Credit Suisse to pay US$511 million as part of agreement with US DOJ in tax evasion case
A CREDIT Suisse unit on Monday pleaded guilty to US charges of helping ultra-wealthy Americans evade taxes and will pay a fine of more than US$510 million, the US Department of Justice said on Monday.
Credit Suisse Services AG pleaded guilty and was sentenced on Monday for conspiring to hide more than US$4 billion from the US Internal Revenue Service in at least 475 offshore accounts, the department said.
The guilty plea stems from the Swiss bank maintaining accounts in Singapore on behalf of US taxpayers who were using offshore accounts to evade US taxes and reporting requirements, according to the release.
'Among other fraudulent acts, bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than US$1 billion in accounts without documentation of tax compliance,' the Justice Department said.
'In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.'
In 2014, Credit Suisse became the largest bank in 20 years to plead guilty to a US criminal charge, agreeing to pay a US$2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades.
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Prior to Monday's settlement, the US Senate Finance Committee in 2023 had found Credit Suisse violated its 2014 deal made with US authorities by continuing to help with the tax evasion and concealing more than US$700 million from the government.
UBS said on Monday that Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns.
UBS said it was not involved in the underlying conduct, which began before its acquisition of Credit Suisse in 2023.
The Swiss lender had accounted for the issue as a contingent liability when acquiring Credit Suisse, and expects this to be partially released as a credit in the second quarter.
Simultaneously, the bank also expects to record a charge related to the payment in the quarter.
In addition to the guilty plea and fine, Credit Suisse Services entered into a non-prosecution agreement that requires it and UBS to cooperate with investigations and affirmatively disclose any information it may later uncover regarding US-related accounts, the Justice Department said. REUTERS
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Straits Times
2 hours ago
- Straits Times
Guggenheim's Rosenfield revives Danish brand selling $581,000 watches
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The younger Mr Rosenfield's background is in fashion and beauty marketing, and his father is a philanthropist and the president of the financial services firm Guggenheim Partners. The three timepieces represent the revival of a brand that traces its roots to 1773, when Danish watchmaker Jorgen Jurgensen started creating his own pocket watches – far away from the watchmaking heartlands of Switzerland and France. Later, his son Urban took over the helm. A master of mechanics and crafts, Urban built some of the finest pocket watches of the time. The company was handed down from generation to generation until the early 1900s, when it was sold and, in the ensuing years under several different owners, its popularity declined. The brand enjoyed a second renaissance when Swiss watch collector Peter Baumberger purchased the company in 1979 and brought British watchmaker Derek Pratt on board to create beautiful pocket watches, some oval in shape – including the Pratt Oval, a rare masterpiece – and others with teardrop-shaped lugs. In 1996, Mr Baumberger hired Mr Voutilainen, the cult Finnish watchmaker, to work on new movements for wristwatches. Those round wristwatches featured design aesthetics such as teardrop lugs, stepped bezels and small subsidiary seconds dials, embracing a Danish minimalist, comfortable and functional design style. Mr Voutilainen says he honed his unique finishing skills, the distinctive techniques that define his work, while at the company. Today, he is one of the most celebrated and award-winning independent watchmakers, known for his mastery of the art of engine turning dials by hand on vintage machines, for his incredibly complex finishes on movement parts and his complicated horological movements. While he was passionate about propelling the brand forward, Mr Baumberger died at the age of 71 in 2010, which ushered in a new set of owners and diminished demand. Then, four years ago, in 2021, Mr Andy Rosenfield, who is also a watch collector, purchased the Urban Jurgensen brand with a small group of investors, with the goal to propel it into a third golden age. (From left) Master watchmaker Kari Voutilainen and Mr Alex Rosenfield, who co-owns the Urban Jurgensen brand with his father and Mr Voutilainen. PHOTO: URBAN JURGENSEN Already an owner of several Voutilainen watches, Mr Rosenfield brought Mr Voutilainen on board, along with his own son Alex, to act as co-chief executives. While the Rosenfields own 85 per cent of the business, Mr Voutilainen and some family and friends own the remaining 15 per cent. Together, the co-CEOs vowed to return Urban Jurgensen to its former glory but with a modern twist. 