Updates on the PIPC scam (April 2008)
Almost a year after the Performance Investments Products Corporation (PIPC) scam broke out, there seems to be less news now from the media or the investigators. That does not mean, though, there are no developments happening in the background.
Here’s what we know so far, based on the latest report by financial fraud investigation firm Ferrier Hodgson.
Examination of PIPC transactions with ABN Amro
Ferrier Hodgson has submitted an application to the Court requesting an examination of ABN Amro, a bank primarily used by PIPC. The hearing date for the application was set by the Court on May 21, 2008. If approved, an examination of PIPC transactions with ABN Amro will be conducted.
Investigation of Money Transfers to Tina Tuason
Investigators have started asking Cristina Gonzales-Tuason (aka Tina Tuason), incorporator and executive of PIPC, regarding several transactions identified as transfers of substantial amounts of money to her from PIPC accounts in Standard Chartered Bank HK and ABN Amro. Tuason explained that the money withdrawn were directed to bearer accounts that were used for a variety of reasons including payments for expenses, agents, and investors. A reconciliation of payments is currently being conducted.
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Review of Money Transfers from Standard Chartered Bank HK
Documents detailing money transfer instructions supposedly from PIPC head Michael Liew were obtained from Standard Chartered Bank in Hong Kong. The documents are being reviewed to determine the exact recipients of the transfers and to initiate recovery proceedings against certain parties, if appropriate.
Legal Proceedings against 6 PIPC officers
A settlement request was previously received from three PIPC defendants, namely Albert Chua, Eric Lee, and Lu Bao Ling, but the parties did not agree on the settlement terms and the deal fell through. Legal proceedings have thus continued in Singapore against them and 3 others. A pre-trial conference was conducted on April 7 and the trial date set from August 29 to September 5.
Discuss PIPC
Meet other investors and discuss PIPC in the Performance Investments Products Corporation (PIPC) forum thread.
Discuss the PIPC-related company, PFEC, in the Performance Foreign Exchange Corporation (PFEC) thread in the PMT Forum.
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