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Former UBS banker sentenced to nine years in Shanghai jail over OOCL takeover leaks

Photo of Sam Chambers Sam ChambersJune 25, 2019
73 Less than a minute

Corruption has been unearthed in Cosco’s 2017 $6.3bn takeover of Hong Kong containerline Orient Overseas Container Line (OOCL).

The Wall Street Journal has reported that a former UBS banker and two associates were sentenced last week to nine years in prison over leaks in the deal that saw two men make $17.5m in profits from trading in Cosco and OOCL’s parent’s shares prior to the takeover.

UBS served as financial advisor to Cosco in the takeover of the Tung-family controlled OOCL, a deal that was eventually cleared by global regulators last year.

Photo of Sam Chambers Sam ChambersJune 25, 2019
73 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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