Manulife case makes headway in HK<\/p>\n
Berni K. Moestafa, The Jakarta Post, Jakarta<\/p>\n
Hong Kong legal authorities convicted a company director for
\nfalsifying documents that led to the disputed sale of a 40
\npercent share in insurance firm PT Asuransi Jiwa Manulife
\nIndonesia (AJMI).<\/p>\n
Maggie Ho Yik Lin pleaded guilty before a Hong Kong court last
\nmonth, on charges she falsified documents her client used to
\npurchase a 40 percent share in AJMI.<\/p>\n
Maggie Ho was fined HK$42,000 by the Hong Kong Department of
\nJustice, according to a Hong Kong legal document, a copy of which
\nwas made available to The Jakarta Post on Monday.<\/p>\n
Last year, Canada's Manufacturers Life Insurance Co. sued
\nAsset Management Services Limited (AMS), which Maggie Ho led,
\nover suspicion the firm aided a fraudulent purchase of AJMI's 40
\npercent stake.<\/p>\n
Manulife acquired the 40 percent stake in AJMI from Dharmala
\nSakti, which was declared bankrupt last year.<\/p>\n
The Jakarta Commercial Court ordered Dharmala sell the shares
\nto pay off debts it owed to creditors, one of which is the
\nIndonesian Bank Restructuring Agency (IBRA).<\/p>\n
United Kingdom-based Roman Gold Assets Ltd. disputed the sale,
\nclaiming it had purchased AJMI's stakes before Manulife did.<\/p>\n
Roman Gold argued it acquired the shares from AJMI's co-
\nfounder PT Dharmala Sakti through a string of transactions
\ninvolving West Samoan firm Harvest Hero International.<\/p>\n
But Maggie Ho, in her affidavit, called Harvest Hero a \"shelf
\ncompany\", used as a vehicle for trading business.<\/p>\n
She said an Indonesian lawyer, she identified as Lucas from
\nLucas S.H. & Partners, instructed her to set up the company.<\/p>\n
\"He liked this company (Harvest Hero) because it was the
\noldest on the second list AMS had prepared,\" she said.<\/p>\n
AJMI said in a statement that AMS had made it look as if
\nHarvest Hero was founded in 1996, while in fact it had only been
\nestablished last year.<\/p>\n
Earlier, a Canadian lawyer, Edward Southerland admitted he
\nbackdated documents used to purchase AJMI's 40 percent shares.<\/p>\n
\"In July 2000, Mr Lucas came to my office and convinced me
\nthat his client needed to have some backdated documents
\nprepared,\" Southerland said, in his affidavit before a Canadian
\ncourt. Lucas was not available for comment at his office.<\/p>\n
The string of evidence that cumulated in Maggie Ho and
\nSoutherland's confessions, was the result of an investigation
\nManulife initiated.<\/p>\n
In its probe, the company cooperated with the International
\nFinance Corporation (IFC), the commercial arm of the World Bank.<\/p>\n
The IFC was embroiled in a similar legal bout when, what it
\nbelieved were fictitious creditors, overturned IFC's bankruptcy
\npetition against PT Panca Overseas. One of these creditors was
\nHong Kong-based Harvest Hero.<\/p>\n
In Jakarta, Manulife also logged criminal charges against
\nRoman Gold and Dharmala's former owner, but as yet, no progress
\nhas been reported.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/manulife-case-makes-headway-in-hk-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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