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Goldman Sachs banker who received 10-year jail sentence over 1MDB scandal banned for life in Singapore

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us-doj-launches-bid-to-seize-rm1.3b-in-suspected-1mdb-funds-from-london-law-firm

SINGAPORE: On Sept 5 (Tuesday), the Monetary Authority of Singapore (MAS) issued lifetime prohibition orders against Ng Chong Hwa, otherwise known as Roger Ng, a former Goldman Sachs managing director.

The order was issued “following Mr Ng’s conviction in the United States for conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB) and violation of the United States’ Foreign Corrupt Practices Act (FCPA),” MAS said.

Ng was convicted in 2022 on bribery and money-laundering charges connected to the 1MDB scandal that saw billions of dollars siphoned from the sovereign wealth fund. He was given a 10-year jail sentence in New York last March.

MAS wrote that the former banker is permanently prohibited from performing any regulated activity under the Securities and Futures Act and from providing any financial advisory services under the Financial Advisers Act.

“He is also permanently prohibited from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital market and financial advisory services firm under the SFA and FAA,” added MAS.

The country’s central bank also said that Ng’s “severe misconduct” gave MAS cause for believing it would be “contrary to public interest to allow him to carry on business as a representative”.

Ng is the only individual to go to trial so far in the US due to the 1MDB scandal. His associate, Low Taek Jho (Jho Low), considered the mastermind behind the scheme, is a fugitive and believed to be hiding in China.

“Roger Ng was a central player in a brazen and audacious scheme that not only victimized the people of Malaysia, but also risked undermining the public’s confidence in governments, markets, businesses and other institutions on a global scale,” said Mr Breon Peace, the attorney for the Eastern District of New York, at the time of Ng’s sentencing.

Malaysia is currently seeking Ng’s return. /TISG

US model claims US$93 million that Goldman Sachs banker Tim Leissner forfeited in 1MDB case is rightfully hers

Singapore’s Chess Prodigy: Little Tanvi Trivedi, Primary 2 student wins big at the 7th Eastern Asian Youth Chess Championship 2023

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SINGAPORE: A young girl has just set herself to a bright future ahead after winning big at the 7th Eastern Asian Youth Chess Championship, held at Changjiang Chess Bay in Hainan, China, from Aug 3 to 11, 2023.

The Singapore Chess Federation gave a shoutout to the talented girl in a Facebook post, writing, “Special and honorable mention to Tanvi Trivedi who was the only one in the SGP contingent to secure 3 medals across all formats in U8 Girls – Tanvi obtained Gold in Rapid and Silvers in both Standard and Blitz. The ever-cheerful young lady had an outstanding event, and we look forward to her many successes ahead.”

Little Tanvi Trivedi, a Primary 2 student at Unity Primary School, cinched a number of honours in the Under-8 Girls category. The young girl competed against representatives from South Korea, Malaysia, Mongolia, China, Myanmar and Hong Kong.

Her outstanding accomplishments at the championship include clinching a gold medal in the Rapid format and silver medals in the Standard and Blitz formats for Singapore.

The avid chess player is the daughter of Dr Anupam Trivedi and Mrs Deepti Shrimali. They are permanent residents of Singapore. Dr Anupam Trivedi is a Senior Research Scientist at NUS.

“Her unwavering passion and dedication have been evident through her numerous triumphs in both local and national chess tournaments,” her father proudly told us, and with good reason.

Even at her young age, she is no stranger to the pressures of competing on a national level, having already represented Singapore at the Asian Youth Chess Championship 2022 in Bali, Indonesia.

Photo: Anupam Trivedi

And on a national level, she won the National Rapid Chess Championship Challengers (NRCCC) Singapore in December last year for her age group. She came in second in the Open Women category.

Photo: Anupam Trivedi

Before that, she emerged as the Under‐7 Girls Champion in the SG Scholastic chess championship organized by Kasparov Chess Foundation Asia Pacific in April 2022.

Photo: Anupam Trivedi

Tanvi’s remarkable success and inspiring story of winning at the level of an international chess championship is an outstanding achievement that highlights her dedication and skills that would also surely inspire other young talents in Singapore and the rest of the world.

