All the Money Is Gone in Tonga, and the role of the jester Was No Joke

All the Money Is Gone in Tonga, and the role of the jester Was No Joke - New York TimesHome PaperVideoMost PopularTimes TopicsMost RecentHelpRegister NowLogin of the PageToday global search of all tips collections algorithm passports The Money Is All Gone in Tonga, and the role of the jester Was No JokePublished: Sign In to e-mail printing on October 07, 2001

AUCKLAND, New Zealand, octubre: 6The Kingdom of Tonga has admitted to the loss of millions of dollars that did sell passports to Asians after an American who King named as his "Jester" invested money in a mysterious company who later disappeared.

Last week, two Cabinet Ministers have been forced to leave on the scandal, as the new Prime Minister, Clive Edwards, granted that 26 million dollars, held by the Trust Fund of Tonga in an account of Bank of America, had lost.

The money was taken out of the Bank in June 1999 and put in the Nevada Millennium asset management.

Became the moment said, an employee of Bank of America, Jesse Bogdonoff in trust funds to advise official, just after the King Taufaahau Tupou IV issued a Royal Decree that him declaring the court jester.

Fund owes its origins in the late 1980s, when George Chen, Hong Kong businessman won the Royal approval to sell Tonga citizenship and passports mainly to Asians, with a particular eye on Hong Kong China, who were worried about its handover to China.

Mr. Chen put money into a current account in Bank of America once the King refused to keep it in Tonga, saying that the Government could spend only on roads.

At the moment, Mr. Bogdonoff worked at the Bank, and by his own account in a newsletter of the company, "he stumbled on millions of dollars invested inexplicably in a checking account." He persuaded the King to allow you to invest money.

Millennium was established on March 25, 1999, and Fund was transferred it on 21 June. However, the Government statement concluded that Millennium no longer exists and that 26 million dollars, plus an additional amount of $ 11 million are estimated to accrued interest, had disappeared.

"Some common questions that are asked by the public in general in Tonga today are: why the trustee deposit much of our foreign reserves in these suspicious companies?", said the Government.

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