Tuesday, September 4, 2012

Swiss Probe into UBS Links to Musa Aman

Reuters news agency on Saturday reported that Swiss prosecutors have opened a criminal money laundering probe into UBS after environmental campaign group, Bruno Manser Fund, filed a complaint in May accusing it of links to the proceeds of alleged illegal logging in Sabah, Malaysia.

The investigation could be a new embarrassment for the Swiss bank, fined for helping clients dodge US taxes in 2009 and facing similar accusations – which it denies – in Germany. It comes as Switzerland is trying to clean up its image as a haven for ill-gotten gains.

In its complaint, the Bruno Manser Fund accused UBS of breaching its duty of care by accepting more than $90 million it said was earned unlawfully in Sabah. Citing documents it presented to Swiss prosecutors, it said the money was banked at UBS in Hong Kong and Zurich. Sabah chief minister Musa Aman (above left) was named in the complaint.

I was at Old Klang Road last evening where I participated in the Money & You Toastmasters Club’s Humorous Speech & Evaluation Contests. There were seven contestants in the former and six contenders in the latter. And I took part in both. I believe I did well in the Humorous Speech contest – my speech title was ‘The Meaning of Life” but as for the Evaluation contest, I did just okay. In any case, I won both the contersts and hey, it is a great feeling! Congrats also to Ken Tsurumara and Jacy Wee for finishing in second place in the contests respectively. The champion and first runner-up will now proceed to the Area G3 contests.

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