Tag: Cheng Liem Li

JPMorgan Chase, a financial powerhouse in the U.S., and ING Group, a dominant banking institution in the Netherlands, have both ventured into the acquisition of FinTech companies to expand their digital capabilities. However, these acquisitions' strategies and subsequent management have diverged significantly, reflecting differences in corporate governance, regulatory environments, and responses to crises. Here is our comparative analysis.

The Amsterdam public prosecutor's office reached a questionable settlement with former Payvision executives Rudolf Booker and Cheng Liem Li, concluding a chapter in the ongoing saga of cybercrime and money laundering. The resolution, however, has raised eyebrows for what many see as its leniency, particularly in light of the devastating impact on the victims of Payvision's scam operations. FinTelegram sought the expertise of Elfriede Sixt, co-founder of the EFRI, for a candid and insightful discussion.

Scam victims started to bring legal claims against ING subsidiary Payvision before the courts. Instead of dealing professionally with these claims, Payvision and its founder and former CEO Rudolf Booker started a tsunami of legal intimidation and defamatory campaigns to silence EFRI. A new climax was reached when Booker learned that Sixt was a speaker at the upcoming Financial Economic Crime event in Brussels. He retained a Belgian lawyer to send intimidating and defamatory threats to the event organizer and other event speakers to prevent Sixt from speaking.

Safened is the trading name of Safened-Fourthline Limited, a company licensed by the FCA as an Authorised Payment Institution since May 2018. Safenet-Fourthline Opco Holding B.V. in Amsterdam controls the company, says UK Companies House. A director of Safened-Forthline is Payvision founder Rudolf Booker. SafeNed Deposits B.V. in Amsterdam is also connected to Safened. All companies are registered at Tesselschadestraat 12 in 1054 Amsterdam. The Payvision spin-off Cetler B.V. is also located there.