What do UBS, Singapore's Temasek Holdings and the Royal Bank of Scotland Group have in common?
Together, they hold a $5.1 billion stake in the Bank of China.
Despite its history of problem lending and scandals - its former chairman and president, Wang Xuebing, is serving a 12-year prison term for taking bribes, a former president of its Hong Kong branch was given a suspended death sentence for embezzlement and two former branch managers are facing trial in Las Vegas for alleged embezzlement and money laundering - I'll say they have had problems...
Still, it seems the bank has cleaned up its act somewhat and is now oozing or trying to give confidence to investors looking at buying up $9.7 billion worth of the money cage.
Hong Kong tycoon Lu Ka-shing (almost sounds like ka-ching, doesn't it?) of Cheung Kong Holdings, Japan's Bank of Tokyo-Mitsubishi UFJ and Saudi Prince Alwaleed's company Al Azizia Commercial Investment believe the Bank of China a worthwhile investment.....
Hmmm...maybe I'd better get in on the action.....uh...nah, never mind. Not me.
How about you?
In my life, I learned that the rich people when they go to prison for money laundering, or any other crime, they go to University not prison. They enter the prison with Diploma, and they graduate with PhD.
I worked for some one like that. He went to prison for two years, and goverment could not collect the money he stole from them in the name of poor people. He kept his six million house and other property that worth more than $15 million each, and he left the prison with PhD. He hasn't changed, so this chinese guy will do the same. He doesn't know any other way.
Posted by: dori | June 1, 2006 10:07 AM | Permalink to Comment