'Our goal is to take our Danish spirit and to create a brand that feels joyful and welcoming. The watches were designed by Kari to be appealing to both men and women,' says the elder Mr Rosenfield. 'He designed a new case and lug shape for the watches that make them sit very comfortably on a smaller wrist.' The round cases are 39mm and 39.5mm in diameter and boast either shortened lugs or reinterpreted teardrop-designed lugs to fit nicely on the wrist. The new Urban Jurgensen watches are made in Switzerland. They are powered by in-house movements designed by Mr Voutilainen and made in the Urban Jurgensen workshops in Biel. Two of the three watches are based on a pre-existing Voutilainen calibre that has been adapted. It features a free-spring balance wheel with direct double-wheel escapement. Each is crafted in limited numbers. The UJ-1 watch, for instance, is built in a limited edition of just 75 pieces. Also referred to as the 250th Anniversary watch, it boasts a 39.5mm case and houses a complex gold movement with tourbillon remontoir escapement, which compensates for errors in timekeeping due to the effects of gravity and brings constant force for precision. The watch was inspired by the Pratt Oval, with details such as hand-guilloche finishes, an asymmetric minute track and a gold subsidiary dial. Retailing for 368,000 Swiss francs (S$581,000), it is crafted in either rose gold or platinum and features a hand-finished dial in silver or grey. Three combinations will be offered in runs of 25 of each. The plan is to create just 75 each of the other two watches as well. The UJ-2 watch (105,000 francs) is an elegant time-only watch. Created in cooperation with another top independent watchmaker, Mr Andreas Strehler, the UJ-3 is a perpetual calendar with an instantaneous jump mechanism at midnight that keeps the moon phase accurate to within one day every 14,000 years. It retails for 168,000 francs. The brand expects to make fewer than 100 watches in its first year, then double that in the next. Unlike Mr Voutilainen's namesake brand, which makes about 60 watches a year, Mr Rosenfield says Urban Jurgensen will aim to steadily grow over the course of years, focusing on developing new complications. Currently, the watches are available only directly to consumers online. 'This collection is a tribute to Urban Jurgensen and his unique and extraordinary legacy. It's rooted in everything that defines who we are: precision, artistry and a profound respect for the value of time,' says Mr Voutilainen. 'We want to keep the brand rare, and while we want to grow it, we can't grow too fast. We want to keep building the most sophisticated movements and create watches with a soul.' Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 hours ago
- Business Times
DBS, OCBC, UOB lead weekly buyback consideration tally
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From a sector perspective, financial services and real estate investment trusts (Reits) experienced the highest net institutional outflow; telecommunications and real estate (ex-Reits) saw the most net institutional inflow. Share buybacks In the five sessions, 17 primary-listed companies undertook buybacks for a total consideration of S$70.7 million. DBS, UOB and OCBC led the consideration tally, collectively buying back S$66.8 million of shares. On its current buyback mandates, UOB had bought back 0.31 per cent of its outstanding shares as at Jun 12; DBS had done so for 0.21 per cent, and OCBC, 0.03 per cent (as at Jun 12). BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up During the week, DBS became the first Singapore-listed stock with a market capitalisation surpassing US$100 billion. First chalked up and quoted on the Stock Exchange of Malaysia and Singapore on Nov 29, 1968, the stock has continued to attract the interest of retail investors, who, amid the volatility in the first half of April, net bought S$810 million of its shares. Secondary-listed Hongkong Land also conducted share repurchases in four of the five sessions, Director transactions In the five trading sessions between Jun 6 and 12, more than 80 director interests and substantial shareholdings were filed for close to 30 primary-listed stocks. Directors or chief executive officers filed 13 acquisitions and no disposals, and substantial shareholders filed 12 acquisitions and one disposal. This included director or chief executive officer acquisitions in Anchun International Holdings , Asian Pay Television Trust (APTT), CapAllianz Holdings , Chemical Industries (Far East) , CosmoSteel Holdings , Ho Bee Land , KOP , Mewah International and Q & M Dental Group (Singapore) . 