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Embezzlement

Bank Of America Investment By Andrea Niem

This latest investment, 400BCFs, will further expand Cathay Pacifics freighter fleet. Cathay Pacific Chief Executive Philip Chen said, " term commitment to invest in Hong Kong, and is an expression of our confidence in Hong Kong as the premier aviation hub in the Asia Pacific region. Cargo is a major contributor to our continued growth, and we are committed to expanding our freighter fleet to ensure it plays a key role in the future of both Cathay Pacific and Hong Kong as a leading cargo hub."

Investment Opportunity The Bank of China's Hong Kong operation has suspended two top executives on suspicion of theft, while banking giant HSBC has taken a major stake in another Chinese bank.

It would be as well for the existing airlines to bank such sums. These will surely be forced to tumble when, and if, Oasis Hong Kong Airlines, which has been granted licences to operate to London, Berlin, Cologne, Milan, Oakland and Chicago, receives an air operator certificate from Hong Kong Civil Aviation Department. Planning to lease five Boeing 747s, year target of serving 15 destinations using a fleet of 25 aircraft, the carrier is considering a budget Business Class and aims to undercut the fares of rivals on the London to Hong Kong route by 40%-50%.

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Calling Hong Kong Long Distance As a Special Administrative Region of China, Hong Kong adheres to China%š universal time, China Time. Like China, Hong Kong does not participate in Daylight Saving Time so its time difference from much of the U.S. and Europe changes over the year. Hong Kong is 8 hours ahead of Greenwich Mean Time and 13 hours ahead of Eastern Standard Time in the United States. However, during Daylight Saving Time in the U.S., Hong Kong is only 12 hours ahead of the eastern U.S.

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Investment Solution Strategic Aug 9, 2004 (AXcess News) Hong Kong - The Bank of China's Hong Kong operation has suspended two top executives on suspicion of theft, while banking giant HSBC has taken a major stake in another Chinese bank.BOC Hong Kong, the Hong Kong arm of the Bank of China, has suspended two high-level executives and is investigating a third on suspicion of misallocating over nearly $13 million.

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Investment Banking Services Sources say the executives are suspected of taking the money for personal use, including granting themselves and some staff huge bonuses.

Bank Investment The Hong Kong Monetary Authority, or HKMA, has also launched an investigation into the matter.Arthur Lau, an analyst in Singapore with investment bank Barclays Capital, says the investigation is in line with BOC's move to adopt international norms. "Given the motivation of the bank to become a truly international bank, I think they will try to be more transparent on these irregularities. Chinese regulators as well as the bank itself would like to restore confidence from the investor," he said.AdvertisementAt present, Mr. Lau says, the workings of the Bank of China still do not come up to international standards. "Is not as transparent as people would like to see because it's China. They work according to their own system," he said.

Alternative Investment He believes that whether or not the executives three under investigation are prosecuted, someone will eventually be charged over the embezzlement.HSBC, one of the largest banking organizations in the world, will pay $1.7 billion for a 20 percent stake in China's Bank of Communications.

Online Investment Services This will be the biggest purchase made by a foreign investor in China's banking sector, and the third acquisition in China by London-based HSBC.The purchase will give HSBC access to more than 2,700 branches in 86 Chinese cities.

Accompany Essential Investment In Singapore, a senior Citibank executive has been charged with embezzling almost three million dollars through the bank's computer system. This is one of the largest known cases of cyber theft in Singapore to date. The executive has been charged with 104 separate violations.

Investment Company Source: Voice of America

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