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Allianz to pay $6 bln in U.S. fraud case, fund managers charged​

By Tom Sims , Alexander Hübner and Jonathan Stempel
May 18, 20225:38 AM


The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris




NEW YORK/MUNICH, May 17 (Reuters) - Germany's Allianz SE (ALVG.DE), opens new tab agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic.
Allianz's settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest in corporate history, and dwarf earlier settlements obtained under President Joe Biden's administration.

Gregoire Tournant, the former chief investment officer who created and oversaw the now-defunct Structured Alpha funds, was also indicted for fraud, conspiracy and obstruction, while two other former portfolio managers entered related guilty pleas.
Once with more than $11 billion of assets under management, the Structured Alpha funds lost more than $7 billion as COVID-19 roiled markets in February and March 2020.

Allianz Global Investors US LLC was accused of misleading pension funds for teachers, bus drivers, engineers, religious groups and others by understating the funds' risks, and having "significant gaps" in its oversight. read more
Investors were told the funds employed options that included hedges to protect against market crashes, but prosecutors said the fund managers repeatedly failed to buy those hedges.

Prosecutors said the managers also inflated fund results to boost their pay through performance fees, with Tournant, 55, collecting $13 million in 2019 and becoming his unit's highest or second-highest-paid employee from 2015 to 2019.
Investigators said the misrepresentations began in 2014, and helped Allianz generate more than $400 million of net profit.
At a news conference, U.S. Attorney Damian Williams in Manhattan said more than 100,000 investors were harmed, and that while American prosecutors rarely bring criminal charges against companies it was "the right thing to do."

Investors "were promised a relatively safe investment with strict risk controls designed to weather a sudden storm, like a massive collapse in the stock market," he said. "Those promises were lies.... Today is the day for accountability."

BLAMING COVID​

Also known for its insurance operations, Allianz is among Germany's most recognizable brands and an Olympic sponsor.
Its namesake arena near its Munich headquarters, meanwhile, houses Bayern Munich, one of world's best-known soccer teams.

The settlement calls for Allianz to pay a $2.33 billion criminal fine, make $3.24 billion of restitution and forfeit $463 million, court papers show.
Williams said the fine was significantly reduced because of Allianz's compensation to investors.
Even so, the payout is close to twice the $3.3 billion in corporate penalties that the Justice Department collected for all of 2021.
An Allianz lawyer entered the guilty plea at a hearing before U.S. District Judge Loretta Preska in Manhattan.
Allianz also accepted a $675 million civil fine from by the SEC, one of that regulator's largest penalties since Enron Corp and WorldCom Inc imploded two decades ago.
Shares of Allianz closed up 1.7% in Germany, with the payout broadly matching reserves that the company previously set aside.
Tournant, of Basalt, Colorado, surrendered to authorities on Tuesday morning.
The U.S.-French citizen appeared briefly in Denver federal court, and was released after agreeing to post a $20 million bond. An arraignment was set for June 2 in New York.
Tournant's lawyers, Seth Levine and Daniel Alonso, said the investor losses were "regrettable" but did not result from a crime.
"Greg Tournant has been unfairly targeted [in a] meritless and ill-considered attempt by the government to criminalize the impact of the unprecedented, COVID-induced market dislocation," the lawyers said in a joint statement.
The other two portfolio managers - Stephen Bond-Nelson, 51, of Berkeley Heights, New Jersey; and Trevor Taylor, 49, of Miami - agreed to plead guilty to fraud and conspiracy, and cooperate with prosecutors. Their lawyers declined immediate comment.

VOYA PARTNERSHIP​

Allianz's guilty plea carries a 10-year ban on Allianz Global Investors' providing advisory services to U.S.-registered investment funds.
As a result, Allianz plans to move about $120 billion of investor assets to Voya Financial Inc (VOYA.N), opens new tab in exchange for a stake of up to 24% in Voya's investment management unit. It expects a final agreement in the coming weeks.
Regulators said the misconduct included when Tournant and Bond-Nelson altered more than 75 risk reports before sending them to investors.
The SEC said projected losses in one market crash scenario were changed to 4.15% from the actual 42.15%, simply by removing the "2."
Allianz's alleged oversight lapses included a failure to ensure Tournant was hedging, though prosecutors said only people in his group knew of the misconduct before March 2020.
"No compliance system is perfect, but the controls at AGI didn't even stand a chance," Williams said.
Bond-Nelson, at Tournant's direction, also lied to Allianz's in-house lawyers after the company learned about the altered reports and the SEC probe, prosecutors added.
"Unfortunately, we've seen a recent string of cases in which derivatives and complex products have harmed investors across market sectors," SEC Chair Gary Gensler said in a statement.
Investors have also filed more than two dozen lawsuits against Allianz over the Structured Alpha funds.
 

True Believer

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Loyal
There is no corruption in the S'pore Govt except for the S Iswaran case if he is found guilty. When our Ministers decide each other's salary instead of stealing public funds, it is above board. Why is there a need to be corrupt when obscene amounts of money are deposited into our leaders' bank accounts every month for performing public administrative jobs not involving rocket science?
 

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Quote:
"In this regard, he credited the Singapore Government for responding immediately after the release of his 2023 report that highlighted how Singapore-based entities were the third-largest source of weapons material for the Myanmar military.

Although Singapore does not authorise the transfer of dual-use items to Myanmar where there is serious risk that they may be used to inflict violence on unarmed civilians, his investigations had uncovered the flow of US$254 million worth of arms and related goods such as machines for metal work and raw metals between February 2021 and December 2022."

The ‘fall’ of Myawaddy: What it says of the state of Myanmar’s civil war​

The country is splintering further. As the junta loses ground, some ethnic armed groups are staking their claim to key borderlands in pursuit of their own interests, including online scams.​

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Tan Hui Yee
Indochina Bureau Chief
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Soldiers from the Karen National Liberation Army on patrol in the strategic border town of Myawaddy, Myanmar, on April 15. PHOTO: REUTERS

May 06, 2024

MYAWADDY, Myanmar – Myawaddy has fallen, but not quite. Over the past few weeks, the see-saw tussle between Myanmar junta and resistance forces over the strategic Myanmar border town of Myawaddy has involved air strikes and turncoat soldiers.
It is instructive about the nature of the country’s three-year-old political crisis: There are no neat narratives for this multi-fronted civil war involving not just the junta and a variety of armed groups, but also rivalry between ethnic armed groups fighting for no one’s interests but their own.
While Myawaddy, through its sheer proximity to Thailand, gave the world a rare front-row glimpse of the destruction caused by the conflict, it is by no means where conditions are most desperate.
More than 2.8 million out of Myanmar’s 55 million population have been forced to flee their homes. Nearly half of its people live below its poverty line of 1,590 kyats (S$1) a day. That is roughly 50 Singapore cents a day, if the kyat’s depreciation is taken into account.
The deprivation is deeper in Myanmar’s northern and western states of Chin, Rakhine and Kachin, according to a 2024 United Nations report. And the crisis is amplifying existing inequalities, with women losing jobs at a rate faster than men.
Yet, even as political solutions to the turmoil unleashed by the 2021 military coup remain elusive, there is an urgent need to sustain as well as reimagine what it takes to support the people of Myanmar.

Big money​

While Myanmar is not new to civil war, the current conflicts unleashed by the coup are becoming enmeshed in transnational crime in new ways.

Some armed groups in Myanmar have long been funded through the narcotics trade as well as provided sanctuary to transnational criminal networks. The United Wa State Army, which controls a part of Shan state bordering China, was labelled by the United States in 2008 as “the largest and most powerful drug trafficking organisation in South-east Asia”.
These days, the new money spinner is the online scam industry, and it likely played a role in the power tussle in Myawaddy.
Over US$1 billion (S$1.35 billion) worth of annual trade passes through the Kayin state border town, which sits in close proximity to a cyberscam hub known as Shwe Kokko.

