HSBC set to pay 19bn to settle money laundering claims, HSBC is expected to pay US authorities a record $1.9bn (£1.18bn) to settle allegations that its failure to enforce anti-money laundering rules left America’s financial system exposed to drug cartels by Richard Blackden, December 10, 2012, The Telegraph
In July, senior HSBC executives were hauled before a powerful Senate committee to explain the failures that stretched between 2004 and 2010, Britain’s biggest bank will forfeit about $1.3bn and pay a further fine of $650m, according to reports. The settlement with authorities, including the Department of Justice and the US Treasury, could come as soon as Tuesday. Shareholders in HSBC were warned earlier this year by chief executive Stuart Gulliver that a settlement could cost more than $1.5bn. The bank apologised over the summer for failures to enforce anti-money laundering rules, with Mr Gulliver admitting that HSBC needed to “take responsibility for fixing what went wrong”. In July, senior HSBC executives were hauled before a powerful Senate committee to explain the failures that stretched between 2004 and 2010. The US government is aggressively pursuing breaches of anti-money laundering rules and a number of British banks are still under investigation. On Monday HSBC named Bob Werner, a former senior official at the US Treasury, as the head of group financial crime compliance at the bank. HSBC said last night it continues to co-operate with US authorities.
Snc-Lavalin Group Inc (SNC: Toronto) by Investing Businessweek, December 10, 2012, Executive Profile* Gwyn Morgan CM, Chairman, Chairman of Governance Committee and Member of Special Transition Committe, SNC-Lavalin Group Inc.
Background* Mr. Gwyn Morgan, CM founded EnCana Corporation andserved as its President and Chief Executive Officer from April 2002 to December 31, 2005. Mr. Morgan served as the President and Chief Executive Officer of Alberta Energy Company Ltd. from 1994 to 2003. He joined Alberta Energy Company Ltd. in 1975 during the start-up of operations and served as a Member of the founding management of the Alberta Energy Company Ltd., a Predecessor of EnCana Corporation. He served as an Honorary Colonel (ret’d) of 410 Tactical Fighter Squadron of the Canadian Air Force. Mr. Morgan has been Chairman of SNC Lavalin Group Inc. since May 4, 2007. He serves as Vice Chairman of the Canadian Council of Chief Executives. Mr. Morgan served as Executive Vice Chairman of EnCana Corporation from December 2005 to October 12, 2006. He has been an Independent Director of SNC Lavalin Group Inc. since March 4, 2005. He serves as a Director of the Institute of the Americas, Member of the Board of Governor of the Council for Canadian Unity and a Trustee of The Fraser Institute. Mr. Morgan serves as a Director of the American Petroleum Institute and a Member of the Accenture Energy Advisory Board. He served as a Director of EnCana Corporation from 1993 to October 12, 2006. He served as an Independent Non Executive Director of HSBC Holdings plc since October 3, 2006 until May 2012. He served as an Independent Director of Rio Tinto Alcan (Also known as Alcan Inc.) since January 18, 2006. He served as a Director of Alberta Energy Company Ltd. (AEC) from 1993 to 2003. He served as a Director of HSBC Bank Canada from December 1996 to 2006 and served as its Lead Director. He served as a Director of Lafarge North America Inc. until June 2004. Mr. Morgan was selected Canada’s Outstanding Chief Executive Officer of the Year for 2005. In 2005, he was named as Fellow of the Canadian Academy of Engineering (FCAE). He is the recipient of the Canadian Business Leader Award from the University of Alberta and the Ivey Business Leader Award from the University of Western Ontario, two Honorary Degrees and an inductee to the Alberta Business Hall of Fame. Mr. Morgan holds a Bachelor of Science in Petroleum Engineering from the University of Alberta and a Post Graduate qualification including the Executive Business Program of Cornell University in New York State.
Biography Gwyn Morgan Gwyn Morgan has been appointed to the Board as an independent non-executive Director of HSBC Holdings plc with effect from 1 October 2006. Mr Morgan was Founding President and Chief Executive Officer of EnCana Corporation. In January 2006, he retired as Chief Executive Officer to assume the post of Vice-Chairman. He is a Director of SNC-Lavalin Group Inc., and Alcan Inc. He is a member of the Board of Trustees of The Fraser Institute and the Energy Advisory Board of Accenture Limited. He is a former independent non-executive Director of HSBC Bank Canada.
Tainted water lights fire under gas fears by Hanneke Brooymans, December 13, 2005, Front page The Edmonton Journal