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CosmoSteel Holdings Between Jun 6 and 11, CosmoSteel executive director and CEO Jack Ong acquired a million shares at an average price of S$0.220 apiece, increasing his direct interest from 17 to 17.39 per cent. On May 15, Evolve Capital Advisory, on behalf of 3HA Capital, announced a voluntary conditional cash offer for all issued and paid-up ordinary shares of CosmoSteel at S$0.20 apiece. The offer is conditional on the offeror having received more than 50 per cent of the total number of issued shares (excluding shares held in treasury) as at the close of the offer under the minimum acceptance condition. Nine Yards Chambers subsequently sent a letter to 3HA Capital on behalf of the Ong family, raising concerns about the voluntary cash offer for CosmoSteel and requesting clarifications that could influence shareholder decisions, given the Ong family's stake and potential impact on the offer's outcome. 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On May 14, APTT reported revenue of S$59.4 million for Q1 FY2025. Foreign-exchange effects led to a negative variance of 3.8 per cent compared to Q1 FY2024, due to a weaker Taiwan dollar. On a constant Taiwan dollar basis, revenue declined by 2.7 per cent. APTT highlighted that broadband continued its growth momentum, adding approximately 8,000 new subscribers. With slightly higher average revenue per user, broadband revenue rose by 7.8 per cent in Taiwan dollars and 4 per cent in Singapore dollars, despite adverse exchange rate movements. Revenue from data backhaul also accounted for around 4 per cent of total broadband revenue. The CEO of the manager, Somnath Adak, noted that APTT is progressing towards its goal of growing broadband cash flows to consistently exceed the decline in basic cable TV. Adak added its strategy remains focused on aggressive subscriber acquisition, and leveraging industry networks to unlock long-term broadband growth opportunities. Anchun International Holdings On Jun 9, Ace Sense acquired 77,200 shares of Anchun at an average price of S$0.377 apiece. This increased the deemed interest of Xie Ming, Anchun's non-independent non-executive chairman, from 23.41 to 23.57 per cent. This follows the acquisition of 124,200 shares of Anchun at S$0.318 apiece on Mar 3. Anchun delivers integrated chemical and environmental engineering solutions, offering energy-efficient, eco-friendly technologies to support China's petrochemical and chemical industries. In FY2024, the group's revenue grew by 32.7 per cent from the year before, to 177.4 million yuan (S$31.7 million), driven by a 45 per cent surge in demand for its chemical systems and components (CSC). Demand was slower in other segments. Anchun said its CSC segment is benefiting from China's push for large-scale, modern chemical projects, and rising demand for integrated green hydrogen, ammonia and methanol solutions. Anchun has enhanced its target and budget management, introduced a three- to five-year development road map, and adopted a phased dual-growth strategy for revenue and profit to drive return on equity. Strategic focus areas include large-scale domestic chemical projects, integrated green hydrogen, ammonia and methanol solutions and global partnerships, supporting growth across the CSC, engineering services and catalyst segments. At the same time, its key challenges of domestic pricing pressure, aggressive competitor tactics and slower industry growth remain. To further prepare for new opportunities, the group is actively developing internal talent across geographies. TOTM Technologies On Jun 9, Thomas Clive Khoo increased his substantial shareholding in TOTM Technologies above the 10 per cent threshold, from 9.99 to 10.05 per cent. The 814,300 shares were acquired at S$0.011 apiece. 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AsiaOne
3 hours ago
- AsiaOne
Minnesota shooting suspect told friend in text message: I might be dead soon, World News
