TMT Chairman Nobu Su: Did Madoff's Creditors Forget about the Biggest Recovery Claim?

Wednesday, 13 April 2016, 21:54 HKT/SGT

SINGAPORE, Apr 13, 2016 - (ACN Newswire) - Nobu Su, an Asian shipping tycoon and inventor, who have recently filed a claim in Singapore earlier this year against RBS, Fred Goodwin and others, who made RBS arguably the world's largest bank in the last decade, believes that others might learn from his approach.

The TMT Chairman believes Madoff's creditors and Greek ship-owners, who he thinks might also have been defrauded in their respective cases, may be among the ones who are most likely to be interested in following his case. Bernard Madoff, a disgraced former Chairman of the Board of NASDAQ, was sentenced to 150 years for orchestrating US$64 billion Ponzi scheme, the largest in history.

While Su declined to talk about his claim in Singapore, he said it is likely that other accounts were "hijacked" in the same manner as he alleged his company to have suffered, in order to help save some of the banks. He continued, "I believe that my own account was manipulated to fund the Primary Dealer Credit Facility (PDCF) during the financial crisis in 2008".

He added, "My theories and suspicions have developed over time upon close examinations of the possible connections among the causes of the financial crisis, the timing of my business having received a margin call from RBS based on miscalculations to the tune of tens of millions of US dollars and the business dealings between RBS, one of the largest banks in the UK, and JP Morgan Chase, one of the largest banks in the US."

He went on to explain that Amanda Galloway, who was then a shipping relationship manager of RBS, advised after the miscalculation of the margin of TMT's account was found out that RBS would risk being sued if they tried to close out the positions and that TMT had been misinformed of the true position. Meanwhile, James Travis, a derivative specialist, who worked at RBS and served Su's company accounts in Singapore at the time, moved on and works at HSBC now. Su said, "He is still in my sights."

Amanda Galloway now works at Clarksons PLC, where the Head of Greek Market Vassilis Karakoulakis, who brokered trades for one of Mr Su's companies also works. When asked about Mr. Karakoulakis, Su said "Mr. Karakoulakis once told me to send emails to his private yahoo email account for one particular deal he was working on for one of my companies. This is odd because he was an approved person by the FCA and he worked for a listed company. I asked why but did not receive a satisfactory explanation."

He concluded, "Today's the Panama Papers disclosures are only the tip of a giant iceberg of the global financial corruption, which is already sparking outrage worldwide. Thanks to the work of close to 400 journalists in more than 70 countries, those secrets are no longer secrets. These journalists now need to come forward and report the truth about the 2008 PDCF scandal, which ought to be addressed by Hillary Clinton, Bernie Sanders and Donald Trump, the front-runners of the US presidential election."

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Topic: Press release summary Sectors: Logistics & Supply Chain, Daily News
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