GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
582418

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Vietnamese bank implicated in Australian money transfer cartel

Posted by on in ROYAL COMMISSION URGENT
  • Font size: Larger Smaller
  • Hits: 136
  • 0 Comments
  • Print

Vietnamese bank implicated in Australian money transfer cartel

Australian Financial Review Apr 11, 2019 9.10am

Misa Han, James Fernyhough

 

Major Vietnamese bank Sacombank has been implicated in an exchange rate fixing case that saw allegations of cartel behaviour brought against three Australian money transfer companies.

On Thursday five people appeared before the Melbourne Magistrates Court charged with allegedly fixing the exchange rate for the Australian dollar and Vietnamese dong.

While Vietnamese bank Sacombank was not named in the charges, court documents released late on Thursday contained allegations from the Australian Federal Policy that the bank had encouraged the three companies to fix exchange rates.

The charges were the result of a five-year joint investigation by the Australian Federal Police and the Australian Competition and Consumer Commission.

ACCC chairman Rod Sims said the alleged behaviour was "extremely serious" and related to almost a quarter of the amount of money transferred from Australia to Vietnam between 2011 and 2016.

During this period it is estimated about $700 million a year was sent from Australia to Vietnam.

Court documents showed the case involved three money transfer companies, Vina Money Transfer, Hong Vina Fast Money and Hai Ha Money Transfer, though only Vina was charged.

It is alleged the three companies entered into a contract that contained a "cartel provision", which the charge sheet described as "a provision that had the purpose or was likely to have the effect of directly or indirectly fixing, controlling or maintaining" exchange rates among companies that otherwise would have been competitors.

Price fixing is illegal and attracts penalties of up to 10 years in jail.

In documents released on Thursday, the AFP alleges Sacombank contacted the three companies between 2011 and 2012, "urging them to agree to matching exchange rates rather than compete with each other".

It alleges the three companies made illegal contacts, arrangements or understandings that "to their knowledge contained a cartel provision, being a price fixing provision, to apply matching exchange rates for the remittance of money from Australia to Vietnam".

Three men from Sydney, Van, Jamie and Toy Le, aged 58, 32 and 30, 58-year-old woman Thi Nguyen, and 63-year-old man Khai Tran, appeared before the Melbourne Magistrates' Court on Thursday, where the judge set the committal mention for July 18.

The three members of the Le family had their bail extended to that date,

Mr Sims said: “Money transfers are an important aspect of international trade and travel and are also used by migrants sending money back home.

“Price fixing involves competitors agreeing on a price rather than competing fairly against one another. Such cartel behaviour cheats consumers, and does damage to other businesses and the economy as a whole,” he said.

Separately ACCC is pursuing a criminal cartel case against Citi, Deutsche Bank and ANZ senior executives.

According to the company website Vina has four branches in Sydney's Bankstown, Blacktown, Cabramatta and Hurstville and two branches in Melbourne's Footscray and Springvale.

“This has been a comprehensive investigation between the AFP and the ACCC, one of the first conducted by our two agencies,” Australian Federal Police detective sergeant Jarrod Ragg said.

“The alleged criminal conduct occurred over an extensive period of time and involves allegations of significant anti-competition cartel conduct. This has been a long-term joint investigation that has successfully resolved through the laying of complex charges that will be heard in the Federal Court.”

 

Last modified on
Rate this blog entry:
0

Comments