“BIGGEST MONEY SMUGGLING SCANDAL BY EFG BANK”

The first instance of the Happiness Life Insurance Tunneling case was pronounced in June 2016. The Hong Kong EFG banker Wu Xiaoyun and the other three were listed as accomplices. The collegiate panel reported the investigation to the Northern Procurator ate. The District Prosecutor’s Office reported the investigation that there were still about 6 billion yuan frozen by the EFG and refused to return it. Back in 2016, the Special Investigation Team stated that the Insurance Stability Fund had filed a civil lawsuit against Deng and Huang, and the Special Investigation Team Would Assist in seizing the defendant’s assets and recovering the proceeds of crime but after another judgment made by Singapore high court in 2018, this case awaits implementation of its judgment till the date

The pacific executive head of EFG Bank was involved in smuggling 6 billion yuan to defraud Happy Life insurance.

Wu Xiaoyun, concealing the transfer of Happiness Life’s transfer and illegal freezing of overseas agency assets, was first suspected of defrauding Happiness Life’s entrusted overseas agency assets of 200 million U.S. dollars (approximately NT$6 billion). It was fundamentally a problem in the control of EFG Bank and Wu Nu was involved in forging documents. The purpose was to defraud Happy Life. Deng Wencong, the former director of Happiness Life Insurance, had been detained for nearly one year and three months due detained for nearly one year and three months due to emptiness. The key is that 6 billion yuan was entrusted to Switzerland’s third-largest EFG bank, but he was illegally retained and refused to return it. Deng Wencong’s lawyer, Wei Yanghong, pointed out in court that Wu Xiaoyun that in the past, pacific executive head of EFG Bank and representative of Taiwan used the opportunity to handle overseas investment assets for Happy Life, ignoring the express provisions of Taiwan Insurance Law and setting up overseas corporate trust funds without the knowledge of Happy Life. Then the secretly managed assets were transferred under the trust to overseas legal person trust funds, and after being out of the control of Fortune Life, overseas paper subsidiaries overseas were set up and Fortune Life did not know, and it also set up the pledges of assets of overseas legal person trust funds without authorization. Afterwards, Wu Xiaoyun set up several overseas paper companies with a share capital of only US$1 and 2 and claimed that they were all established at the request of Deng Wencong and Dong Zuo Huang Zhengyi of Southeast Travel Agency, and they were changed into affiliated companies actually owned by Happy Life, but Happy Life was re-established At the end, What’s the most ridiculous was that Wu Xiaoyun claimed that these paper companies were subsidiaries of Happiness Life, and he said that the two other overseas legal person trust funds were also Happiness Life’s related companies, so they took the overseas legal person trust funds to hold Happiness Life’s agent. The assets were pledged by EFG Bank itself, and then borrowed 200 million US dollars through several overseas paper companies. These measures were carried out secretly by Wu Xiaoyun and EFG Bank, and Happy Life had no knowledge of it. Then the former chairman Deng Wencong was sentenced to 10 years for aggravated breach of trust by the Supreme Court for hollowing out company assets. The Hong Kong EFG bankers Wu Xiaoyun, Robert Chiu and Albert Chiu in the same case were found to be accomplices by the court.

After the investigation by the North Procuratorate, Wu Xiaoyun was prosecuted in 2018 for violating the insurance law and other crimes, and Robert Chiu and Albert Chiu were wanted. After in-depth investigation, the prosecutor found that Deng Wencong, after serving as the vice chairman of Fortune Life Insurance on February 13, 2007, planned to embezzle the assets of Fortune Life Insurance for his own use, so he conspired with Wu Xiaoyun to use Fortune Life to take advantage of overseas The assets were entrusted to EFG Bank to operate the opportunity to illegally set Happiness Life’s overseas assets to pledge to EFG Bank to launder money to Deng Wencong’s personal account. As the court found that Hong Kong EFG Bank personnel Wu Xiaoyun, Robert Chiu, and Albert Chiu were accomplices, the Northern Procurator’s investigation confirmed Wu Xiaoyun’s crime, so Wu was prosecuted for violating the insurance law and other crimes, and Robert Chiu and Albert Chiu were wanted.

In 2018, high court of Republic of Singapore granted an order stating that: The plaintiff would be granted an order in terms of the draft order entitled “Injunction Prohibiting Disposal of Assets Worldwide” to the plaintiff’s summons for injunction dated 21 November 2018. The defendants would inform the plaintiff in writing at once of all their assets whether in or outside Singapore, whether in their own name or not, whether solely or jointly owned, and whether the defendants were interested in them legally, beneficially or otherwise, giving the value, location and details of all such assets. Also the defendants stated in the affidavit and provide documents to evidence full details of. What had happened to the RMB 13,975,000 transferred by the plaintiff to the second defendant’s two bank accounts. What has happened to the RMB 7,000,000 transferred by the plaintiff to the third defendant’s bank account and what has happened to the RMB 100,000 transferred by the plaintiff to Kang’s bank account.

https://www.chinatimes.com/cn/newspapers/20160622001076-260901?chdtv

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