Like Tree28Likes

19 Year Old Mainlander Launders 13 Billion HK$ during 8 months in HK WTF

Closed Thread
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    Aug 2005
    Location
    Clear Water Bay (In Da Jungle)
    Posts
    9,968

    19 Year Old Mainlander Launders 13 Billion HK$ during 8 months in HK WTF



    http://www.thestandard.com.hk/news_d...457&con_type=3

    The court heard that Luo, who dropped out of school in Guangdong and worked as a delivery man, laundered about HK$50 million a day through a corporate account set up with Chiyu Banking Corp.
    HK$50 million a day transactions by a 19 year old and the bank didnt blink an eye lid, the bank must have racked up quite a lot of adminstration fees from the 13 billion.
    dear giant likes this.

  2. #2

    Join Date
    Oct 2005
    Posts
    368

    The regulators were busy cracking down on small time remitance companies catering to foreign domestic workers.

    Stu79, joanfung, elle and 1 others like this.

  3. #3

    Join Date
    Mar 2010
    Posts
    238

    Just the tip of the ice-berg. Ever guessed how mainlanders get the cash to buy properties in HK and elsewhere even with remittance controls?


  4. #4

    Join Date
    Jun 2011
    Posts
    5,110

    Well I'm surprise it took this long for someone laundering this amount to get justice. It doesn't take a genius to figure out some of those hot money flowing into HK have rather shady causes. Or look at those mainlanders pouring into Macau, 'guess where some of their gambling money came from?

    Last edited by Watercooler; 24-01-2013 at 11:47 AM.

  5. #5

    Join Date
    Aug 2009
    Posts
    1,845

    What happens to all that money now?

    Sent from my Galaxy Nexus using GeoClicks Mobile

    Watercooler and dear giant like this.

  6. #6

    Join Date
    Jun 2011
    Posts
    5,110
    Quote Originally Posted by wtbhotia:


    http://www.thestandard.com.hk/news_d...457&con_type=3



    HK$50 million a day transactions by a 19 year old and the bank didnt blink an eye lid, the bank must have racked up quite a lot of adminstration fees from the 13 billion.
    Well, that's mainland corporate governance for you.

    Of course, the Western banks aren't exactly always that competent either, but they might be a bit less easily duped...
    Last edited by Watercooler; 24-01-2013 at 11:50 AM.
    dear giant likes this.

  7. #7

    Join Date
    Feb 2010
    Posts
    7,441

    Wow, how greedy is that. He could have done it for a while, got 1 to 2 billion then quietly slipped away.

    Sent from my GT-I9300 using GeoClicks Mobile


  8. #8

    Join Date
    Oct 2008
    Posts
    1,369
    Quote Originally Posted by Watercooler:
    Well, that's mainland corporate governance for you.

    Of course, the Western banks aren't exactly always that competent either, but they might be a bit less easily duped...
    You think that the bank didn't know what was going on?

    I highly doubt that and I would be shocked if there aren't currently hundreds, if not thousands, of people doing exactly the same thing as the young person in question was doing.

    Mainland gangster capitalists know that swindling/earning the loot is only half of the battle. Cleaning it and getting it out of China is a necessary next step, along with the acquisition of foreign passports/residency in sane countries.

    E.g. Bo Guagua's mommy and daddy are locked up inside Mother China. Their son is free to roam and is not living in a trailer eating ramen.
    Last edited by dear giant; 24-01-2013 at 02:21 PM.

  9. #9

    Join Date
    Oct 2008
    Posts
    1,369
    Quote Originally Posted by virago:
    Wow, how greedy is that. He could have done it for a while, got 1 to 2 billion then quietly slipped away.

    Sent from my GT-I9300 using GeoClicks Mobile
    Obviously, it wasn't his own money.

  10. #10

    Join Date
    Jun 2011
    Posts
    5,110
    Quote Originally Posted by dear giant:
    You think that the bank didn't know what was going on?

    I highly doubt that and I would be shocked if there aren't currently hundreds, if not thousands, of people doing exactly the same thing as the young person in question was doing.

    Mainland gangster capitalists know that swindling/earning the loot is only half of the battle. Cleaning it and getting it out of China is a necessary next step, along with the acquisition of foreign passports/residency in sane countries.

    E.g. Bo Guagua's mommy and daddy are locked up inside Mother China. Their son is free to roam and is not living in a trailer eating ramen.
    I think it's more like the case where the banks might find certain transactions a little "suspicious" but they won't act on that hunch. Why? Because they don't want to deal with the whole investigation thing. It will look bad on them. And will reflect badly on the regulators, who will then want to punish them. So they calculate they are better off claiming innocence and wash their hands of any responsibility if one of their valuable clients are busted. Pretend there is no problem, so when one hits, you can deny liability.

    Besides, it's often the case where those "valuable" clients are in a position to put...how should I say..."undue influence" on the banks.
    Last edited by Watercooler; 24-01-2013 at 03:38 PM.
    dear giant likes this.

Closed Thread
Page 1 of 2 1 2 LastLast