Christopher
Hill said in Beijing that the United States agreed to unfreeze a Macau bank, all North
Korean capital.
Meanwhile, the U.S. Treasury Department announced on March 15 report on the
BDA's decision, the decision on its implementation of the "fifth
special measures" (Fifth Special Measure), requires all U.S. financial
institutions to terminate BDA all contacts.
March 21, the Macao Special Administrative Region Government announced that
Macau's financial system to maintain stability and the interests of
depositors, the Government will extend over Banco Delta Asia, from March 29
onwards for renewal six months.
This was in September 2005 has been since the 3rd and last renewed. September 2007,
the bank's fate How will?
Macau, the only Chinese-funded banks
Banco Delta name and the name of the Korean people in the media with the
emergence of the earliest in 1994. At that time the Korean ad hoc body in Macao light
trading company in charge of North Korea who face value at the bank deposit 250
thousand U.S. dollars of counterfeit money. Banco Delta Asia after the initiative to
Macau, Hong Kong Police and the U.S. Treasury Department reported.
Banco Delta Leader Au said the U.S. CIA was involved in investigation, are satisfied
with the cooperation of Delta, after a few Koreans have been detained and to leave
Macao.
Stanley Au Chong Kit did not expect that, CIA investigation of BDA did not stop
there. 10 years later, in September 2005, the U.S. Treasury finally be included in the
"money laundering" blacklist.
According to BDA in the alleged "money laundering" case
previously released financial statements for 2004 data, the total assets of 4.2 billion in
Macau's 10 locally incorporated banks, the smaller, but it is still remaining
in Macau maintain the family-run local banks. Health Industry Group head of Stanley
Au Chong Kit rather to "the only Chinese-funded banks Macau"
as the proud.
The predecessor of Banco Delta Asia in Macao Hang Seng Bank, the father of Stanley
Au Chong Kit Wing Ngok area founded in 1935. Stanley Au Chong Kit Born in
Macao in 1941, is a native of Macao people. He did not study at university,
17-year-old high school English after graduating from Macau, went to study banking
in Hong Kong is the "apprenticeship" grew up under the
financiers.
1962, 21-year-old Stanley Au Chong Kit 20 million of capital, independent founder of
DAC. Since then, his commitment to financial sector development in Hong Kong, and
was first introduced in Hong Kong "merchant bank" concept.
DAC operation since 1974 and the gold business, as Asia's one of the first
major gold. Since then, Delta's business development to the securities,
insurance and other fields. 1976, 1977, Stanley Au Chong Kit has been the British
"Financial Times" and the German "Capital
Journal"         praised   as     "outstanding         Hong       Kong
financier."
In 1980, the district Wing Ngok to full-fledged family business by Stanley Au Chong
Kit in charge. But soon, Hong Kong and Macao "return" to the
problem of political uncertainty, which will enable a crisis of confidence in financial
markets, many banks runs the outbreak of crisis, Macau of Hang Seng Bank was not
spared.
Under the leadership of the Stanley Au Chong Kit, Hang Seng Bank was finally
through. Later, as the United Kingdom and Portugal have on the negotiations on the
future success of Hong Kong and Macao, Stanley Au Chong Kit has to seize the
opportunity to expand their business throughout the Asia Pacific region and
China's Pearl River Delta.
Subsequently, Stanley Au Chong Kit to Macao and Hong Kong the Hang Seng Bank
Delta Asia Group consolidation, and in December 1993 will be officially renamed the
Delta Group, Delta Asia Financial Group, the Macau of Hang Seng Bank also will be
renamed the Banco Delta Asia. Today, Banco Delta Asia in Macau has more than 10
branches and offices.
In 2002, Delta Group's after tax profit of 19 million Hong Kong dollars, in
January 2003, the Group's business focus shifted to Macau, the year
after-tax profit surge to 48.9 million Hong Kong dollars. In 2004, the
Group's profit after tax up to 59.8 million Hong Kong dollars, business
momentum is good, the capital adequacy ratio was 15.9%, well above the 8% AMCM
requirements.
Since September 2005, after taking over the AMCM, the group has not disclosed
financial data. But the March 17, 2007, in response to the U.S. Treasury Department
the final decision on the BDA, the Stanley Au Chong Kit told the media that would
like to thank the SAR Government, Hong Kong and Macao Liaison Office, and the
Foreign Ministry Commissioner's Office in Australia to help, thanks
depositors support in making the 2006 exchange industry, the business can be
"profitable."