Shwe Kokko is in turn controlled by the leaders of a roughly 8,000-strong armed group formerly called the Kayin state Border Guard Force (BGF). The force used to take orders from the Myanmar military. In January 2024, as the Chinese government cracked down on the cross-border scam hubs in collaboration with the regional authorities, the BGF declared its independence from the junta and rebranded itself the Karen National Army (KNA).
The KNA largely stood aside as the Karen National Union (KNU), another ethnic armed group operating in Kayin state, launched an assault with allied fighters on junta military bases around Myawaddy and overran them by April 11.
The alliance blocked junta reinforcements deployed from inland while trying to flush out the remaining soldiers who had taken refuge near a bridge linking Thailand and Myanmar. The military responded with air strikes which sent thousands of civilians surging across the Moei River to seek refuge in Thailand.

But the KNA helped the junta reclaim its Infantry Battalion 275 base just about one week after its fall. The KNU then withdrew its troops from Myawaddy.
Given the complex fault lines in Kayin state, the ejection of the junta from Myawaddy was always going to be difficult to achieve and a challenge to sustain. Hence, while pro-democracy groups celebrated the KNU’s initial triumph in Myawaddy, the townsfolk remained wary.
Civilians who could afford it rented rooms in the Thai town of Mae Sot just across the border in case fighting flared up in Myawaddy’s town centre. Long inured to the rivalry among the ethnic Karen armed groups operating in Kayin state, Myawaddy folk got ready to flee at the first sign of attack by the junta – or intra-ethnic tensions.
Many who spoke to The Straits Times immediately after the KNU’s triumph adopted the same mindset as online retailer Ma Mee Mee, who had left her elderly parents, two-year-old child, and valuables in a rented house in Mae Sot while shuttling between that and her Myawaddy home for her business.
“Who will govern? I don’t know for sure who has taken over Myawaddy,” she told ST, using a pseudonym for security reasons.
The resulting morass in Myawaddy has just left the KNA as the predominant force in town, much to the detriment of regional efforts to crack down on cyberscam operations. The United States Institute of Peace (USIP), in an April 22 report, noted how the vast majority of scam syndicates in Kayin state are operating in zones controlled by the KNA and its leader Saw Chit Thu, who was sanctioned by Britain in 2023 over allegations of human trafficking.
“He and his cohorts care little about the cause of Karen autonomy and democracy pursued by the KNU/KNLA but focus instead on maximising profits from criminal activity,” the USIP report said. The KNLA stands for the Karen National Liberation Army, an armed wing of the KNU.
Earnings from Shwe Kokko are said to amount to US$192 million annually.

Seizing momentum​

Myawaddy aside, there is broad agreement among analysts that the Myanmar junta is on the back foot. While it struggles to move hundreds of soldiers into position to retake Myawaddy, it is replenishing its depleted ranks with conscripts, at a targeted rate of 5,000 a month. The regime has also ordered even veterans under 67 years old to serve as reservists, The Irrawaddy news outlet reported.
In borderlands as diverse as Chin state next to Bangladesh and India, as well Kachin state next to China, local ethnic armed groups are seizing the momentum to dislodge the junta and expand their territories.
The shadow National Unity Government (NUG) coordinates the deployments of its People’s Defence Forces with those of allied ethnic armed organisations. In an April 30 statement, it said that the “revolutionary forces” and the NUG have gained control of over 60 per cent of the country, including five border towns”. This cannot be verified.
Over in the western Rakhine state, the ethnic Rakhine Arakan Army says it has seized control of at least nine out of the 17 townships, triggering junta blockades that have led to shortages of medicine and other essentials.
Conditions there are particularly wretched for the Rohingya Muslims. Denied citizenship under Myanmar law, the Rohingya cannot move across state and township boundaries freely. Sectarian tensions tracing back to colonial British rule and subsequently exploited by the Myanmar military and inflamed by Buddhist nationalists caused the Rohingya to be driven out of their Rakhine state homes into shabby camps from 2012.
In 2017, 700,000 Rohingya fled to Bangladesh after a brutal military crackdown, leaving about 600,000 of them in Rakhine state. The same military is now forcibly conscripting Rohingya to pit them against ethnic Rakhine fighters from the Arakan Army, in what appears to be another attempt to exploit the ethnic cleavages. This, even as conditions in Rohingya camps are so dire that some 80 of them died from dysentery in the Rakhine state capital of Sittwe in April.
Tensions are mounting. In a statement on April 26, the Arakan Army’s political wing, the United League of Arakan, imposed a curfew in the northern regions of Buthidaung and Maungdaw, accusing the junta of training “Muslim extremists to stoke communal tensions and arming terrorist groups within the Muslim community, all aimed at furthering their agenda during the ongoing conflict”.
Rohingya civilians are now being pressured by the junta into taking up arms but risk being labelled by the Arakan Army as extremists.

Meaningful aid​

Given the complex dynamics in the country – and the concurrent conflicts in Ukraine and Gaza – the Myanmar crisis risks slipping away from global consciousness. But meaningful interventions are both possible and necessary, even though the future of Myanmar needs to be determined by its own people.
Mr Tom Andrews, the UN special rapporteur on the situation of human rights in Myanmar, told ST: “I think we have a responsibility, as an international community, to the fundamental principles that are embedded in the United Nations charter, embedded in the Declaration of Human Rights.”
Myanmar’s people, he said, need action. “They need the world to stand for principle.”
In this regard, he credited the Singapore Government for responding immediately after the release of his 2023 report that highlighted how Singapore-based entities were the third-largest source of weapons material for the Myanmar military.
Although Singapore does not authorise the transfer of dual-use items to Myanmar where there is serious risk that they may be used to inflict violence on unarmed civilians, his investigations had uncovered the flow of US$254 million worth of arms and related goods such as machines for metal work and raw metals between February 2021 and December 2022.
The Singapore Government’s subsequent crackdown reduced the export of such material from Singapore to Myanmar by 83 per cent, he said.
Indonesia-based independent analyst Adelina Kamal, meanwhile, argues that humanitarian agencies need to adapt to the fast-changing circumstances in Myanmar to avoid inadvertently prolonging the crisis.
She is critical of the reliance on a “state-centric” model, where aid agencies lean on channels provided by a “de facto government” even though its legitimacy may be contested. This is problematic in Myanmar because the junta requires all non-profit organisations to register with it and then prohibits them from contacting groups that are unlawful or declared to be terrorists – in effect weaponising aid against the regime’s adversaries.
Faced with these onerous conditions, many local civil society groups have chosen not to register, and instead work quietly through decentralised networks to access hard-to-reach areas.
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Ms Adelina argues that international aid agencies should support local humanitarian groups bypassing the junta’s system.
“Myanmar today is a very different landscape than the decades past. As the Myanmar military junta loses ground on an unprecedented scale throughout the country, it is crucial that Myanmar be understood as an interim state with the people actively building a nation in the midst of the ongoing war,” said the former executive director of Asean Coordinating Centre for Humanitarian Assistance on Disaster Management.
“Any engagement and approach including humanitarian assistance that is state-centric ultimately fails to capture the complexities on the ground and undermines the work of diverse humanitarian and democracy actors on the ground who are saving lives,” she said.
Such reassessment will increasingly be necessary as war sweeps up more communities across Myanmar. Thailand, for example, sent its first tranche of aid to Myanmar through a bridge linking Mae Sot and Myawaddy in March 2024, under a wider programme to establish a humanitarian safe zone and hopefully open up spaces for dialogue.
Although the plan was criticised for involving the junta and the junta-linked Myanmar Red Cross, some of the aid was eventually disbursed to internally displaced people in an area controlled by the Karen National Union.
If and when junta reinforcements reach Myawaddy and trigger fierce clashes right on the Thai-Myanmar border, it is not clear whether the same aid formula will work.
Months from now, the balance of power in currently contested territories across Myanmar could look very different. Bangkok – and the rest of the region – would need to adapt fast to these shifting sands.
 