We wish her all the best! /TISG

Asian Games 2023 complete team list: Shanti, Kean Yew + 429 other athletes represent Singapore

HDB resident says his upstairs neighbour has been throwing down water, paint, coffee bags, metal padlock and other items since 2017

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SINGAPORE: A netizen alleged that the family living in the unit above his has been throwing down objects, including white paint, coffee bags and a large metal padlock, since they moved in six years ago.

The netizen, who goes by Nasa Mars Rovers on Facebook, posted a video and several pictures of the alleged incidents on the COMPLAINT SINGAPORE page on Tuesday (Sept 5).

“Throwing down large metal padlock, dangerous objects, white paint, coffee bags and water at Punggol Acardia, 289D Punggol Place,” he wrote. From his post, the neighbours appear to have started with throwing water in 2017, a video of which can be seen in the post.

The netizen added that this escalated to “dirty coffee bags” in January last year and then “dirty water with small debris” the following month. These were thrown onto the netizen’s aircon yard and service yard, respectively.

Also, in Feb 2022, plastic bags containing white paint were thrown into the netizen’s aircon yard. “White paint was splashed all over the compressor and HDB wall. Town council staffs came to help but could not remove the stains on the HDB wall,” he added.

But worse was still yet to come.

“Around 1am on 27th Oct 2022, we heard the loud smashing sound of heavy metal padlock against the window pane of the common bedroom. Based on previous observations, we anticipated that the direct unit above will flung down the heavy metal padlock against the master bedroom window pane too…

As evident from the recorded footage, the suspect from the direct unit above flung down the large metal pad-lock several times and caused loud smashing impact against my window pane.

The smashing impact resulted in a deep crack on the middle window pane which may cause it to shatter anytime.”

He and his wife reported this to the police, and officers came to their unit by about 3 a.m. They knocked on the door of the concerned unit, but the neighbours allegedly refused to answer the door.

The Punggol town council helped by cordoning off the area below to prevent accidental injuries.

The netizen added, however, that his hand got hurt in the attempt to prevent more window panes from being smashed, and he had to seek medical treatment.

“Would any normal person possess a large and heavy metal padlock attached with a chain of properly calculated length?” He asked, adding, “There is also a deep crack on the middle bedroom window ledge caused by previous smashing impact of the large metal padlock too.”

The neighbours also let their water hose drip over the ledge of their unit, posing a danger to passers-by below. They also allegedly made loud noises and quarrelled at night.

The Independent Singapore has reached out to Law Minister K Shanmugam, Punggol MPs Dr Janil Puthucheary and Ms Sun Xueling, to whom the netizen has sent emails, as well as to the Pasir Ris-Punggol Town Council for further comment or update.

We have also messaged the netizen, who ended his post by writing, “Multiple police cases and magistrate complaints were filed. My wife, 9-year-old daughter and 2-year old son are devastatingly frightened and we felt hopeless with no one helping us and we humbly hope that through the media, there will be justice. Thank you!” /TISG

Flight forced to turn back after passenger suffers diarrhoea, captain reports “passenger diarrhoea all over aircraft – biohazard”

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A Delta Airlines flight to Barcelona from Atlanta was forced to turn back because a passenger on board suffered a horrible diarrhoea. The captain’s recorded call summed it up: “It’s just a biohazard issue.“We had a passenger who had diarrhoea all the way through the plane, so they want us to come back to Atlanta.”

Thenewarea51 posted on X, the ‘new Twitter’ platform saying, “A Delta Airlines Airbus A350 turned around back to Atlanta Friday night because of diarrhea throughout the airplane from a passenger and it’s a biohazard.”

Approximately two hours into its scheduled 8-½-hour journey on a Friday evening, the flight’s pilots communicated to air traffic controllers their decision to reverse course and return to Atlanta.

