Hong Kong’s Securities and Exchange Commission (SFC) has banned Mr Suen Kin-Wing, former UBS AG chief executive from the review of life for life.
The ban reflects Suen’s criminal convictions for money laundering and the department of contempt for the court.
The case came from the role of Suen as a customer consultant of two continental Chinese customers who held a joint account with UBS. Since customers encountered difficulties in taking over RMB from the mainland in Hong Kong, they were involved in an arrangement with the Suen to facilitate transportation between the boundaries. According to the arrangement, they will transfer funds to the mainland bank accounts designated by SUEN and then the funds will be transferred to Hong Kong and deposited in the joint account.
Overall, customers who were transferred more than RMB132 million to the designated accounts of the mainland of the mainland between November 2016 and February 2018.
During the substantive time, deposits totaling more than $ 134 million had been diverted into two Hong Kong bank accounts belonging to the SUEN. The court found that deposits were revenue from crimes, which was the amounts that Suen had cheated or stolen by customers. The Court also found that Suen had used the stolen revenue to maintain a rich lifestyle, spending them on the markets of luxury vehicles and numerous real estate in the United Kingdom and mainland China.
The Court of First Instance sentenced SUEN to 10 years in prison on June 21, 2024 after its guilty reasons in two charges of dealing with property or believed to represent revenue from a reported crime.
Meanwhile, the two customers received a worldwide order during the frozen against SUEN in July 2018 as part of their legal action to recover abusive amounts. Specifically, the SUEN was banned, inter alia, the willingness or treatment of any of its assets up to the value of $ 130 million HK.
However, he entrusted his interest in a series of UK properties to a BVI company belonging to him, violating the mandate. As a result, he was sentenced by the first court on December 20, 2023 to six months in prison for contempt for the court.
Under these circumstances, the SFC concluded that Suen is not suitable and suitable for being adjustable person.