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SNEF president Robert Yap resigns after routine review finds governance procedural lapse​

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Dr Robert Yap said it has been an honour to serve the Singapore National Employers Federation over the past decade. PHOTO: ST FILE
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Tay Hong Yi

Jun 11, 2024

SINGAPORE – Dr Robert Yap, president of the Singapore National Employers Federation (SNEF), will step down from his position after 10 years of service.
In a statement on June 11, the federation said its council was informed of a governance procedural lapse during a routine internal review.
“The council promptly engaged an external consultant to conduct a thorough review of our internal processes,” SNEF said. It added that the independent review is currently under way, and that SNEF’s council holds itself and the employer body’s management to the highest standards of governance.
SNEF said: “At this point, the council is not aware of any financial implications arising from this lapse. The council takes seriously the federation’s responsibility in upholding governance ideals expected by all our stakeholders and will be directly overseeing this independent review.”
Dr Yap, who is also an SNEF council member and executive chairman of logistics provider YCH Group, said it had been an honour to serve the federation over the past decade.
“I have worked hard to advance the interests of my members and tripartism in Singapore. It is never easy, but I have done what I can. It is also time to hand over the reins of leadership.”
He added: “I understand the council’s decision to engage an external consultant to pursue an independent review. It is always good to review governance procedures so that organisations can continue to improve and learn from any organisational weaknesses.”

SNEF also said its council will continue building on the strengths of the federation, working closely with all employers, members and partners to advance tripartism and enhance labour market flexibility for employers to implement responsible employment practices in Singapore.
The Ministry of Manpower (MOM) said: “While there is no indication of any financial implications arising from this lapse thus far, MOM has requested SNEF to provide us with an update on the outcome of their review and to share key documentation with MOM as soon as it is completed.
“MOM will assess our next course of action thereafter.”

The ministry added that there will be no change to the tripartite process, referring to the three-way partnership between the Government, employers and the labour movement.
“MOM will continue to work with SNEF as our tripartite partner to advance our economic and social goals for Singapore.”
Responding to queries from The Straits Times, SNEF said its council does not believe that a police report is warranted at this point.
It also said Dr Yap’s resignation was effective immediately, as agreed upon between him and the council.
“In the interim, the president’s duties will be undertaken by council members until (the annual general meeting) where the new council will be elected by members, and where, subsequently, the council members will vote for the office-bearers including the president.”
This is scheduled for later in the year, the federation added. SNEF’s last annual general meeting was held in September 2022, during which the council elections were held.
It said: “Beyond this, we are not able to comment further as the independent review is currently under way.
“The council will discuss and make further decisions on actions to be taken after going through results of the independent review.”
Meanwhile, the National Trades Union Congress expressed appreciation to Dr Yap and SNEF for their contributions to workers and the labour movement.
The labour movement noted that under Dr Yap’s leadership, SNEF contributed to numerous tripartite councils and work groups by advocating businesses’ interest in improving the lives and livelihoods of workers, including lower-wage workers and older workers as well as professionals, managers and executives.
“NTUC will continue to uphold tripartism with SNEF and the Ministry of Manpower. Tripartism has been and continues to be one of the cornerstones of Singapore’s success.”
 

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MAS, CAD probing Seatrium over potential offences relating to Brazil corruption case​

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The offences were potentially committed by the company and/or its officers when it was then Sembcorp Marine, before its renaming in 2023 after the merger with Keppel Offshore & Marine. PHOTO: SEATRIUM
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Ovais Subhani
Senior Business Correspondent

Jun 17, 2024

SINGAPORE - The Singapore authorities are conducting a joint investigation into offences potentially committed by Seatrium, formerly Sembcorp Marine, relating to a massive and long-running corruption case in Brazil, dubbed Operation Car Wash.
The Monetary Authority of Singapore and the Singapore police’s Commercial Affairs Department have requested further information from the company for the purpose of the investigations, Seatrium said in a filing with the Singapore Exchange (SGX) on June 15.
The offences were potentially committed by the company and/or its officers when it was Sembcorp Marine, before its renaming in 2023 after the merger with Keppel Offshore & Marine.
They fall under the Securities and Futures Act 2001, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, and all previous versions of those laws.
Seatrium said it continues to provide its full cooperation to the Singapore authorities.
The company will continue to monitor the situation and make appropriate announcements in the event of any material developments. In the meantime, shareholders and potential investors are advised to exercise caution when dealing in its shares.
Seatrium shares closed down 1.77 per cent at $1.67 on June 14.

The company announced in March that Singapore’s Attorney-General’s Chambers (AGC) was agreeable to entering a deferred prosecution agreement with Seatrium following the alleged corruption offences in Brazil.
Seatrium said the agreement is not definitive yet and is subject to the AGC’s agreement and the approval of Singapore’s High Court.
In March, Seatrium was fined US$110 million (S$149 million) in connection with the alleged corruption offences in Brazil dating back some 15 years.
However, the AGC took into consideration what the group would have to pay the Brazilian authorities as part of that total amount. Seatrium, hence, only paid the remaining US$57 million to the Singapore authorities.
Additionally, two former executives of the group were charged with corruption offences on March 28 for allegedly paying bribes of more than $20 million to further the company’s business interests in Brazil.
The offshore and marine energy engineering company in February posted a $1.68 billion net loss for the second half of its 2023 financial year, a more than tenfold increase from the $118.3 million loss for financial year 2022.
 

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Seatrium says asset-holding company to pay $77 million in settlement to Awilco unit​

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Seatrium said the settlement is not expected to have any material impact on its net tangible assets or earnings per share in the current financial year. PHOTO: SEATRIUM
Chong Xin Wei

Jun 20, 2024

SINGAPORE – Seatrium’s wholly owned subsidiary, Seatrium New Energy, along with RigCo Holding, has entered into a settlement agreement with Awilco Drilling and two of its units.
On June 20, Seatrium said one of the units, Awilco Rig 2 (AR2), will receive a US$57 million (S$77 million) settlement sum related to an arbitration with Seatrium New Energy, formerly known as Keppel Fels.
AR2 received the arbitration award in November 2023 for a contract executed in March 2019 to construct a repeat mid-water semi-submersible drilling rig.
The settlement sum, along with other legal fees and costs, will come from RigCo, which has held the rig assets since the combination of Sembcorp Marine and Keppel Offshore & Marine.
This means RigCo is liable for all and any monies payable by Seatrium New Energy for the settlement.
Seatrium noted that the settlement is not expected to have any material impact on its net tangible assets or earnings per share in the current financial year.
Previously, Seatrium New Energy was granted an arbitration award against another Awilco unit – Awilco Rig 1 (AR1) – on April 24, 2023.

The company issued a notice of termination in June 2022 to AR1 after it defaulted on an instalment payment for the construction of a mid-water semi-submersible drilling rig for harsh environmental use.
The parties had entered into a contract worth US$425 million in March 2019 for the construction of the rig.
But Seatrium New Energy assessed that AR1 was unable to make its second instalment payment that was due in March 2021.
Seatrium shares closed up five cents on June 20 at $1.55.
 

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For decades, the PAP government had been closing one eye to Myanmar generals laundering money through Singapore banks.

Myanmar military favouring Thai banks over Singapore banks for arms transactions: UN report​

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Myanmar's Chief Senior General Min Aung Hlaing stands in a vehicle as he attends a ceremony to mark the country's 78th Armed Forces Day. PHOTO: AFP
Varun Karthik
Updated

Jun 28, 2024

SINGAPORE – Myanmar’s junta is increasingly using banks in Thailand instead of Singapore for its purchases of military supplies, including arms used against groups opposing its 2021 power grab, according to a United Nations report.
The report, released by UN special rapporteur Tom Andrews on June 26, said banks located in Singapore were previously “the most important financial facilitators for Myanmar’s military procurement”, processing more thanUS$260 million (S$353 million) of arms payments between April 2022 and March 2023 (financial year 2022), which amounted to more than 70 per cent of the junta’s arms payments.
But the amount fell sharply to just over US$40 million between April 2023 and March 2024 (financial year 2023).
The report added that most of the US$40 million processed in financial year 2023 was done in the first quarter of that financial year.
Banks in Thailand went from facilitating over US$60 million worth of military procurement in financial year 2022 to processing more than double that – US$120 million – in financial year 2023.
However, the report noted that the financial institutions might not be helping facilitate military purchases wilfully.
“Nothing in the evidence reviewed by the Special Rapporteur suggests that banks named in this paper were directly aware of the nature of specific transactions they facilitated,” the report said.

