Posted on 04/16/2007 11:39:18 PM PDT by TigerLikesRooster
Macao Bank Challenges U.S. Ban as Politically Based
By DAVID LAGUE
Published: April 17, 2007
SHANGHAI, April 16 — The Macao bank that was a stumbling block to international efforts to dismantle the North Korean nuclear weapons program challenged on Monday a United States Treasury Department ruling that bars the bank from access to the American financial system.
Banco Delta Asia, a family-owned bank that the United States has accused of committing financial crimes on behalf of North Korea, said in a statement that the March 14 ruling was “politically motivated” because it was based on disputes between the United States and North Korea.
In its filing with the Treasury Department, the bank also called for the decision to be revoked on the grounds that it was made without supporting evidence, ignored remedial measures the bank had taken and denied the bank the opportunity to respond to fresh accusations, the statement said.
“In this filing, the bank seeks a fair hearing on all the evidence, free from political intervention and the distraction of public diplomacy,” Joseph McLaughlin, a lawyer for Banco Delta Asia in New York, said in the statement. “We are confident that the U.S. legal system, in the end, will not countenance the sacrifice of legal rights to political ends.”
Banco Delta Asia, and its owner, Stanley Au, a prominent Macao businessman and an adviser to the Chinese government, have repeatedly denied any wrongdoing.
A Treasury Department spokeswoman, Molly Millerwise, said the department had confidence in the merits of its action against Banco Delta Asia.
(Excerpt) Read more at nytimes.com ...
Ping!
well china let its feelings be known in Virginia today also.
How about this, let’s ban ‘made in china’ imports for a month. We’ll see how well the Maoists handle a pile of a billion of cheap toys.
My understanding is that,recently at least,Macau was a very,very violent and corrupt place.Gangs and casinos were the trademarks of this enclave.
I don't know if China has made any attempts to clean it up since the handover in '99...and if they did I'm not sure how successful these attempts have been.
Well China may get your pet Chia Pet under control may you won’t have problem HELLOOO
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.