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The meeting was arranged by Tianhe at its offices and the customer, named only as X, refused to give a business card or provide other identification to the banks’ representatives before storming out of the meeting. In the case of China Forestry, the SFC said UBS did not inspect any of the company’s forests after joining StanChart as a co-sponsor of the deal. While StanChart had visited some of the company’s forests, it failed to check the location of those sites against the locations given in the prospectus.
“We’ve seen this before in the accounting profession with the challenges to auditor scepticism, In some ways this is a similar situation for investment banks, The question now is has the industry moved on sufficiently from these failures,” said one Hong Kong-based finance expert, who declined to be named because he was not authorized to speak on the subject, The SFC also on Thursday watch movement cufflinks suspended the license of UBS banker Cen Tian for failing to discharge his duties as sponsor principal in charge of the IPO of China Forestry, it said..
Cen did not respond to an emailed request for comment. “UBS takes note of the findings of the Hong Kong Securities and Futures Commission’s (SFC) investigations. We are pleased to have resolved these legacy issues relating to our Hong Kong IPO sponsorship license. We look forward to continuing to service our clients in Hong Kong,” UBS said in a statement. Morgan Stanley and Bank of America Merrill Lynch declined to comment. “We welcome the opportunity to resolve this case with the SFC, which stems from matters arising over 10 years ago. We note that on 8 January 2015, Standard Chartered Group announced the closure of institutional cash equities, equity research and equity capital markets activities (including IPO sponsor activities),” StanChart said in a statement.
NEW YORK (Reuters) - A federal judge in Manhattan on Thursday dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading, U.S, District Judge Analisa Torres rejected racketeering and antitrust claims by the lead plaintiff, the Fire & Police Pension Association of Colorado, against Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia watch movement cufflinks and other banks, Lawyers for the plaintiff did not immediately respond to requests for comment..
The proposed class action concerned the alleged suppression from August 2007 to June 2014 of the Canadian Dealer Offered Rate (CDOR), a rate at which banks would lend to corporate clients using bankers’ acceptances, a short-term credit instrument. CDOR, now called the Canadian Dollar Offered Rate, is calculated daily by Thomson Reuters based on rate submissions from banks. The plaintiff accused banks of manipulating CDOR to reduce interest owed to investors on CDOR-based derivatives transactions in the United States, including swaps and Canadian dollar futures contracts, and boost profit.
But the judge said the alleged wrongful conduct occurred in Canada, which is not covered by the U.S, anti-racketeering law known as RICO, and the plaintiff failed to show that any rigging left it worse off, Torres also found no proof of a common profit motive among banks to suppress CDOR watch movement cufflinks because they held more CDOR-based derivative contracts, under which they made interest payments, than CDOR-based loans, on which they received interest payments, Other defendants included Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Bank of America Corp, Deutsche Bank AG and HSBC Holdings Plc..
(Reuters) - Ride-hailing company Uber Technologies Inc is planning to kick off its initial public offering in April, putting it close on the heels of smaller rival Lyft Inc, people familiar with the matter said on Thursday. Next month, Uber will issue its required public disclosure, known as an S-1, and launch its investor roadshow, the people said. Those events will set in motion the Wall Street debut of one of Silicon Valley’s most closely watched companies. The timing for Uber’s IPO means it will most likely hit public markets soon after Lyft completes its own public offering, which is expected to happen by the end of March, people familiar with the matter said. Uber declined to comment.
The neck-and-neck race extends a long-held rivalry between the two loss-making companies, which have battled each other for riders and drivers since their inception, Uber’s business is much larger and more diverse than Lyft’s, and the company has moved relatively swiftly to go public given both firms filed confidential paperwork for an IPO at the same time in December, Uber, a global logistics and transportation company most recently valued at $76 billion in the private market, is seeking a watch movement cufflinks valuation as high as $120 billion, although some analysts have pegged its value closer to $100 billion based on selected financial figures it has disclosed..