It added that the junta was using “a variety of techniques to evade sanctions, undermine risk management processes and avoid transaction monitoring activities” to overcome the due diligence processes that banks had in place.
Thailand’s Ministry of Foreign Affairs said in a statement on June 27 that it had seen the report and was looking into it.
“We will have to first establish the facts before considering any further steps,” it said.

The drastic decrease in the purchase of weapons and related equipment processed in Singapore came after a government investigation prompted by an earlier report Mr Andrews released in May 2023.
That report alleged that Singapore-based companies were a source of substantial amounts of supplies for the junta, while banks were helping facilitate a significant amount of their procurement.
Mr Andrews said in an interview with The Straits Times on June 27: “(The Singapore Government) made a very focused effort to understand what was happening and to investigate these developments, and I was very happy to provide whatever support I could.”
Calling the progress Singapore made both “dramatic” and “very significant”, he said: “This is what can happen when a government makes this a priority (and) focuses on the facts”, adding that Singapore’s example serves as a “ray of light… for the region and the world”.
Much of Singapore’s decline in military-related procurement was attributed to UOB, which went from facilitating more than US$180 million in military procurement in financial year 2022 to none in financial year 2023.
“UOB is in full compliance with applicable sanction laws and regulations. We do not knowingly support or process any transaction in relation to weapons or military equipment involving the Myanmar military,” a UOB spokesperson said in a statement on June 28 in response to queries from ST.
“The bank’s policy prohibits processing of transactions involving arms and dual-use goods to entities known to be acting on behalf of the Myanmar military,” the spokesperson said, adding that the bank applied enhanced due diligence measures to mitigate the risks associated with higher-risk customers, and “(scrutinised) transactions to differentiate legitimate trade from those that result in the subjugation of the Myanmar people”.
The bank added that it had sought more information from the United Nations Special Rapporteur in December 2023 “when first alerted to the alleged transactions that occurred in 2022.
“Once we receive details of the alleged transactions, we will review them and take any necessary action as appropriate.”
Much of Thailand’s increase, on the other hand, was attributed to Siam Commercial Bank, which processed over US$100 million in arms transactions in financial year 2023, up from just over US$5 million in the year prior, the report said.
It noted that military procurements facilitated by financial institutions in Malaysia, Russia and South Korea had also decreased in financial year 2023, compared with 2022.

On top of the sharp drop in the amount of arms that the Myanmar military purchased through transactions facilitated by Singapore-based financial institutions, the report noted that there was a steep decline in the amount of arms and weapons materials exported to the junta from Singapore-registered entities.
Exports from Singapore-based entities in financial year 2023 were just over US$10 million, a mere fraction of the more than US$110 million exported in the year prior. Only six Singapore-based companies transferred weapons and related materials to the Myanmar military in financial year 2023, compared to 81 in 2022.
Military exports from Thailand, however, doubled to over US$120 million in financial year 2023.
Despite the increased amounts of military procurement flowing from Thailand, overall, the volume of weapons and military supplies that the Myanmar military could procure through the international financial system decreased by a third, aided by Singapore’s crackdown, according to the report.
It went from $377 million in financial year 2022 to $253 million in 2023.
In the interview, Mr Andrews said: “We have some important momentum now, that Singapore has played a key role in creating. And now is the time to build on that momentum”.
“We are moving in the right direction, but we have to do it in a more aggressive way, in a more strategic way, in a more coordinated way,” he added.
The Myanmar military seized power in a February 2021 coup, and the country has since been plunged into political turmoil and violence as the junta battled anti-coup forces.
To crush the armed uprising, the junta stands accused of perpetrating human rights abuses against its own population, including the rampant use of air strikes that are said to have taken an enormous toll on civilians.
While there are no UN sanctions against Myanmar, some individual states – most notably the US – have imposed their own.
Among the entities the US has sanctioned include the Myanma Foreign Trade Bank, a state-owned bank that the report says “served as the primary bank facilitating foreign transactions involving Myanmar state-owned entities”.
In response, the junta has increasingly used Myanma Economic Bank, another state-owned bank that is, however, unsanctioned, to carry out key functions, according to the report.
Positing that there were “inherent and severe risks of doing business with Myanmar state-owned banks” even with due diligence checks in place, the report called for financial institutions to stop transacting with these banks entirely.
Other gaps in the sanctions mean that the country remains able to purchase aviation fuel, it added.
Independent analyst David Scott Mathieson said: “The (number of) air strikes is going up, but the ability of the international sanctions to stop them through (blocking) jet fuel sales, or other means, it is still not up there to make a real impact.”
He said the measures the report was advocating for, while important and welcomed, might not have a serious impact on the ability of the military to wage war, given that Myanmar has a domestic arms industry.
“As long as they are able to access raw materials and they are able to make bullets, weapons, landmines and lots of other things that can kill people, including artillery, (the junta) can keep fighting for quite some time,” he said.
A spokesperson for the non-profit Justice for Myanmar called on both Singapore and Thailand to do more.
“Singapore still needs to do more to resolve the crisis in Myanmar by ensuring no Myanmar arms brokers can operate in its territory and by imposing sanctions on Myanmar banks, as Singapore did in response to Russia’s invasion of Ukraine. Thailand must also do more to stop the transfer of weapons and related materials from companies registered in its territory,” said its spokesperson Yadanar Maung.
 

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Without international pressure, will the PAP government voluntarily clamp down on arms transfers made through SG?

Singapore will stop arms transfers without blocking legitimate trade with Myanmar: MFA​

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Singapore will continue with efforts to prevent the Myanmar junta from accessing military supplies through the Republic. PHOTO: REUTERS
Varun Karthik

Jun 29, 2024

SINGAPORE – Singapore will continue with efforts to prevent the Myanmar junta from accessing military supplies through the Republic while being mindful about not blocking legitimate trade and transactions with Myanmar as that will hurt civilians there, the Ministry of Foreign Affairs (MFA) said on June 28.
“Legitimate trade and financial links between Singapore and Myanmar are necessary to support the livelihoods of the Myanmar people,” MFA said in a statement.
“We have been very careful to avoid inadvertently causing greater hardship for the Myanmar people.”
The statement came in response to media queries following the release of a report by UN Special Rapporteur Tom Andrews on June 26.
The report, which lauded the city-state for its decisive action in clamping down on both the export of military materials from Singapore and the facilitation of arms transactions by banks here, called for financial institutions to “terminate or freeze all financial relationships with Myanmar’s state-owned banks” while “(undertaking) enhanced due diligence on all business relationships and transactions related to Myanmar”.
MFA said: “Singapore’s policy is to prohibit the transfer of arms to Myanmar and to not authorise the transfer to Myanmar of dual-use items, which have been assessed to have potential military application and where there is a serious risk they may be used to inflict violence against unarmed civilians.”
It added: “At the same time, it is not the intention of the Singapore Government to block legitimate trade with Myanmar. Special Rapporteur Andrews’ findings underscore the effectiveness of Singapore’s policy, especially through the measures imposed by Singapore financial institutions (FIs).”

The ministry said FIs based here “will not facilitate any transactions that involve the sale and transfer of arms to Myanmar”, and that banks here have been applying enhanced due diligence on transactions involving Myanmar entities and individuals.
It noted that the Monetary Authority of Singapore had published a circular in August 2023 providing banks with additional guidance on the measures they should incorporate to better detect and manage sanctions-related risks.
“Singapore FIs also had success in the deployment of data analytics to better identify risks and apply appropriate risk-mitigation measures, in particular around the detection of front and shell companies being used to potentially evade sanctions,” MFA said.
“We await specific and actionable information from the Special Rapporteur’s Office so that we are able to conduct the necessary checks on the leads provided in his latest report, and ensure that our FIs and companies are taking the necessary measures to address the risks posed.”
 