Delta has been head of the Chief Executive election
In addition to managing the family affairs, Stanley Au Chong Kit also served as
chairman of the Macao Association of SMEs, the Macao Association of Banks,
supervisors and other public office. From 1989 to 1993, he served as the Macao Basic
Law Consultative Committee. From 1998 to 2000, he was appointed member of the
Preparatory Committee for the Macao Special Administrative Region. In 2000,
Stanley Au Chong Kit elected member of CPPCC Beijing Municipal Committee of
the Hong Kong and Macao. March 2005, it was co-opted to the Tenth CPPCC
National Committee.
Macao Chief Executive Edmund Ho and Stanley Au Chong Kit's story
between the relish for Fang Jian. Both the father are veterans of the banking sector of
Macao, the straight-talking district Wing Hang Seng Bank was founded in 1935
number, Ho's father, Ho Yin Tai Fung Bank opened in 1942, No.. The
1980s to the 1990s, as the managing director of the Ho Tai Fung Bank re-fifth
President of the Council of Macao Association of Banks, and Stanley Au Chong Kit is
a member.
April 1999, Stanley Au Chong Kit were 65 members of the Selection Committee
nominated to become the first Chief Executive candidate candidate, won 125 votes
while Edmund Ho Hau Wah. For momentum, the district has even abandoned the
Portuguese passport, and is actively organizing elections. May 15 Election Day,
Edmund Ho was elected by 163 votes to end the first Chief Executive of the Macao
Special Administrative Region, Stanley Au Chong Kit mere 34 votes. October 10,
2001, the appointment of Stanley Au Chong Kit Ho of Macao Special Administrative
Region of the Second Legislative Council of seven appointed members.
August 30, 2004, Macau, the second Chief Executive election. 300 Macao, the
Election Committee composed of representatives of various sectors in addition to
Stanley Au Chong Kit one, the rest were present. Stanley Au Chong Kit for
"family" and leave, time coincidence with the Chief Executive
on the polling day, causing widespread speculation that the outside world. Ho said the
media, this does not mean Stanley Au Chong Kit does not support him.
October 2005, Ho issued an executive order, the appointment of the third term
Legislative Council of Macao SAR appointed members. This time, the seven
appointed members list is not Stanley Au Chong Kit. Local media commented,
Stanley Au Chong Kit not be expected to remain an issue, because he served as
chairman of Banco Delta Asia in September between the U.S. Treasury Department
accused has been arrested for money laundering, the Government is still under
investigation; if the He appointed a sensitive time, it is easy to give a wrong message
to the outside world.
"Since September 2005, the U.S. accused Banco Delta Asia as 'a
high degree of concern about money-laundering banks' since, the
bank's business adversely affected." Macau University of
Macau Research Centre Ieong Wan Chong said.
Since then, the Macao SAR Government turmoil in Stanley Au Chong Kit lend a
helping hand to help the BDA through "bank run" storm. Hong
Kong and Macao origin financier Edmund Ho praised the media deal with the
problem quickly and decisively.
"30-year friendship with North Korea"
Allegedly the first to enter Washington's attention much more than a BDA.
"In Macau, North Korea has a business relationship with the bank a
lot." One told the Articles of Macao Legislative Council.
September 8, 2005, "Asian Wall Street Journal," the first
disclosure, U.S. authorities are investigating the Bank of China Macau Branch, Macau,
Banco Delta Asia and Seng Heng Bank, the suspicion that they participated in the
financing chain of North Korea's nuclear program.
Reported that several North Korean defector to the United States provided North
Korea the financial network of illegal financing, the United States to act accordingly,
want to close the Korean manufacturing of dangerous drugs, counterfeit bills and
counterfeit cigarettes in the company. During the investigation, the bank became the
U.S. investigation.
Three banks have declared their innocence. BDA does not mince words,
"the Bank since 70's, that is with the Korean banks and trading
companies to establish commercial banking relationships," but also pointed
out that the bank "has been working with U.S. authorities in the
investigation of suspicious commercial activities, cooperation", and The
"Asian          Wall     Street    Journal"        reports    surprise:
"Because the Bank has strict anti-money laundering and anti-terrorism
laws and regulations."
Year on September 15th, the U.S. Treasury suddenly out of a statement on the site,
according to the 2001 enactment of the "Patriot Act", named
concern BDA's "money laundering"; 20, new U.S.
Ambassador James Cunningham reiterated that Hong Kong and Macao, China
Government has the evidence to believe that a Macau bank and North Korean
organization is illegal.
Three banks, only that Banco Delta Asia on the blacklist official.