FAA flight strip for DL194
Photo: X (Twitter) / Screengrab from Thenewarea51

Thenewarea51 also shared a screenshot of a passenger who ‘tweeted’ asking what’s going on with flight DL194, saying, “@Delta any idea what’s going on with DL194? In flight for almost 2 hours and now heading back to Atlanta with my son on board.”

photo shared by Thenewarea51
Photo: X (Twitter) / Screengrab from Thenewarea51

Thenewarea51’s tweet got attention, and some comments came from passengers on the same flight.

X comments
Photo: X (Twitter) / Screengrab from Thenewarea51

John Hurdt said: “Both my wife and I were on the flight. It was a mess. The pilots made the right decision to turn around. The ground crew ripped out the carpet and put new in. Considering the circumstances, the ground crew did a great job, along the attendants and the pilots.”

Dee W said: “My partner was on that flight! It was pretty bad. It was dribbled down the aisle, smelled horrible. The vanilla scented disinfectant used on it only made it smell like vanilla s***. After the plane landed, it was thoroughly cleaned. They didn’t leave until around 2:30 am

I saw a pic showing the aisle, it was literally down the “entire” aisle!” Thenewarea51 added.

Despite the unusual challenge, Delta Airlines handled the unexpected turbulence with vanilla-scented resilience to help passengers suffer less throughout their ‘crappy’ situation.

 

Lee Hsien Yang asks the public to judge why Ministers are not suing him in the UK

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SINGAPORE: Founding Prime Minister Lee Kuan Yew’s youngest son, Lee Hsien Yang, has questioned why two Cabinet ministers are suing him for defamation in Singapore courts instead of taking the action to the UK where he presently lives and where the alleged defamatory post was published.

Mr Lee’s post comes a day after it came to light that Law and Home Affairs Minister K Shanmugam and Foreign Minister Vivian Balakrishnan are going ahead with a defamation lawsuit against Mr Lee over a Facebook post he made which referenced their rentals of two state-owned bungalows.

Both ministers then sent legal letters to Mr Lee promising to sue him unless he apologised, retracted his allegations and paid damages. Mr Shanmugam said:

“Lee Hsien Yang has accused us of acting corruptly and for personal gain by having Singapore Land Authority (SLA) give us preferential treatment by illegally felling trees without approval, and also having SLA pay for renovations to 26 and 31 Ridout Road. These allegations are false.”

The Government also issued a correction direction under the Protection from Online Falsehoods and Manipulation Act (POFMA) to Mr Lee, asserting that his post contained untrue statements.

Mr Lee complied and posted the correction notice but published a new post two days later, saying he stood by what he wrote. Asserting that he was simply stating facts, he invited the ministers to sue him in the UK if they were sure of their case since the post was made within the UK.

The cabinet ministers’ legal teams have now filed an application for substituted service to serve court papers on Mr Lee via Facebook Messenger.

Substituted service is a legal term used to describe alternative methods of delivering court papers when conventional in-person service attempts have proven unsuccessful. These alternatives include posting documents on the defendant’s premises, sending them via registered post or email, or even placing an advertisement in newspapers.

In 2016, the High Court ruled that court papers could be served through various online platforms, including Facebook, Skype, or internet message boards, particularly when defendants cannot be reached in person.

Court documents reveal that lawyers from Davinder Singh Chambers, acting on behalf of the two ministers, have applied for substituted service as it is impractical to personally serve papers to Mr Lee in the UK. The lawyers assert that “substituted service by Facebook messenger will probably be effective in bringing the court papers to the notice of the defendant.”

In this case, the ministers seek a court order to consider the papers officially served by sending Portable Document Format (PDF) documents through Facebook Messenger to Mr Lee’s Facebook page.

Mr Lee, meanwhile, has questioned again why the action is being filed in Singapore instead of the country where the post was made.

He said: “I invited ministers Shanmugam and Balakrishnan to sue me in the UK, where I made the statement that upset them. Instead, they have chosen to commence legal action in Singapore.”

He added, “It is for the public to judge their reasons.”

Lee Hsien Yang says ministers are wrong about what he said and should sue him in the UK, if they wish

Lee Hsien Yang says scandals have shattered people’s trust in PM Lee’s regime

COE prices hit $137,000 for ‘big cars’ and open category

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SINGAPORE: COE prices hit $137,000 for ‘big cars’ and open category, setting a new record for the third time in a row.