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Forum: Look into fairness of selection process for student athletes​


Jul 03, 2024

The allure of securing a spot in a prestigious secondary school via the Direct School Admission (DSA) scheme drives many parents to seek specialised coaching for their children.
While supporting one’s children is understandable, the influx of money into talent development programmes has given rise to conflicts of interest and moral hazards.
Many school team coaches are gatekeepers, deciding who gets into the school team and who goes for competitions. They often run external classes for the same activity, which are offered to aspiring school representatives for a fee.
This creates a financial incentive to favour students from their own courses, giving them an unfair advantage and undermining the integrity of the selection process.
The situation is exacerbated in certain DSA subjects by the dominance of a few coaches.
To ensure sufficient rotation and to prevent the entrenchment of interests, schools should set tenure limits for external coaches. The school team should be selected by an independent panel of teachers who have no pecuniary interest in the relevant activity.
These measures can ensure a more equitable and sustainable system for direct school admissions. Our young talent deserve nothing less.

Peter Heng Teck Wee
 

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High Court rejects Iswaran’s bid for prosecution to provide statements of witnesses; trial set for Aug 13​

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S. Iswaran leaving the High Court on July 5, 2024. ST PHOTO: MARK CHEONG
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Selina Lum
Senior Law Correspondent

Jul 19, 2024

SINGAPORE - A High Court judge has rejected a bid by former transport minister S. Iswaran to compel the prosecution to provide conditioned statements of all 56 witnesses it has lined up for his upcoming trial on 35 charges.
A conditioned statement is a mode of giving evidence in a written statement, rather than oral testimony, often to expedite court proceedings.
The prosecution has said that since it does not intend to rely on conditioned statements for Iswaran’s trial, none were recorded from the witnesses, and, thus, none were provided to the defence.
In other words, all the prosecution witnesses will be put on the stand to give oral testimony through questioning, first by the prosecution and then the defence.
On July 19, in dismissing Iswaran’s application, Justice Vincent Hoong found that the law requires the prosecution to provide conditioned statements of witnesses only when it intends to admit such statements at the trial.
The judge said the words of the relevant provision under the Criminal Procedure Code are “clear and unambiguous” – that the prosecution need only disclose the statements of witnesses that it intends to admit at the trial.
“Conversely, if the prosecution does not intend to admit any such statements at the trial, it is not required to file those statements,” he said.

Justice Hoong noted that the purpose of the disclosure in criminal proceedings is to provide a regime for early and reciprocal disclosure of the parties’ respective cases, with the prosecution first putting its cards on the table, followed by the defence.
“One of the criminal case disclosure regime’s imperatives is also to prevent the accused from shaping his defence to meet the prosecution’s case. Thus, the parties’ disclosure obligations were sequential,” said the judge.
Justice Hoong added that he was unable to accept defence arguments that there was an abuse of process or serious injustice caused to Iswaran in this case.

The judge noted that the prosecution had disclosed various material to the defence.
These include 66 statements recorded from Iswaran, which totalled 1,156 pages, and numerous exhibits such as e-mails, messages, Formula One complimentary request forms and other relevant documents.
The judge said: “The applicant has received sufficient information that discloses the factual premise of the charges against him, and it is not the law that the prosecution must detail its intended case at the trial to the point of informing the applicant of exactly what each witness will testify, which exhibit each witness will give evidence on, and what the evidence on each exhibit will entail.”
Iswaran declined comment when approached outside the courtroom after the verdict.
His trial is scheduled to start on Aug 13.

Iswaran’s lawyers, led by Senior Counsel Davinder Singh, had argued before Justice Hoong on July 5 that the prosecution should provide the conditioned statements of all its witnesses as part of its pre-trial disclosure obligation under the law.
The prosecution, led by Deputy Attorney-General Tai Wei Shyong, argued that the law only requires the prosecution to provide conditioned statements that are intended to be used during the trial.
The prosecution added that it had disclosed “more than enough” to the defence.
The material it had disclosed includes 37 statements recorded from seven witnesses during investigations by the Corrupt Practices Investigation Bureau.
Among these prosecution witnesses are Iswaran’s wife Kay Mary Taylor; hotel and property tycoon Ong Beng Seng; and managing director of mainboard-listed Lum Chang Holdings David Lum.
Of the 35 charges Iswaran faces, two are for corruption involving about $166,000.
Another 32 counts are for obtaining items worth more than $237,000 as a public servant, while one is for obstructing the course of justice.
The charges relate to his dealings with Mr Ong and Mr Lum.
The application before Justice Hoong was the second time the defence team sought a court order for the prosecution to provide conditioned statements.
The first attempt was dismissed on June 11 by an assistant registrar, who concluded that the law did not require conditioned statements to be recorded for every witness that the prosecution intended to call at the trial.
The defence then filed an application, known as a criminal revision, for a High Court judge to review the assistant registrar’s decision.
 

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Jail for ex-SMU Academy associate director who accepted $472k in bribes​

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Christopher Tan Toh Nghee, who no longer works for SMU, accepted bribes from three men to advance their business interests with the university. PHOTO: ST FILE
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Shaffiq Alkhatib
Court Correspondent

Jul 22, 2024

SINGAPORE – A former associate director of business development at Singapore Management University (SMU) Academy who accepted bribes totalling more than $472,000 was sentenced to three years and six months in jail on July 22.
Christopher Tan Toh Nghee, 46, was also ordered to pay a penalty of $90,552 and will have to spend an additional three months behind bars if he fails to pay the amount.
On July 1, Tan, who had worked in the training arm of the university, pleaded guilty to 16 charges, including multiple counts of graft. Thirty-six other charges were considered during sentencing.
He had accepted the bribes from three men – Kenneth Lum Hsien Loong, Jeffery Long Chee Kin and Cher Kheng Than – who were then directors of different firms.
At the time of the offences, Cher was the sole shareholder and director of marketing services firm CJ Synergy (CJS). Long was the managing director of a similar company called Assetualize (AST).
Cher, then 46, was sentenced to a year in jail on Feb 20 and Long, then 45, was sentenced to 13 months in jail in September 2023.
Lum, 47, was then the director of International Alliance Marketing (IAM), which dealt in electronic products. His case is pending.
corporations and affiliates as well as their agents and authorised service providers.
marketing and promotions.
At the time of the offences, Tan was a business development associate director at SMU Academy’s service operations and business improvement sub-department. His job scope included overseeing revenue, sales and programme management for the sub-department. The sub-department also engaged partners to assist in marketing its courses.
In or around late 2018, Tan asked Long if he was interested in becoming a marketing partner to promote courses for SMU Academy. Long agreed, and a service agreement was executed between SMU and AST on Jan 1, 2019. Long later successfully referred two applicants for enrolment in SMU Academy.
In earlier proceedings, Deputy Public Prosecutor Eugene Phua said some time in or around February 2019, Tan informed Long that he wanted $600 for each enrolment.

The DPP added: “(Tan) wanted a cut of the commissions AST received from SMU Academy. (Long) understood that he had to give Tan a portion of AST’s earnings in order to advance the business interests of AST with SMU Academy.”
In total, Tan corruptly accepted gratification totalling $71,300 from Long.
Separately, in December 2018, Tan suggested that Cher help him at SMU to develop a course called Advanced Certificate in Entrepreneurship. Tan added that Cher could work for SMU Academy as a marketing partner under a commission-based structure.
In January 2019, Cher set up CJS for the sole purpose of working with SMU to provide marketing services. Before starting work for SMU, Cher had a discussion with people including Tan and Long.
The prosecutor said Cher found out that Tan was receiving a one-third cut of the commissions of another SMU Academy marketing partner. Cher then decided to give the bribes to secure the opportunity to be a marketing partner.
Tan corruptly accepted gratification totalling $62,800 from Cher.
The court heard that Tan got to know Lum through a mutual friend in 2016. Lum later contacted Tan to try to market IAM’s services to him, asking if SMU needed items such as audiovisual equipment to be built or installed.
In November 2016, Tan engaged IAM on behalf of the university to build a board that could be used for video production.
Over multiple occasions in 2018 and 2019, Tan accepted cash from Lum in exchange for favouring IAM and ensuring it could continue doing business with SMU. He accepted bribes totalling nearly $338,000 from Lum.
The court heard on July 22 that Tan has made $381,000 in restitution.
 