Statement issued the same day at noon, after the handover of Macao the first
occurrence of bank runs. In just two days, total bank deposits were withdrawn over
300 million patacas. September 17, Delta Chairman Stanley Au Chong Kit in Dubai
ahead of the end of the trip, rushed back to Macau, the night held a press conference.
Stanley Au Chong Kit said the bank's business with North Korea only 3%
of overall business bank, bank and North Korea only a normal business, no loans to
North Korea engaged in money laundering, to buy weapons of mass destruction and
drug trafficking, is currently suspended with North Korea any transaction.
"Our friendship with North Korea 30 years, if there is anything illegal, in
particular by the U.S. Treasury made things, i.e. a criminal offense and we believe
Zuyi be prosecuted and if so Duonian Lai Du prosecution failed to prove, I think it is
because we have not done something inconsistent with international law.
"Mr. Au said.
Macau Government formed a special investigation team, and provide financial
support, Delta runs a few days the situation has subsided, for the time being to resume
normal business.
Banco Delta Asia and North Korea on a long-term business relationship with our
senior commentator TAN Zhi-qiang, said no one was aware of the risks of this
business. When North Korea has not engaged in nuclear facilities, test
"Taepodong" missile before the light towards the management
of trade in Macau, the transaction is legal formalities are complete.
TAN Zhi-qiang, said Stanley Au Chong Kit is a banker, do not know what is the
political risk, when a business on the "random access."
Small banks are chosen to when the victim
March 15, 2007, the U.S. Treasury announced that co-operation in the Macao SAR
Government, after 18 months of investigation, confirmed that Banco Delta Asia, the
number of North Korean accounts of funds involved in counterfeiting, drug
production and smuggling of counterfeit cigarettes income, or even weapons of mass
destruction, which a few large companies involved in North Korean money
laundering millions of dollars.
U.S. Treasury Department said that although these large sums of money are not
unusual, but the BDA in order to earn transaction fees, there is no attempt to verify the
source of funds, encourage North Korea engaged in illegal activities. According to the
"Patriot Act", the United States within 30 days of the formal
financial system against the United States and the Banco Delta Asia of any business.
TAN Zhi-qiang that the BDA is in the international political strife, unfortunately, a
small bank to be picked as a victim. "North Korea's forces
entrenched in Macau 30 years ago established a trading company toward light.
Americans have pegged a long time, found a Korean accounts in Banco Delta Asia,
there are tens of millions of U.S. dollar deposits. So on the one hand the sanctions, the
small Treasury to freeze, while a little loose, exploratory talks attitude. "
Tan believes that North Korea "money laundering" case is
completely the U.S. as a bargaining chip to suppress North Korea, Macau bank
because of bad luck was involved into it. Now, the United States to take sides on the
attack from North Korea the means, carrot and stick policy with.
March 16, is in Beijing to participate in "two sessions" Stanley
Au Chong Kit, held a press conference back to Macao. Stanley Au Chong Kit took the
stance on the incident, the initiative revealed that she Road: In the past two days, the
media has been questioning mood, frankly at the moment, "a good mood
calm." The-spot reference to a Foji: "There is no Bodhi tree, nor
stand mirror. Did not, where can the dust alight!"
Stanley Au Chong Kit said: "Over the past 18 months, in the spirit and
mood, on through the difficult days. However, we can proudly say, in the process, all
have the responsibility and solemn manner to deal with this incident, can be said to
undermine the dignity of the country and undermine the Government's
strong governance can talk to people in Australia, I was a good son of Macau is also a
good citizen of the People's Republic! "
March 26, Stanley Au Chong Kit once again released to the media "solemn
declaration" that the United States did not provide any evidence related to
allegations that the bank and its subsidiaries deny the allegations.
Stanley Au Chong Kit said, according to international standard banking practices, any
person, organization or enterprise, if improper or unlawful activities, the authorities
will be "blacklisted", and to inform banks and related
institutions. In September 2005, all in the BDA DPRK-related account holders, and
are not related institutions "blacklisted."
Bank of China will not "carry money"
March 22, the DPRK delegation, DPRK deputy foreign minister Kim Kye Gwan did
not attend that day in Beijing, the delegation meeting at the Diaoyutai, suddenly
returned. The six-party talks did not yield any results in the case of adjournment, or
even to determine the date of the next meeting.
After talks at the 19th, Kim is very tough attitude: "the recovery of a
Macau bank to freeze the 25 million U.S. dollars in North Korean funds, it will not
discuss denuclearization measures." While the Bank of China Macau
Branch was North Korea that is able to accept North Korean assets in Banco Delta
Asia bank.
Responsible for investigating the Banco Delta Asia Financial Assistant Glaser that the
United States, "transfer to the Bank of China's Foreign Trade
Bank Account" is a "simple financial transactions."
