The Hong Kong Securities and Futures Commission (SFC) has made available a statement of disciplinary action (undated) against Deutsche Bank Aktiengesellschaft (Deutsche), fining it HK$1.6 million (approximately US$206,000/€151,000) for regulatory breaches and internal control failings in its trading activity and positions in the Stock Exchange of Hong Kong (SEHK).
Bank group Credit Suisse has announced that it has "entered a guilty plea to one count of conspiracy to assist [United States (US)] customers in presenting false income tax returns to [US tax authority the Internal Revenue Service (IRS)] ... in connection with [Credit Suisse's] former Swiss-based cross border private banking business".
Australian Securities Exchange-listed international contracting company Leighton Holdings has announced that it has entered into a conditional agreement to pay A$65.55 million as part of a class action settlement.
The Australian Securities and Investments Commission (ASIC) has announced that it has banned Jeremy Nambiar from providing financial services for eight years. ASIC found that Mr Nambiar, as a Westpac Bank (Westpac) employee, "entered more than 100 fictitious trading entries ... that created the false appearance of profit", resulting in "approximately [A]$17.6 million [being] written off the income statement of Westpac's financial statements".
The United States (US) Department of Justice (DoJ) has announced that former Subway restaurant franchise owner Shahin Abdollahi has pleaded guilty "for his role in a conspiracy to hack into the computerized cash registers of a number of Subway restaurants to fraudulently obtain more than [US]$40,000 in gift cards".
The United States (US) Department of Justice (DoJ), the US Attorney's Office for the Southern District of New York (USAO SDNY) and the Internal Revenue Service (IRS) have jointly announced that Switzerland-based asset management group Swisspartners has agreed to pay US$4.4 million and enter into a non-prosecution agreement with the USAO SDNY to resolve criminal charges of "assisting US taxpayer-clients in opening and maintaining undeclared foreign bank accounts".
South Korea-based major web portal operator Naver is expected to be suspended from foreign exchange (FX) business for three months for allegedly failing to properly submit reports on its FX transactions. Reportedly, the Financial Supervisory Service will finalise the suspension at its next regular meeting and alleges that Naver has wrongfully traded an estimated total of KRW280 billion (approximately €200 million/US$274 million).
The Organisation for Economic Co-operation and Development (OECD) has announced that the Declaration on Automatic Exchange of Information in Tax Matters (undated) has been signed by all 34 OECD member countries as well as a further 13 countries and was adopted on 6 May 2014.
The United States Department of Justice (DoJ) has made available No Company or Individual is "Too Big to Jail" (5 May 2014), a video recording of a speech by Attorney General Eric Holder in which he states that "no individual or company, no matter how large or how profitable, is above the law".
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