Today Makes Tomorrow (TMT) has written to JPMorgan Chase Bank to question two remittances of $5.25m in total, which TMT said were paid from its account without authorisation.
“TMT has no records from that bank account [with JPMorgan], and has never been advised of the disposition of the funds. However, to the best of TMT’s knowledge, the funds are still being held by JPMorgan Chase Bank,” TMT’s counsel wrote to Stacey Friedman, JPMorgan’s general counsel, in the letter dated August 23 and seen by Splash.
The first wire transfer of $5m was made on July 12, 2007 to a beneficiary account held at JPMorgan Chase in New York. A second payment of $250,000 was paid into the same account on September 20 that year, according to two transfer confirmations TMT attached to the letter.
In both instances, the money was remitted from TMT’s RBS bank account in London.
TMT’s chairman Nobu Su told Splash his company had no business relationship with JPMorgan Chase in 2007 and had no reason to create one.
He said the RBS account in London had been opened with an initial payment of $5m in July 2007, but the cash was mysteriously transferred out of the account soon after.
“All my investigations started when I met Bob Diamond [then group chief executive of Barclays bank] in 2011 at the Singapore Barclays Open Pro-Am [golf tournament]. Since then, I have realised that Western banks are using the system to rig LIBOR and for racketeering. We have been investigating and we have found out a lot. This is very unusual bank behaviour,” Su said.
He personally believes the unauthorised payments are related to clearing for derivatives trades because JPMorgan Chase and RBS have been acting as one another’s clearing banks for many years.
JPMorgan Chase has not yet responded to TMT’s letter, Su said.
TMT has brought a litigation in Singapore against RBS and its former chief executive Fred Goodwin, RBS Singapore and ex-RBS employees Marie Chang and Neena Birdee.
The bankers “made remittances and transfers on a number of occasions for their own purposes without his consent” and siphoned off $3.6bn from Su’s account without his consent, he claims.
The bankers “conspired to injure Mr Su by unlawful means” from 2007 to 2009, an earlier TMT statement said.
Nobu Su is profiled in the latest issue of Maritime CEO magazine, which can be accessed here.