March 22, Bank of China president Li Lihui introduced at a press conference in Hong
Kong, Bank of China business in 2006, publicly denied the Bank of China to accept
this North Korean assets subject to instructions. Losyukov, the Russian delegation
said that more understanding: Bank of China refused to accept North Korean Banco
Delta Asia in Macao were frozen funds.
Some analysts believe that North Korea designated to receive funds by banks Bank of
China is worried that if North Korea's illicit funds received, credit will be
lowered, and thus refused to receive.
Macau University of Macau Research Centre Ieong Wan Chong, that the so-called the
North Korean funds from Banco Delta Asia transferred to the Bank of China, the
United States and North Korea appears to be two agreements, and China, because
there is no advance consultation, which makes China a very passive.
March 28, the Korean businessman Farmers, by the Korean authorities, in the Phoenix,
"Zhen Hai Ting Feng Lu" show appearance. She said that North
Korean accounts at the bank have 50 different accounts and use the alias,
"with the United States embargo on", because the U.S.
economic sanctions, so North Korea can not be taken with the outside world and from
a normal way.
DPRK negotiators suddenly left, Farmers, said: "Because this issue seems
to have reached (the agreement) after Bing Bushi Korean official problems, but how
the United States this kind of money, returned to the DPRK within 30 days of problem,
so waiting for them to North Korea on the money remitted to the Bank of China. But
that is the specific problem is with the United States and some of the specific
arrangements for the Bank of China's problems. "
TAN Zhi-qiang commentators said the transfer to the Bank of China, the DPRK is
totally wishful thinking. "Why should I help you to North Korea
'carry money'? This will lead to a very serious consequences
that affect the credit of Bank of China. Bank of China practice is fully in line with
China's national interest. And, it is Shanghai and Hong Kong listed
company responsible to shareholders.
"Unless the United States guarantee in writing that I just help you to move
money, not money laundering, bank credit or the whole of China is also affected
greatly the Chinese financial shock." TAN Zhi-qiang said.
U.S. and North Korea hold hands and Macao into a victim
To release funds in North Korea because of "technical problems"
before and after the delay up to 20 days later, on April 10, the six-party talks, is
visiting the ROK the U.S. delegation, Assistant Secretary of State Christopher Hill
said the outside world, the U.S. Treasury Department delegation had with the BDA
agreement, North Korea agreed to unfreeze the bank accounts of 25 million U.S.
dollars.
According to media analysis, the original plan to transfer from the Bank of China will
change, funds will be directly into North Korean accounts, the move is China, Korea,
Macau, the result of tripartite consultation.
The parties are busy dealing with "technical problems" when
the Banco Delta Asia that face the six-party talks, "the opening
gong," is forgotten in the side, and also officially labeled a
"money laundering" label. Some scholars have expressed
concern that protracted thing, not only endanger the future survival of Banco Delta
Asia, but also affect the health of the Macao economy.
"The United States finally on the Korean concessions, but then an
intermediate link in a firm grip cart before the horse is not it? U.S. and the DPRK
hold hands, while Macau has become the victim." Ieong Wan Chong said.
Ieong Wan Chong, that Banco Delta Asia as the United States simply allegations and
suspicion, need to verify the check, the Macao SAR government should be
responsible for enterprise and the market, so to take decisive measures to the right to
operate BDA take over. But now, the United States for too long and leave a tail, which
makes Macau very passive, can only be extended once again hosting of.
"Macau is a free market economy does not allow too much government
intervention. If the United States there is sufficient evidence, then the abolition of
Banco Delta Asia's license, no problem. But now there is no evidence, not
to withdraw charges, this is a very irresponsible act . the United States should respect
the Macau government administration according to law. "Ieong Wan
Chong said.
He admitted that North Korea is not so open and aboveboard some practice, but
business is business, generosity, banking, business as long as the legal business, when
a business why not?
Back in September 2005, Delta trend to stabilize after a run, Macao media have
commented that, "BDA events" have come to an end, we must
look to the United States in this case to achieve what it is. If the U.S. is a warning to
others to take advantage of events, cut the chain of funds connected with North Korea,
the purpose has been basically achieved.
Year and a half after the incident still not a final statement, Banco Delta Asia fate
remains unknown. Some analysts pointed out that in the past by the United States
designated as money laundering institutions Lithuania, Myanmar, the majority of
financial institutions are bankrupt or being the final acquisition. The media has said
that Stanley Au Chong Kit: Meeting has been 72 years, the family valuable property,
he will not give up.

				
DOCUMENT INFO