Tag Archives: FIFA Bribery Scandal

Banking executive from CIBC’s FirstCaribbean International Bank carried FIFA bribe!

Why would a CIBC FirstCaribbean International Bank executive travel from the Bahamas to New York to personally pick up a US$250,000 cheque?

Why not just wire the funds? Why not send the cheque via courier?

The answer appears to be that the US$250,000 was being money-laundered by one of FIFA’s top officials, Chuck Blazer. After picking up the cheque in New York, the banking executive returned to the Bahamas and deposited the cheque into Blazer’s personal offshore account.

I didn’t really catch onto this at first. I thought it was a situation where the CIBC had been unknowningly duped or had a client misuse the bank. But that isn’t what happened according to the articles in the press – the CIBC FirstCaribbean International Bank was directly and knowingly involved in money-laundering.

Surprised? You shouldn’t be. Anyone who has seen the award-winning documentary about the 2008 meltdown – Inside Job – knows that the banks are rotten to the core, and in conjunction with bribed elected and appointed officials ensure that the motto of the inside crowd remains “Profits are private. Losses are public.”

Closer to home just look at Clico and the Barbados DLP government.

But for you and me though, just miss a mortgage payment or don’t pay taxes and see what happens. Wuhloss!

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

That cheque, U.S. prosecutors allege, was part of a $10 million bribe paid in return for the votes of then FIFA vice president Jack Warner, Blazer and another FIFA official in support of South Africa being granted the rights to host the 2010 World Cup.   Continue reading

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Filed under Barbados, Business & Banking, Corruption, Offshore Investments

FIFA issues warnings to David Hinds, Mark Bob Forde – Others banned

Jack Warner being investigated for currency smuggling

David Hinds, Mark Forde warned for keeping silent about what they knew

Check out Barbados Today’s BFA officials vindicated, Cops on Jack’s back

FIFA Press Release…

The FIFA Ethics Committee, chaired by Claudio Sulser (Switzerland), has today (14 October 2011) taken decisions regarding the ethics proceedings that had been opened in August against several Caribbean Football Union (CFU) officials. The proceedings had been opened in regard to apparent violations of the Code of Ethics connected to the investigation of the cases related to the special meeting of the CFU held in Trinidad & Tobago on 10 and 11 May 2011.

The Ethics Committee took the following decisions:

Franka Pickering (British Virgin Islands) has been banned for a period of 18 months from taking part in any football-related activity (administrative, sports or any other) and has received a fine of CHF 500. Continue reading

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Filed under Corruption, Ethics, Sports