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Marine Parade shuttle bus service costs about $1m a year to run, funded largely by donations​

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The seven shuttle bus routes in the Marine Parade cluster are operated by buses that ply the roads from 10am to 4pm on weekdays. ST PHOTO: ONG WEE JIN
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Kok Yufeng
Transport Correspondent

Aug 07, 2024

SINGAPORE - A free shuttle bus service for residents in Marine Parade GRC, MacPherson and Mountbatten costs about $1 million a year to operate, with the South East Community Development Council (CDC) providing a one-off $200,000 seed grant to support the pilot scheme.
The remaining 80 per cent or so comes from donations raised by the CDC, and by the respective grassroots organisations, Minister of State for Culture, Community and Youth Alvin Tan told Parliament on Aug 7.
“Essentially, the Government matches donations raised by the CDCs with grants, which the CDCs can use to support ground-up initiatives,” Mr Tan said in response to questions from opposition MPs about the cost of the shuttle service and how it is being funded.
The total cost of the one-year shuttle bus trial, which started on July 8, works out to about $150,000 per division for each route. The South East CDC grant amounts to about $2,400 per division each month, he added.
The five CDCs here were established in 1997 under the People’s Association Act, which comes under the purview of the Ministry of Culture, Community and Youth.
Mr Tan said the seven shuttle bus routes in the Marine Parade cluster are operated by seven buses that ply the roads during non-peak hours from 10am to 4pm on weekdays, excluding public holidays.
To date, more than 10,000 Marine Parade cluster residents have registered for the shuttle, with more than 40 per cent of them being seniors aged 65 and above. Over the past three weeks, about 1,000 residents have taken the shuttle service each week.

Mr Tan said it is too early to assess if the service is effective.
Beyond utilisation, the financial sustainability of the shuttle is a critical factor, he added.
“As the CDC grant was provided on a once-off basis, the Marine Parade town cluster grassroots organisations will have to eventually raise funds to cover the entire cost of operations, or refine its financing model for greater sustainability,” said Mr Tan.

Progress Singapore Party Non-Constituency MPs Hazel Poa and Leong Mun Wai had asked whether funding could be made available to other constituencies, and if resources could be provided to launch free shuttle services in other areas.
Mr Tan said: “Many previous attempts at trying out local shuttle services have been discontinued because of low utilisation or financial challenges. Hence, there are still many aspects of the service to validate and refine through the pilot.
“The other CDCs will study the experiences and findings from this pilot first, before considering starting similar initiatives.”

Explaining how the MPs for the Marine Parade cluster had decided on the need for such a service, Mr Tan said several factors were considered.
He said these constituencies have a high proportion of residents who are seniors, and a significant part of the Marine Parade cluster comprises older estates with narrow roads, making it difficult for large public buses to serve these areas.
The Land Transport Authority (LTA) was consulted to ensure the shuttle service would not affect public bus operations when using bus stops, he said.
Mr Tan added that while LTA and the Transport Ministry plan public transport services, this does not preclude localised efforts, such as private shuttles by condominiums, to address specific needs.
Leader of the Opposition Pritam Singh noted the unhappiness caused by bus rationalisation exercises in recent years, including the decision to withdraw bus service 167, which was later reversed.
In contrast, the new shuttle bus service was announced about a week after seven MRT stations opened along the eastern stretch of the Thomson-East Coast Line, he noted.
“Does the Minister of State not agree that the introduction of the Marine Parade cluster bus service will make it far more challenging for the Government to undertake future bus service rationalisation exercises?” the Workers’ Party (WP) chief asked.
Mr Singh also wondered if the Marine Parade shuttle service opens the door for LTA to introduce similar services elsewhere through the public transport system.
“If not, what does the launch of the Marine Parade cluster bus service say about the Government’s approach to equity and fairness in the use of taxpayer-funded grants?” he asked.
In response, Transport Minister Chee Hong Tat said the Marine Parade shuttle is a community initiative that is separate from the public transport network.
Mr Chee said the suggestion of using shuttle buses for public transport “does not fit well”, as drivers would still need to be hired and passenger capacity may be insufficient.
He also said the rationalisation of bus routes running parallel to MRT lines will continue, and these savings can then be used to fund new public bus services.
But doing this alone would be inadequate “because we have more demand than what we can rationalise”, noted Mr Chee. This was why the authorities announced a $900 million Bus Connectivity Enhancement Programme on July 30.
Separately, WP MP Gerald Giam (Aljunied GRC) asked why the MPs for the Marine Parade cluster are fronting the free shuttle, noting that their caricatures are on one side of the buses.
Replying, Mr Tan said the caricatures and drawings of Marine Parade landmarks are meant to make it easier for residents to identify the buses.
At the end of the 90 minutes allotted for question time, Mr Singh rose to ask for an extension of 15 to 20 minutes for more questions on the issue to be aired.
Deputy Speaker of Parliament Christopher de Souza turned down the request, noting that the House had already exceeded question time by five minutes
 

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Jail for ex-deputy constituency director who pocketed more than $12k in public funds​

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Lim Jia Sheng started working as a constituency manager at Yew Tee Community Club in 2012. SCREENGRAB: GOOGLE MAPS
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Shaffiq Alkhatib
Court Correspondent

Aug 14, 2024

SINGAPORE - A deputy constituency director at Yew Tee Community Club (CC) pocketed more than $12,000 in public funds, which was collected as part of ticket sales for a National Day dinner it organised in 2023.
Lim Jia Sheng, 37, who was employed under the People’s Association at the time of the offence, pleaded guilty to one count of criminal breach of trust and was sentenced to four months’ jail on Aug 14.
He has since resigned from his position.
Lim had made full restitution, defence lawyer Jared Lee told the court, adding that his client had a gambling addiction that led him to commit the offence.
Mr Lee said Lim has stopped gambling and regrets not setting a good example for his two children.
Deputy Public Prosecutor Chan Yi Cheng said Lim started working as a constituency manager at Yew Tee CC in 2012.
He was introduced to online gambling three years later and became addicted. He had an account on a gambling website and deposited money in it.

DPP Chan said Lim used his salary to gamble and incurred debts from credit cards and licensed moneylenders.
Lim became a deputy constituency director in 2016, the court heard.
In June 2023, Yew Tee CC began planning for the National Day dinner. Lim and an unnamed colleague were in charge of the event and sale of tickets, which cost $30 each and came in booklets of 10.

He distributed the tickets to groups such as neighbourhood committees to sell to residents. The money collected was handed to him, with details of ticket sales and cash received recorded in a ticket distribution form held by him.
He then decided to misappropriate the money to feed his gambling addiction and deposited it in his own bank account.
DPP Chan said Lim deposited about $5,000 in Yew Tee CC’s bank account and intended to return the rest of the money after receiving his bonus in December.
“However, due to his personal debts, he was unable to return the said cash in time,” the DPP added

On Dec 21, a grassroots leader went to Lim’s office to ask him about the money. He admitted that he had borrowed the money to settle his gambling debts.
The grassroots leader alerted the CC’s constituency director, who confronted Lim and asked if he had closed the account linked to the dinner.
When he indicated he had not done so, she told him to do it within a week and keep her updated.
Five days later, she texted Lim to check if he had deposited the money in the CC’s bank account, but he did not reply.
The director then obtained a copy of the ticket distribution form and found that more than $12,000 had not been accounted for.
Lim later admitted he had taken the money and she alerted the police on Jan 15, 2024.
He is expected to begin serving his sentence on Aug 20, with his bail set at $15,000.
 

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Over 6 years’ jail for cop who received $32,500 in bribes, helped 2 men evade arrest​

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On Aug 16, Poo Tze Chiang, 47, who was suspended in December 2020, was sentenced to six years and six months’ jail and ordered to pay a penalty of $32,500. ST PHOTO: KELVIN CHNG
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Shaffiq Alkhatib
Court Correspondent

Aug 16, 2024

SINGAPORE – A station inspector with the Singapore Police Force’s (SPF) Secret Societies Branch (SSB) was in debt when he repeatedly helped two men evade arrest and received $32,500 in bribes from the pair.
On Aug 16, Poo Tze Chiang, 47, who was suspended in December 2020, was sentenced to six years and six months’ jail and ordered to pay a penalty of $32,500. He will spend an additional 14 weeks behind bars if he is unable to pay the amount.
Poo was convicted of seven graft charges and three counts of obstructing the course of justice, after a trial.
Deputy public prosecutors David Menon and Bryan Wong stated in court documents that over the course of a year, Poo received the bribes from Mr Cordell Chan and Mr Wang Huate.
Court documents did not disclose if Mr Chan will be or has been charged in court. Meanwhile, Mr Wang, then 41, walked free after his charges were withdrawn following a stern warning. He was given a discharge amounting to an acquittal on April 9. This means he cannot be charged again over the same offences.
In September 2023, a fourth man identified as Ng Chuan Seng, then 52, was sentenced to five weeks’ jail after he pleaded guilty to an offence under the Prevention of Corruption Act.
The DPPs said in their submissions that Mr Chan and Mr Wang were with some friends at an Orchard Road nightspot in the wee hours of Sept 14, 2019, when they got into an altercation with other patrons.