In the most recent COE bidding session held on Wednesday, several noteworthy changes occurred in different categories, indicating the evolving landscape of vehicle ownership costs in Singapore.

Larger and more powerful cars, and EVs:

  • COE prices for cars equipped with engines larger than 1,600cc or those boasting more than 130bhp in power, along with electric vehicles (EVs) generating power outputs exceeding 110kW, witnessed a substantial increase of 3.85%.
  • These prices escalated from $129,890 to $134,889.

Open category premium:

  • The premium for the Open category COE, applicable to various vehicle types excluding motorcycles but predominantly sought after for larger cars, surged significantly by 4.58%.
  • This premium rose from $131,000 to an impressive $137,000.

Category A for smaller cars and EVs:

  • Category A, primarily designated for smaller and less powerful cars, as well as EVs, concluded at $101,000.
  • This marks a $1,000 increment compared to the price set just two weeks ago.

Commercial vehicle COE:

  • Commercial vehicle COE prices experienced a minor increment of 0.11%, reaching $82,889.
  • This is slightly above the previous price of $82,801.

Motorcycle COE premium:

  • Surprisingly, the only category that saw a decrease was the COE premium for motorcycles, which witnessed a noticeable drop.
  • It is now priced at $10,901, representing a 4.39% decrease from the previous figure of $11,402.

These recent changes in COE prices have caused higher costs for car buyers, especially those looking for larger vehicles.

The consistent rise in Open category COE premiums shows that there is strong demand for bigger cars in the market, while the decrease in motorcycle COE prices may be good news for motorcycle enthusiasts.

People are closely following the overall trend in COE prices in Singapore, as these fluctuations have a significant impact on the market.

Car driver asked to pay over $11000 after accidentally bumping into mall’s barrier

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SINGAPORE: A recent incident at a local shopping mall left a woman in disbelief when her friend accidentally bumped into the mall’s barrier, leading to an unexpected bill of over $11,000!

The woman posted about the incident on Complaint Singapore. She said: “Unbelievable! A friend of mine had a little mishap at the shopping mall and accidentally bumped into the barrier. Now, the mall has sent them a quotation, and guess what? They need to replace the barriers and replace casing of the payment system and it’s costing them over $11000!”

Facebook post on Complaint Singapore
Photo: Facebook / Complaint Singapore

The woman was appalled at the sight of the charges, stating that even the labour cost for the replacement could be lower than the amount she received.

mall barrier
Photo: Facebook / Complaint Singapore

After sharing her situation, she asked for advice, saying, “Any advice or experiences dealing with such unexpected charges would be greatly appreciated!”

list of charges
Photo: Facebook / Complaint Singapore

In response to the post, several people in the comments shared their thoughts and advice.

Facebook comments
Photo: Facebook / Complaint Singapore

Denson Kwek suggested that the person involved might be covered by insurance.

Keith Yeo recommended seeking legal counsel, emphasizing that legal fees typically wouldn’t exceed 3 or 4 thousand dollars.

Leonard Anthony raised the possibility that public liability should cover the incident.

Carol Sim advised getting a pro bono lawyer to offer assistance in the matter.

While Lin Xiu Yao was as much in disbelief as the woman who posted said: “This is really suay.(unlucky) 11k plus.”

Facebook comments
Photo: Facebook / Complaint Singaporeaccident

Edmund Lee questioned why there’s a separate bill for entry and exit barriers, asking, “Why entry and exit barrier housing charge together? The incident only happened to either one, right? How could both housings be damaged simultaneously?”

Lam Mikey shared the same experience and told her it didn’t cost as much, “My company driver broke one previously at Sheng Siong Woodlands, and it cost $650 to replace it.”

Liam Chris, also confused as to why there are charges for both entry and exit, asked, “Accident at the exit barrier, how come there is another charge for the entrance housing? Were the two barriers and housings hit at the same time?”

One user named Cloudstop Chen explained, “It is usually like that when you damage management stuff because they already have a vendor handling the machine. Third-party vendors won’t want to handle the issue, and the current vendor won’t accept it either, as they will taiji. So you have to use their vendor.”