MINNEAPOLIS/NEW YORK/WASHINGTON -The suspect in the deadly shooting of a Minnesota state lawmaker and wounding of another had links to evangelical ministries and said he was a security expert with experience in the Gaza Strip and Africa, according to his online postings and public records. A manhunt was under way on Saturday (June 14) for Vance Luther Boelter, 57, who police said is a suspect in the killing of Democratic Minnesota state legislator Melissa Hortman and her husband, and the shooting of State Senator John Hoffman and his wife. Police said the suspect had been seen earlier on Saturday wearing a light coloured cowboy hat, a dark coloured long sleeved collared shirt or coat with a dark bag. The FBI offered a reward of up to $50,000 (S$64,060) for information that could lead to his arrest. David Carlson, 59, told Reuters that he has been sharing a house in Minneapolis with Boelter for a little more than a year and last saw him on Friday night. Then about 6 a.m. on Saturday, he received a text from Boelter. "He said that he might be dead soon," said Carlson, who called police. Carlson, who has known Boelter since fourth grade, said Boelter worked for an eye donation centre and stayed at the house because it was close to his job. Carlson said he feels betrayed by Boelter and heartbroken for the victims, adding: "His family has got to suffer through this." Boelter was appointed in 2016 to the Governor's Workforce Development Board, state records show. The board "has a responsibility to advise the Governor on Minnesota's workforce system," according to its website. Political anger? Asked if Boelter knew the lawmakers, Minnesota Bureau of Criminal Apprehension Superintendent Drew Evans said: "We are still exploring that." "There's certainly some overlap with some public meetings, I will say, with Senator Hoffman and the individual. But we don't know the nature of the relationship or if they actually knew each other," he told reporters. Boelter listed himself as having no political party preference. On a LinkedIn post six years ago, Boelter urged Americans to vote and value the process: "If you believe in prayer, please keep the United States in your prayers." Carlson said Boelter voted for Trump, was a Christian and did not like abortion, though he added that the pair had not talked about the issue for a long time, adding: "He wasn't really angry about politics." In social media accounts, public records and websites reviewed by Reuters, Boelter described himself as a Christian minister, a security expert with experience in the Middle East and Africa, and a former employee of food service companies. Boelter said he was the chief executive of an organisation called the Red Lion Group, based in the Democratic Republic of the Congo. He and his wife, Jennifer, also ran a security service called Praetorian Guard Security Services LLC; Minnesota corporate records list her as a manager. The company website says it offers only armed guard security services, and Boelter wrote that he had been "involved with security situations in Eastern Europe, Africa, North America and the Middle East, including the West Bank, Southern Lebanon and the Gaza Strip." The claims could not be immediately verified. Police were aware of reports that Boelter owned a security company, Evans said. Looking for work Boelter wrote on LinkedIn a month ago that he was looking for work: "Hi everyone! I'm looking to get back into the US Food Industry and I'm pretty open to positions" in Texas, Minnesota, Florida and the Washington DC area. [[nid:614782]] Nonprofit tax filings show that Boelter and his wife ran a Christian ministry organisation called Revoformation. The most recent filing, in 2010, lists Boelter as president. On an archived version of the Revoformation web page from 2011, Boelter said he was ordained in 1993 as a minister, and had been raised in the small town of Sleepy Eye, about 100 miles southwest of Minneapolis. In his biography on that site, Boelter claimed to have made trips to "violent areas in the Gaza Strip and West Bank where suicide bombings were taking place." "He sought out militant Islamists in order to share the gospel and tell them that violence wasn't the answer," the biography says. Boelter said he went to St. Cloud State University, the now-closed Cardinal Stritch University and the Christ for the Nations Institute, a Bible college in Dallas. After firing at police on Saturday, the suspect abandoned a vehicle in which officers found a "manifesto" and a list of other legislators and officials, law enforcement officials said. Evans said police were still exploring what could have been the motivation for the shootings, adding: "It would be premature for me at this point to really say exactly what the motivation might be from these writings." Minnesota Governor Tim Walz said the shooting "appears to be a politically motivated assassination."
