• insights-banner

    In the press

Corporate Treasurer publishes Patrick Chan's comments on the No Consent Regime

Corporate Treasurer published Patrick Chan's comments regarding the No Consent Regime, following a recent Hong Kong decision court decision that could have far-reaching implications for financial institutions that are the victims of cyber fraud.

 

Litigation & Disputes Partner, Patrick Chan in the Hong Kong office, said that treasures and other corporate final professionals will need to act fast to halt the proceeds of fraud, should they encounter one. 

 

"On and off, I deal with no less than 20 of these types of cases a year, and for some victims, the amounts involved are less than 100,000 Euro or $100,000 and it is quite costly to take out the Mareva (freezing) injunction." 

 

"It costs between $10-20,000 for an application of this type, so if you've lost $100,000, you have to decide if it is worth it. There's an old saying, 'do you want to throw good money after bad?"

 

Chan said that for the smaller victims of cybercrime, the regime has been become more difficult since the case of Tam Sze Leung & Ors vs Commissioner of Police.

 

"Ultimately, these smaller victims can no longer rely on the administrative power of the police," he comments. 

 

He concludes: "If they really want to go after their money, they will have to invest further costs for their legal teams to obtain a Mareva injunction, in the hope that some of the money is still there. If there isn't, then they'll have lost even more."  

 

The story was first published in Corporate Treasurer, in a story titled: Letter of no consent: why the proceeds of fraud have become tougher to recoup is behind a paywall and available in full with a subscription. 

Our thinking

  • Women in Leadership: Planning for the future

    Sarah Wigington

    Events

  • The Financial Times quotes Sophie Dworetzsky on potential drawbacks of changing or scrapping UK non-dom rules

    Sophie Dworetzsky

    In the Press

  • Take-aways for UK firms from ESMA’s consultation on reverse solicitation

    Cheryl Tham

    Insights

  • Charles Russell Speechlys Paris significantly strengthens litigation practice with notable team hire led by Frédéric Dereux

    Frédéric Dereux

    News

  • City AM quotes Dominic Lawrance on the potential scrapping of non-dom rules in the Spring Budget

    Dominic Lawrance

    In the Press

  • FCA Authorisation: Do I need to be FCA-regulated?

    Richard Ellis

    Insights

  • Post-sale planning: The Maximisation and Protection of Private Wealth following a Business Sale or Exit Event

    Tabitha Collett

    Insights

  • City AM quotes William Garner on FCA plans to 'name and shame' firms under investigation

    William Garner

    In the Press

  • A Fireside Chat on Family Breakdown and Trusts

    Silvia On

    Events

  • Charles Russell Speechlys ‘Client Conversations’ welcomes one of the best strikers of all time and greatest players in Premier League history, Alan Shearer CBE

    Simon Ridpath

    News

  • Edward Robinson and Charlie Searle write for FT Adviser on key considerations when an individual inherits company shares

    Edward Robinson

    In the Press

  • Hugh Gunson and Karin Mouhon write for Tax Journal on a recent Upper Tribunal decision - HMRC v The Taxpayer

    Hugh Gunson

    In the Press

  • Thomas Snider and Dalal Alhouti write for New Law Journal on international arbitration trends

    Thomas R. Snider

    In the Press

  • Client Conversations Podcast: Alan Shearer CBE

    Simon Ridpath

    Podcasts

  • Sifted quotes Victoria Younghusband on a boardroom disagreement involving Klarna and Sequoia Capital

    Victoria Younghusband

    In the Press

  • Trade Credit Insurance – Protection, Economic Instability and Increased Demand

    Mary Barrett

    Insights

  • Joseph Evans and Simon Heatley write for New Law Journal on the recent PACCAR Supreme Court decision

    Joseph Evans

    In the Press

  • Consumer Duty - FCA warns that some firms are “lagging behind”

    Richard Ellis

    Insights

  • The Telegraph quotes Sarah Jane Boon on divorce rates falling to the lowest level in decades according to the latest figures released by the ONS

    Sarah Jane Boon

    In the Press

  • Cy-près engaged to revive the “spirit” of the long-forgotten “English Method”

    Jennifer Doggett

    Insights

  • Les entreprises en difficulté ou en croissance peuvent-elle se passer des equity lines? Can distressed or growth companies do without hybrid bonds?

    Dimitri-André Sonier

    Quick Reads

  • Danish tax authority wins "cum-ex" tax fraud case at the Supreme Court

    Hugh Gunson

    Quick Reads

  • Dubai Court of Cassation Extends Arbitration Agreement Across Subsequent Contracts

    Peter Smith

    Quick Reads

  • Venture capital funds agree 'investment compact' to increase investment in UK high-growth companies

    Mike Barrington

    Quick Reads

  • Return to the full office week?

    Quick Reads

  • UAE Polishes Federal Arbitration Law

    Peter Smith

    Quick Reads

  • Is the opening up of Nexity's services division capital a consequence of the difficulties facing the French property sector?

    Dimitri-André Sonier

    Quick Reads

  • New Governance Guidelines for family-owned businesses in the UAE

    William Reichert

    Quick Reads

  • The Family Fund: Bank of Mum & Dad 2.0

    Vanessa Duff

    Quick Reads

  • Mind your Language !

    Vanessa Duff

    Quick Reads

  • Treasury Committee endorses mandatory venture capital diversity policies from 2025

    Lia Renna

    Quick Reads

  • Recognising financial abuse in a relationship

    Vanessa Duff

    Quick Reads

  • Are Parental Rights Equal for All Families?

    Vanessa Duff

    Quick Reads

  • Has the Orpéa plan impaired shareholder's consent? - Le plan de sauvegarde d'Orpéa n'a-t-il pas vicié le consentement des actionnaires historiques ?

    Dimitri-André Sonier

    Quick Reads

  • Don’t push it… Quincecare duty clarified

    Caroline Greenwell

    Quick Reads

  • Will the downturn in the Paris region property market lead property companies to turn to ad hoc proceedings, as they did in the 1990s?

    Dimitri-André Sonier

    Quick Reads

  • Key figures gather to discuss the future of Gloucestershire

    Jonathan Morley

    Quick Reads

  • Saudi Center for Commercial Arbitration publishes new Arbitration Rules

    Peter Smith

    Quick Reads

  • UK CMA's blocks Microsoft's acquisition of Activision Blizzard, a potentially significant decision for SMEs in the video gaming sector

    Quick Reads

  • Number crunching times

    Emma Humphreys

    Quick Reads

Back to top