Police arrived at the scene and Mr Wang was arrested shortly before 5am that day after drunkenly challenging an officer for arresting an associate, who was not named in court documents. Mr Wang was taken to Tanglin Police Division and released later that morning. Police did not arrest Mr Chan.
The prosecution told the court that Mr Wang then spoke to Mr Chan, who decided to “find a solution” over the matter.
According to court documents, Mr Chan sought help from Ng, also known as Daoni, who was an “elder” in a secret society. At the time, Mr Chan believed that Ng had “some connection” with members of the SPF, said the DPPs.

Ng then told Mr Chan and Mr Wang to meet him at a Geylang KTV club which Ng owned. When Mr Chan and Mr Wang arrived at the club later that month, Ng introduced them to Poo, who was with his friends in a private room.
The DPPs said: “At some point, Daoni gave Cordell and Huate a red packet and instructed them to put $2,000 in it, to be given to (Poo). Cordell and Huate placed (the amount) into the red packet and passed it to Daoni.
“Huate and Cordell testified they agreed to give (Poo) the red packet containing $2,000, so the police investigation would be ‘settled’.”
Some time later, Mr Chan told Poo about the Orchard Road fight. According to the DPPs, Poo told Mr Chan not to worry and to stay out of trouble.
The prosecutors added: “Daoni passed the red packet containing $2,000 to the accused, who accepted it... This meeting opened the floodgates.
“Over the course of a year, the accused, who was perennially plagued by financial issues, exploited Cordell’s and Huate’s fear of being detained to extract numerous bribes from them.
“In exchange, the accused helped Cordell and Huate evade police action on three occasions.”
The DPPs also said that on or around Nov 21, 2019, Poo approached Mr Chan and asked him for a loan of $1,000. They added that Mr Chan then transferred the amount to Poo’s wife.
In February 2020, Mr Wang was stopped at Woodlands Checkpoint before the SSB detained and questioned him. Mr Chan and Mr Wang then contacted Poo as they feared imminent SSB action.
The prosecutors said that Poo asked for $20,000. According to court documents, Mr Wang then handed the money to the police officer in exchange for his help.
The DPPs added: “On Aug 5, 2020, the accused twice helped Huate evade the police. First, in the morning, he tipped off Cordell that Huate would be detained... if he reported for bail that day.
“Second, that evening, he dissuaded two SPF officers from conducting a spot check on Cordell and Huate.”
The court heard that the SBB later turned its attention to Mr Chan, who sought Poo’s help.
The DPPs said that Poo then told him that he needed to fork out $10,000 to resolve the matter.
The prosecution told the court that Mr Chan successfully negotiated the amount down to $7,000 before he handed $5,000 to Poo on Aug 22, 2020. He gave Poo another $2,000 during a subsequent meeting.
Poo also solicited and received two loans totalling $2,500 from Mr Chan in August and September that year, said the DPPs.
On or around Nov 25, 2020, Mr Chan parked his car in Bukit Batok and met Poo for a meal. Poo later noticed an unmarked car from the SSB parked nearby and alerted Mr Chan, who fled from the scene.
Poo will be appealing against his conviction and sentence. He still has five pending charges linked to a separate case, and these will be dealt with at a later date.
 

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Among the dozens and hundreds of candidates. Temasek's subsidiary Vertex Ventures has to choose one that smoked cannabis.
Schooling's Olympic gold medal is better than a 3.8+ GPA, double degrees, prior internship experience, and leadership positions in many CCAs.

Singapore’s Olympic gold medallist Joseph Schooling joins venture capital firm​

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Former national swimmer Joseph Schooling has joined Vertex Ventures South-east Asia and India as an associate. ST PHOTO: KUA CHEE SIONG
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Kimberly Kwek

Oct 01, 2024

SINGAPORE – After closing a chapter on an illustrious swimming career in April, Singapore’s sole Olympic gold medallist Joseph Schooling is starting a new endeavour as an associate with venture capital company Vertex Ventures South-east Asia and India.
The firm announced in a LinkedIn post on Sept 30 that the former champion has joined its investment team.
The post read: “Joseph brings with him a unique perspective to our firm.
“As he embarks on this new journey, he will be working alongside our seasoned investment professionals to gain more experience and insights into assessing and making investments in high-growth start-ups.”
Vertex Ventures South-east Asia and India is one of the seven major funds in Vertex Holdings’ global network – the latter is a wholly owned unit of Singapore’s Temasek Holdings.
The fund’s investments focus on sustainability, fintech and healthtech among other things.
Following the announcement of his retirement earlier this year, the 29-year-old told the media that he would be turning his focus to the venture capital space, his swim school Sports Schooling, charity work and assisting his mother May at her trading company.

Before this latest venture, Schooling enjoyed a successful career in the pool, becoming the first Singaporean swimmer to finish on the podium at the Commonwealth Games and the world championships.
At the 2016 Rio Olympics, he made history by winning the men’s 100m butterfly final, overcoming a field that included American great Michael Phelps.
In addition to his Olympic success in Brazil, Schooling also claimed 29 golds at the SEA Games, seven Asian Games medals, a silver at the Commonwealth Games and two bronzes at the world championships.
His exploits earned him the Sportsman of the Year gong a record six times.
Schooling’s agent and manager Ronda Ng said: “Joseph is currently on an attachment with Vertex as he pivots into the VC (venture capital) world. This is an area that Joseph has been actively working in since his retirement from professional swimming in April.”
 

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Singapore’s former president Halimah Yacob appointed as chief patron of Sias​

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Former president Halimah Yacob succeeds Dr Tony Tan, who served as Sias’ chief patron from Oct 2017 to Jul 2024. ST PHOTO: KUA CHEE SIONG
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Sue-Ann Tan
Business Correspondent

Aug 29, 2024

SINGAPORE - Singapore’s former president Halimah Yacob has been appointed as the chief patron of the Securities Investors Association (Singapore), or Sias, the organisation said on Aug 29.
The chief patron is a distinguished person, outstanding in contributions to better Singapore, Sias said. Madam Halimah’s role is non-executive – however, she will bring prestige, and lend guidance and advice to Sias where necessary. She succeeds Dr Tony Tan Keng Yam, also a former president of Singapore, who served as Sias’ chief patron from October 2017 to July 2024.
At the Sias welcome lunch, Madam Halimah said: “Sias has played a key role in empowering ordinary Singaporeans to make better-informed decisions on investments, through its easily accessible programmes and services, in addition to the other valuable support that it provides to small investors.”
She added that Sias recognises that small retail investors today are bombarded by numerous financial products and services which can overwhelm and confuse them, and lead to poor investment decisions and losses.
“There still exists a great asymmetry in knowledge, information, and skills between small retail investors and those selling financial products,” she said.
She noted that Sias’ efforts in aiding retail investors to better understand the principles of investing and financial literacy are helpful. “But technology is altering the investment landscape drastically with the use of sophisticated artificial intelligence algorithms and robo-advisers, which have great implications on how investment advice and financial planning will be conducted,” she said.
She added that Sias will have to consider these developments in its educational programmes and services to retail investors to discuss the inherent risks that come with such conveniences.


