Subpoenas issued to major US bankers for involvement in HNA Group scandals


Attorneys for defendant Miles Kwok have issued subpoenas to Goldman Sachs, Citigroup, Bank of America, and Morgan Stanley, commanding them to produce documents or materials in their possession related to HNA to the Supreme Court of the State of New York County of New York.

Four subpoenas released yesterday were submitted on Miles’s behalf on January 31 of 2019 by different attorneys.

The subpoena to Goldman Sachs reads, “The reason you are being required to produce documents is that you have documents, information, and material relevant to the adjudication of the above-captioned lawsuit, which currently is pending in the New York Supreme Court, County of New York”.

The commanding court summons noted that failing to comply with terms of the subpoena, the banks may be deemed guilty of contempt of Court, liable to pay all losses and damages sustained by the issuing party, and required to forfeit a penalty.

Those documents and/or communications shall include any potential transactions or discontinuing work with HNA Group.

Last week, HNA Group has dropped a $300 million defamation lawsuit against Miles Kwok, dismissing it as a distraction to the company, saying that Miles’ comments “ are no longer of public concern”, and that to pursuing the action “unnecessarily distracts from its key business priorities”, according to the Wall Street Journal.

Miles Kwok is the first Chinese to bring the major US bankers to justice. In the past decades, many Wall Street bankers have collaborated with the Chinese Communist Party (CCP) to make lots of money while stealing the wealth of the Chinese people.

Among other similar cases, JPMorgan was forced to pay $264 million penalty for hiring “princelings” of high-ranking Communist party officials from China in 2016.

After Miles Kwok revealed the scandals of China’s Vice-Chairman Wang Qishan and his relations with HNA Group, Goldman Sachs, Bank of America and Skybridge have all walked away from deals with scandalous HNA, fearing the public scrutiny of its stakes in Deutsche Bank AG and Hilton hotels.

Goldman Sachs in mid 2017 has stopped working on the potential listings of an IT outsourcing business Pactera Technology owned by HNA Group over concerns about its ownership structure.

I have said in a related report that this withdraw of suit against Miles Kwok tells that both HNA and the CCP have come to a dead end. And once again, Miles Kwok has showed the Chinese what it truly means by the rule of law as he would continue with the legal procedures.

Anyone could check the details of these official documents with the New York Supreme Court as the right of the public to access judicial records is fundamental to a democratic state and is analogous to the United States’ First Amendment right of freedom of speech and of the press and the Sixth Amendment right to public trials.

The US government is sure to freeze the assets of corrupt CCP officials and expel their families out of the country along with the trade war, and their western supporters or US traitors would also feel the pain for their collusion with the communist regime. Since they have overdrawn, they have to pay it back.

As Secretary of State Michael Pompeo pointed out this week, Donald Trump could walk away from the table during a meeting with China’s Xi Jinping – as he did with North Korea’s Kim Jong Un – potentially taking trade tension to a new level. The two sides lack common grounds for any practical deal.

Trump said to the reporters at the South Lawn yesterday before Marine One departure,”If we don’t make a very good deal for our country, I wouldn’t make a deal.  If this isn’t a great deal, I won’t make a deal.”

Ahead of more uncertainties, investors in vulnerable Wall Street will struggle to deliver.

By Cloudy Seagail



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