After other people shared their experiences and advice, Brandon Wong gave reassurance not to worry, saying, “Don’t worry. Just claim your motor insurance.”

With support and solutions in sight, we hope for a fair resolution for the woman and her friend.

 

Jurong GRC residents worry about rising cost of living and GST hike

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SINGAPORE: Singaporeans worried about the cost of living even as they went to the polls last week to elect a new President. The opposition party, Red Dot United, met the residents at Hong Kah Point at Jurong GRC on the eve of Polling Day.

The residents expressed concern over the escalating cost of living and the Goods and Services Tax (GST) increase earlier this year. During Budget 2022, the Government announced plans to raise the GST rate from 7 per cent to 8 per cent in January 2023, with a further increase to 9 per cent slated for January 2024.

Posting on their Facebook page, Red Dot United said the residents mentioned that it is difficult to have savings as they had to spend most of their income on daily necessities due to the high cost of living.

Photo: Facebook screengrab / reddotunitedsg

The residents said they couldn’t cope with the increase in GST this year and were worried because it would go up even further next year. The residents also shared their sadness over the departure of a long-serving Member of Parliament (MP) from Jurong GRC.

Former Senior Minister Tharman Shanmugaratnam, first elected as a Jurong GRC MP in the 2001 general election, resigned from his parliamentary seat earlier this year to be elected President last Friday (Sept 1). The parliamentary duties will now be shared among the existing Jurong GRC MPs: Rahayu Mahzam, Xie Yao Quan, Dr Tan Wu Meng, and Shawn Huang Wei Zhong.

“Already we cannot see him, and now we have to share him with the residents in Taman Jurong,” said a resident, referring to Mr Tharman.

Photo: Facebook screengrab / reddotunitedsg

Former Senior Minister Tharman was elected Singapore’s ninth President as he secured an astounding 70.4% (1,746,427) of the votes. Ex-GIC chief investment officer Ng Kok Song came in second, garnering 15.74% (390,041) of the votes, followed closely by former NTUC Income CEO Tan with 13.88% (344,292) of the votes.

“Congratulations Mr Tharman Shanmugaratnam, on your well-deserved victory as the President-Elect of the Republic of Singapore. It is an honour being acquainted with you. It is an honour to have gone up against you in GE 2020. You would be someone I’d proudly call, “My President”,” said Red Dot United secretary-general Ravi Philemon in a congratulatory note to President-elect Tharman.

While residents acknowledged the existence of certain forms of assistance for those in need, they raised concerns about the adequacy of such aid.

“Does the government want us to be dependent on all sorts of vouchers to live our daily lives? We should still have our dignity, right?” a resident told Red Dot United.

Photo: Facebook screengrab / reddotunitedsg

One resident told Red Dot United that the member of parliament for the ward distributed some carrots and broccoli to the residents with a tote bag and his calling card. The resident added “你需要鱼,他们会给你小虾。” (Translated: We need fish, but they give us little shrimps.)

Red Dot United reassured residents that they are committed to assisting with their limited resources. The party has implemented its own limited financial assistance programmes and a refurbished laptop distribution programme for individuals in need.

Singapore Savings Bond (SSB) yields rise 3.16% — Time to lock in attractive returns for investors like you

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SINGAPORE: Good news for investors! Higher returns await as Singapore Savings Bond yields rise to 3.16%, marking the fourth straight increase.

The latest SSB series opened on Sept 4, offering an appealing 3.05% interest rate in the first year. The real deal here is the 10-year mark, with a solid 3.48% interest rate, outperforming the previous series with a 10-year average return of 3.06%. This series also started strong with a first-year rate of 3.01% on Sept 1.

Want to get in on this?

SSB Average Return in 10 years
Photo: Screengrab from Singapore Savings Bond

You have until Sept 26 to join, and the bonds will be issued on Oct 2. It’s a big deal, with a whopping S$800 million in bonds up for grabs, a step up from the last series with S$600 million.

Here’s the twist!

