posted on Apr, 7 2013 @ 07:12 AM
Singapore-based Company And Deutche Bank (Singapore Branch) Involved In Offshore Shadowy Money and Secrecy
■ Singapore-based Portcullis TrustNet has helped tens of thousands of people set up offshore companies, trusts and hard-to-trace bank accounts.
■ Thai government official Nalinee Taveesin, with links to an infamous African dictator used Singapore-based TrustNet to set up a secret company for
herself in the BVI, the records show.
■ Deutsche Bank: helped its customers maintain more than 300 secretive offshore companies and trusts through its Singapore branch.
■ Ferdinand Marcos’ daughter, Maria Imelda Marcos Manotoc, tied to offshore Sintra Trust commissioned by Singapore-based Portcullis TrustNet
More than 100 customer consultants at Deutsche Bank Singapore helped create or manage 309 offshore entities for its customers in the British
Virgin Islands and other tax havens, according to secret records obtained by the news organizations.
Most of the companies carry fantasy names like “Thrilling Returns Incorporated,” “Amazing Opportunity Limited” or “Market Dollar Group
Limited.” Public sources don’t show any business activities for most of these companies.
Much of ICIJ’s reporting focused on the work of two offshore firms, Singapore-based Portcullis TrustNet and BVI-based Commonwealth Trust Limited
(CTL), which have helped tens of thousands of people set up offshore companies and trusts and hard-to-trace bank accounts.
A Thai government official with links to an infamous African dictator used Singapore-based TrustNet to set up a secret company for herself in the
BVI, the records show.
Nalinee Taveesin.Nalinee Taveesin.The Thai official, Nalinee “Joy” Taveesin, is currently Thailand’s international trade representative. She
served as a cabinet minister for Prime Minister Yingluck Shinawatra before stepping down last year.
Taveesin acquired her BVI company in August 2008. That was seven months after she’d been appointed an advisor to Thailand’s commerce minister —
and three months before the U.S. Department of Treasury blacklisted her as a “crony” of Zimbabwean dictator Robert Mugabe.
A bulk of them however — roughly 45,000 of about 77,000 — come from China, Taiwan, Singapore and other East and Southeast Asian nations, a
sign of the growing importance of that region as a source of shadowy money.
The main product that TrustNet sells can be summarized in one word — secrecy.
The firm helps ensure names, finances, business interests and political links remain hidden. It does this using a variety of methods, such as creating
maze-like layers of companies and financial trusts in multiple countries and in many cases helping clients open overseas bank accounts in the names of
anonymous companies rather than in their own names.
Deutsche Bank (Singapore Branch) Helped Customers Maintain Hundreds of Offshore Entities - International Consortium of Investigative
Secret Files Expose Offshore’s Global Impact - International Consortium of Investigative Journalists
Leaks Reveal Secrets Of The Rich Who Hide Cash Offshore - UK News - The Guardian
Ferdinand Marcos’ Daughter Tied to Offshore Trust in Caribbean
It is not known what assets they hold, but one Sintra Trust document refers to a bank account with United Overseas Bank Limited, a financial
institution headquartered in Singapore.
The Sintra Trust was created in June 2002 with the help of a Singapore-based offshore services firm called Portcullis TrustNet.
The documents indicate that in her role of financial advisor, Imee Marcos had powers to direct the investment of trust assets held by banks and other
The so-called “settlor,” “trust protector,” and “master client” listed in the documents is Mark Chua, a Singapore-based businessman said
to be Imee’s new boyfriend.
Although the Sintra Trust is located in the British Virgin Islands, another PCGG official – the commission tasked with recovering the Marcoses’
assets – said he does not find it surprising that its servicing company, Portcullis TrustNet, is based in Singapore, which has one of the toughest
financial secrecy regulations in the world. It ranked No. 6 in the 2011 Financial Secrecy Index of the Tax Justice Network, a London-based group that
campaigns against tax havens.
“We’ve had a hard time getting cooperation from Singapore in our requests for international mutual assistance on criminal matters,” said the
PCGG official, who asked not to be identified because of the confidential nature of his work for the agency.
edit on 4/7/2013 by wisdomnotemotion because: more details