English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 13 April 2016, 21:54 HKT/SGT
Share:
TMT Chairman Nobu Su: Did Madoff's Creditors Forget about the Biggest Recovery Claim?

SINGAPORE, Apr 13, 2016 - (ACN Newswire) - Nobu Su, an Asian shipping tycoon and inventor, who have recently filed a claim in Singapore earlier this year against RBS, Fred Goodwin and others, who made RBS arguably the world's largest bank in the last decade, believes that others might learn from his approach.

The TMT Chairman believes Madoff's creditors and Greek ship-owners, who he thinks might also have been defrauded in their respective cases, may be among the ones who are most likely to be interested in following his case. Bernard Madoff, a disgraced former Chairman of the Board of NASDAQ, was sentenced to 150 years for orchestrating US$64 billion Ponzi scheme, the largest in history.

While Su declined to talk about his claim in Singapore, he said it is likely that other accounts were "hijacked" in the same manner as he alleged his company to have suffered, in order to help save some of the banks. He continued, "I believe that my own account was manipulated to fund the Primary Dealer Credit Facility (PDCF) during the financial crisis in 2008".

He added, "My theories and suspicions have developed over time upon close examinations of the possible connections among the causes of the financial crisis, the timing of my business having received a margin call from RBS based on miscalculations to the tune of tens of millions of US dollars and the business dealings between RBS, one of the largest banks in the UK, and JP Morgan Chase, one of the largest banks in the US."

He went on to explain that Amanda Galloway, who was then a shipping relationship manager of RBS, advised after the miscalculation of the margin of TMT's account was found out that RBS would risk being sued if they tried to close out the positions and that TMT had been misinformed of the true position. Meanwhile, James Travis, a derivative specialist, who worked at RBS and served Su's company accounts in Singapore at the time, moved on and works at HSBC now. Su said, "He is still in my sights."

Amanda Galloway now works at Clarksons PLC, where the Head of Greek Market Vassilis Karakoulakis, who brokered trades for one of Mr Su's companies also works. When asked about Mr. Karakoulakis, Su said "Mr. Karakoulakis once told me to send emails to his private yahoo email account for one particular deal he was working on for one of my companies. This is odd because he was an approved person by the FCA and he worked for a listed company. I asked why but did not receive a satisfactory explanation."

He concluded, "Today's the Panama Papers disclosures are only the tip of a giant iceberg of the global financial corruption, which is already sparking outrage worldwide. Thanks to the work of close to 400 journalists in more than 70 countries, those secrets are no longer secrets. These journalists now need to come forward and report the truth about the 2008 PDCF scandal, which ought to be addressed by Hillary Clinton, Bernie Sanders and Donald Trump, the front-runners of the US presidential election."

For press enquiries:
[email protected]


Topic: Press release summary
Sectors: Logistics & Supply Chain, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Pacific Green Appoints KPMG LLP as Its Auditor  
May 18, 2019 03:00 HKT/SGT
Local biotech start-ups begin to target mass market  
May 17, 2019 17:00 HKT/SGT
"Science Based Targets (SBT) Initiative" Approves Eisai's Greenhouse Gas Reduction Targets  
May 17, 2019 15:34 HKT/SGT
Toyota Rolls Out New Supra  
May 17, 2019 14:49 HKT/SGT
Geylang Serai Dazzles with close to 50 Light Installations for Hari Raya Light Up 2019  
May 17, 2019 13:00 HKT/SGT
DOCOMO Develops Safe, Blade-free Drone Propelled with Ultrasonic Vibrations  
May 17, 2019 11:08 HKT/SGT
Hitachi Automotive Systems' EV Inverter Adopted for the e-tron, Audi's First Mass Production Electric Vehicle  
May 17, 2019 10:40 HKT/SGT
NEC Awarded Intelligent Transportation System Project in Oman  
May 17, 2019 10:15 HKT/SGT
Lubrizol Aims at Circular Economy with TPU Solutions for Footwear  
May 17, 2019 08:00 HKT/SGT
HKTDC Medical and Healthcare Fair finishes three-day run  
May 16, 2019 20:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8400