SSB interest rates have been on the upswing since a low in May at 2.81%. The trend took off in November when it hit 3.47%, catching investors’ attention. These changes are in response to the Federal Reserve’s interest rate shifts.

Even though interest slowed down this year, experts like Gerald Wong, the founder and CEO of Beansprout, think there’s more to come.

Why? SSBs tend to follow Singapore government bonds, which have been climbing steadily.

Wong expects 10-year SSB yields to rise in sync with government bonds, but how long this will last is anyone’s guess.

Here’s how you can make the most of this opportunity.

How to Apply for Singapore Savings Bonds (SSBs)

Applying for SSBs is easy:

  1. Internet Banking & ATMs: Use DBS/POSB, OCBC, or UOB internet banking portals and ATMs.
  2. Mobile App (OCBC): OCBC customers can apply through the mobile app.
  3. Supplementary Retirement Scheme (SRS): SRS account holders can apply through their SRS accounts.
  4. SRS Operator’s Portal: Apply through the internet banking portal of your SRS Operator.

Operating Hours:

  • Monday to Saturday: 7 am to 9 pm (excluding Public Holidays).
  • On the opening day, from 6 pm to 9 pm.

Requirements:

  • You’ll need an individual CDP account for cash applications or an SRS account for SRS applications.
  • CPF funds are not eligible.

Singapore Savings Bonds are looking better than ever, offering competitive returns and opportunities for savvy investors willing to play the long game.

 

Man posted he received an OTP SMS from a local bank for €10.95

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Prompt how to block card in a fraud attempt
Photo: Facebook / Screengrab from Qiao Tong

SINGAPORE: A Singaporean man posted he received an OTP SMS from a local bank for €10.95. After calling the bank and talking to a customer service representative, he wondered whether the bank took action only after a fraudulent transaction had taken place.

Qiao Tong shared his experience on Complaint Singapore . He received a seemingly legitimate SMS from his local bank. The SMS provided him with a 6-digit OTP for an online transaction worth €10.95 to purchase games on buygames.ps.

He said, “I received SMS from a local bank provided me 6 digit OTP for a online transaction with €10.95.”

Facebook post about attempted bank fraud
Photo: Facebook / Complaint Singapore

Qiao Tong acted swiftly and called his bank to inquire about the authenticity of the transaction. The SMS did not specify any account or credit card information, leaving him worried about the possibility of unauthorized use of his bank account or credit card.

To his surprise, the customer service representative informed him that there were no signs of fraudulent transactions on his account. The bank also indicated that if he wished to prevent any potential misuse of his cards, they would charge him a replacement fee.

In an attempt to address the issue, the customer service representative advised Qiao Tong to use the bank’s mobile app to file a fraud report to halt any suspicious activity and avoid replacement charges. But after hearing the advice, Qiao Tong thought he was back to square one, for “then (I) need to call the same hotline again”, he wrote on Facebook.

Qiao Tong’s biggest concern is the bank’s security measures since scammers can still attempt to exploit credit cards without immediate intervention from the bank, as the bank appears to take action only after a fraudulent transaction has taken place.

Comments were quick to help.

Facebook comment on Qiao Tong's post
Photo: Facebook / Complaint Singapore

Yoong Fy advised him to disable overseas transactions. Nick Lee asked him to block his card before calling the hotline again, saying then he wouldn’t be charged.

One curious individual, Daryl Lee, asked the name of the bank where he had this experience.

Facebook Comments
Photo: Facebook / Complaint Singapore

 

Cheryl Khoo shared that she had the same experience and said, “so I just call and ask them block my card and send replacement”.

Facebook Comment
Photo: Facebook / Complaint Singapore

Eugene Choo also shared some tips. She said: “You can disable online transactions. Only when you need to use then enable then disable again once done”

She explained that this would keep the scammers away.

In today’s digital age, Qiao Tong’s experience highlights the need for constant vigilance. It’s a reminder that as technology advances, so do the tactics of scammers.

However, the community’s quick response shows that by sharing knowledge, we can better protect ourselves from these threats.

Stay informed, stay safe, and keep the conversation going to outsmart scammers together!