in its alleged fraud case against three of the private lender’s leaders.
The OSC has formally charged David and Natasha Sharpe, the husband-and-wife duo that ran Bridging Finance, with fraud. Bridging’s former chief compliance officer, Andrew Mushore, has also been charged with fraud. The regulator’s enforcement hearing started in June. On Wednesday, OSC lawyers went into the most detail on the loan involving Mr. Gautam. The regulator has previously alleged that the Sharpes asked Mr. Gautam to accept a “back-to-back loan” – an arrangement whereby he would receive a $35-million loan from Bridging, only to turn around and lend that money back.
On Wednesday, Mr. McCluskey said the approval process for this loan was “unusual.” For one, David and Natasha Sharpe called him early on a Saturday morning in September, 2018, to brief him on the loan – something they had never done before. Their false explanation for the extra care, he alleges, was that the borrower was considering making an investment in Bridging Finance, so they had to be careful concerning any conflicts of interest.
As well, Mr. McCluskey testified that the approval process for a $32-million loan to Mr. Ng was unusual. When the loan was sent to the credit committee for approval, Mr. McCluskey said he noticed that the borrower named was a Manitoba numbered company, but the owner was not listed.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Legends in Talks With Private Lenders to Finance ASM Acquisition(Bloomberg) -- Legends Hospitality is in talks with private credit firms to finance its potential acquisition of venue and events management company ASM Global, according to people with knowledge of the matter.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayTesla and China Risk Leaving Volkswagen on a Road to NowhereTech Giants Power Stock Gains as Tesla Jumps 10%: Markets Wr
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Legends in Talks With Private Lenders to Finance ASM AcquisitionLegends Hospitality is in talks with private credit firms to finance its potential acquisition of venue and events management company ASM Global, according to people with knowledge of the matter.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Japan Finance Minister: Expect BOJ to pursue inflation target with appropriate policiesBy Tetsushi Kajimoto TOKYO (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Tuesday he expects the Bank of Japan to conduct monetary ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Japan finance minister Suzuki seen retaining post in cabinet reshuffleBy Leika Kihara and Kantaro Komiya TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida is considering keeping Finance Minister Shunichi Suzuki in ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Japan finance minister Suzuki seen retaining post in cabinet reshuffleBy Leika Kihara and Kantaro Komiya TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida is considering keeping Finance Minister Shunichi Suzuki in ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Austrian prosecutors drop bribery investigation into ex-finance ministerVIENNA (Reuters) - Austrian anti-corruption prosecutors said on Tuesday they had dropped a bribery investigation into former conservative Finance ...
Source: SaltWire Network - 🏆 45. / 63 Read more »