stan chart banker quizzed on 50m client theft

Added 16th March 2012

Police in China have detained a Shanghai-based private banker at Standard Chartered, in relation to a wealthy client who allegedly stole money from Agricultural Bank of China.

stan chart banker quizzed on 50m client theft

According to the Financial Times, naturalised Singaporean citizen Wu Yidian Eden is in custody, having been asked to cooperate with a police investigation into a Standard Chartered client accused of stealing a “large” sum of money from the state-owned Chinese bank.

The BBC reports that the amount in question was almost $50m.

Wu’s fiancé, who spoke with the FT, said her detention followed a notification to police that she intended to visit Singapore this month for their wedding. Jason Tan told the newspaper that Wu is being held without charge, but is under investigation for allegedly “harbouring a fugitive”.

According to the report, the Standard Chartered client alleged to have stolen the money, an executive from the Jiangyin branch of Agricultural Bank of China, has fled the country.

In relation to Wu’s detention, a Standard Chartered spokesperson told International Adviser: "We are unable to comment on Eden’s detention as this is part of an ongoing investigation by the police but we can confirm that Standard Chartered is not being investigated."

According to Standard Chartered’s website, the company opened its first office in China in 1858 and was the first foreign bank to launch onshore private banking and unsecured personal loans there. Today, it has 82 branches and more than 6,400 employees in the country.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

International Adviser is aimed at global intermediaries who advise their HNW clients on International fund, life and banking products and tax efficient solutions to their cross-border needs


The turning tide of global equities

The turning tide of global equities

Despite a gloomy beginning to the year, global equities have started to outshine the backdrop of economic malaise that threatened their upward trajectory, with the index delivering 19.2%




Ashburton International
Ashburton International

Ashburton Investments is a new generation investment...



Offshore Bond Workshop Glasgow 2016
Offshore Bond Workshop Glasgow 2016

22nd November 2016
The Grand Central Hotel, Glasgow

Future Advisory Forum Dubai 2016
Future Advisory Forum Dubai 2016

23rd November 2016
Shangri-La Hotel, Dubai 

Sponsored Content

Investment Strategy