On Wednesday Justice David Mangota ruled that the claim against HSBC Bank by Mr Jayesh Shah’s company, AL Shams Global BVI, should go ahead at the High Court. Shah is suing HSBC Bank for the financial loss his company suffered after the bank falsely classified the funds held in his account as proceeds of money laundering activities.
HSBC Bank in September 2006 reported to the Serious Organised Crime Agency (SOCA) that Mr Shah’s request to transfer almost $28 million to his other account in France was “suspicious”. The allegations of money laundering in the UK later the following year had a negative impact on a $22 million loan deal his company, AL Shams Global BVI Limited, had struck with the Reserve Bank of Zimbabwe.
More: Herald
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