Sias can also help retail investors to understand and be better informed about companies’ green efforts, she said.
Madam Halimah also applauded Sias’ efforts in upholding the rights of minority shareholders, helping them to secure better exit prices in recent situations, such as when companies like Tiger Airways, Boustead Projects and Lian Beng were taken private.
“Sias faces constraints and challenges in carrying out its tasks. There is still scepticism over the effectiveness of its approach in dealing with disputes involving small retail investors. It will have to do more to engage, explain and persuade such investors that its current approach is in their best interest,” she added.
Sias president and chief executive David Gerald said at the welcome lunch that Madam Halimah has actively championed for better wages, welfare, and work prospects, and she has taken a special interest in the needs of lower-wage workers and working women, for instance.
In these ways, what she stands for are similar to the virtues pursued by Sias, he added, which are about looking after the rights of small individual investors while preserving their dignity, and ensuring a level playing field for persons of all races and religions.
Sias also announced the appointment of City Developments Limited chief executive Sherman Kwek as a patron.
Mr Gerald said Mr Kwek showed leadership and commitment to sustainable urban development, and that his dedication to corporate responsibility also aligns perfectly with the ethos of Sias.
Mr Kwek’s role will be similar to Madam Halimah. He will also provide funding ideas to Sias, Mr Gerald said.
 

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PAP and WP MPs clash over ruling party’s close ties with NTUC​

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Mr Gerald Giam noted that many PAP MPs and branch chairpersons serve as advisers to NTUC-affiliated unions. ST PHOTO: AZMI ATHNI
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Goh Yan Han
Political Correspondent

Sep 10, 2024

SINGAPORE – Whether the close relationship between the People’s Action Party (PAP) and the National Trades Union Congress (NTUC) is good for workers here was the subject of a 30-minute exchange in Parliament on Sept 9 when the House discussed a Bill to strengthen protections for platform workers.
PAP MPs argued that this alliance has ensured that the views and needs of workers have been conveyed to the political leadership and prioritised, and that this is reflected in the ruling party’s track record since it has been in government.
The issue was raised by Mr Gerald Giam (Aljunied GRC) during the debate on the Platform Workers Bill.
While acknowledging the union leaders’ hard work, the Workers’ Party (WP) MP questioned if they could fully advocate workers’ interests if they were also PAP members.
He noted that many PAP MPs and branch chairpersons serve as advisers to NTUC-affiliated unions.
Should workers’ interests conflict with government policies or party agenda, these leaders may feel pressured to support such policies even if they feel that doing so compromises workers’ needs, said Mr Giam.
“Furthermore, an overly close relationship between the PAP and unions risks creating groupthink, where union leaders are less inclined to challenge prevailing policies or explore alternative solutions,” he added.

He also suggested that if the PAP were to lose power, unions aligned with the PAP might struggle to work with the new government, or lose the support of workers who voted for the new administration, potentially weakening their effectiveness.
Midway through his speech, Mr Christopher de Souza (Holland-Bukit Timah GRC) raised a point of order that Mr Giam had not referenced any provision in the Bill, and what he said was instead “predominantly an attack against the NTUC”.
“We cannot, Mr Speaker, be using Parliament and legislation to craft political speeches that go well beyond the ambit and the scope of the legislation that we are debating,” said Mr de Souza, addressing Speaker of Parliament Seah Kian Peng.

Mr Giam replied that the first part of his speech was a preamble relevant to the points he wanted to make. Among them was that the WP supports tripartite dialogue between employers, unions and the government of the day, but not an explicit alignment between the unions and any political party.
In this regard, NTUC-affiliated Platform Work Associations – which would be given legal mandate under the new Bill – could restrict workers’ choices in joining or forming an association that best represents their interests. He proposed that they be able to form alternative associations not affiliated with NTUC, so as to have representation that is “not beholden to any political party or the government”.
After Mr Giam concluded his speech, Mr Seah pointed him to Section 50 of the Standing Orders of Parliament, which, among other things, instructs MPs to keep their speeches relevant to the subject being discussed.
Leader of the Opposition Pritam Singh then joined the debate, where he questioned the relevance of Mr de Souza’s 2022 Budget speech, which was focused not on government spending but instead urged the PAP to make a decision on the 4G (fourth-generation) leadership.
“It cannot be just accusations made at the opposition, but I think some PAP members ought to reflect on themselves,” said the WP chief.
Mr de Souza replied that at a Budget debate, members have free rein to discuss what they want in addition to the Budget, such as the objectives, values and future they want to see for Singapore.
“I was concerned for the country that we needed leadership. I stood here and gave one of the most difficult speeches of my political career, which is that... without key leadership, budgets are nothing,” he said.

On the other hand, Mr Giam’s speech attacking NTUC, during a debate on a Bill to advance platform workers’ welfare, was political opportunism, Mr de Souza said.
Senior Minister of State for Defence Heng Chee How, who has been with the labour movement for close to 30 years, weighed in, saying that the PAP’s decades-long track record shows that the close partnership has served workers well.
He noted that alliances between political parties and trade unions are not uncommon in many countries, including Britain, the United States and Canada, which Leader of the House Indranee Rajah had earlier cited.
“They don’t do this out of stupidity,” said Mr Heng. “They do this because it serves the interest of the constituents that they represent concurrently.”
He asked that Mr Giam “deal with the facts”, and give due respect to union leaders here. “They are not stooges. Their hearts are in the right place. They do all this for their fellow workers,” he said.
Mr Heng then questioned if Mr Giam’s proposals would make it more or less likely for tripartite partners to come to a sensible agreement that can be implemented for the good of workers.
“Be fair to our unions. Be fair to the NTUC. NTUC is not expecting the Workers’ Party to support us, but at least be fair,” he said.
Senior Minister of State for Manpower Koh Poh Koon also waded into the discussion. He recalled that when the left wing of the PAP split off to form the Barisan Sosialis, the Singapore Trades Union Congress also split into two rival bodies – NTUC and the Singapore Association of Trade Unions (Satu).
“Satu aligned with the Barisan Sosialis, and the Barisan Sosialis in 1988 folded into the Workers’ Party,” said Dr Koh.
“So I think maybe the Workers’ Party should think about changing its name, because if you feel so averse about being associated with workers, you might want to think about something else.”
Mr Giam then asked the PAP MPs if, based on their statements, one can assume that NTUC would become “an instrument of opposition against the new government”, if the PAP were to ever lose power.
In response, Ms Indranee said that she could not speak on behalf of NTUC, though it would be entirely up to the workers and NTUC to decide whether to support any political party.
This is as trade unions elect their own leaders, and will act in ways that they think is best for their unions and their workers, she said.
“What I can say is that the PAP would do its very utmost not to have to give them a reason to think that we would never support them, or that, as a government, we would not do our very best for the workers and the NTUC,” she said.

Ms Indranee also pointed out that with a general election around the corner, to be called by 2025, “the political rhetoric ramps up”.
“Political parties can slug it out amongst themselves, but don’t put the platform workers in the middle of this,” she said.
She added: “At the end of the day, it comes back to this: We have a Bill to pass, and let’s pass this Bill so that we can confer rights and protections on our platform workers.”
A total of eight MPs spoke during the exchange, including WP MP Jamus Lim (Sengkang GRC) and Mr Alex Yam (Marsiling-Yew Tee GRC).
 

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Clash between PAP, WP over ruling party’s close ties with NTUC continues for second day​

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Senior Minister of State for Manpower Koh Poh Koon said that the WP, in attacking the symbiotic relationship between the PAP and NTUC, seeks to dismantle Singapore’s model of tripartism. ST PHOTO: AZMI ATHNI
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Kok Yufeng
Transport Correspondent

Sep 11, 2024

SINGAPORE - A clash of views over the independence of trade unions in Singapore and the close relationship between the ruling People’s Action Party (PAP) and NTUC got a second airing in Parliament on Sept 10.
Senior Minister of State for Manpower Koh Poh Koon said in his speech to wrap up the debate on the Platform Workers Bill that the Workers’ Party (WP), in attacking the symbiotic relationship between the PAP and NTUC, seeks to dismantle Singapore’s model of tripartism.
This, he added, also indicates the WP is no longer pro-worker.
His statements were rejected by Leader of the Opposition Pritam Singh and WP MP Gerald Giam (Aljunied GRC), whose call for Singapore unions to be independent sparked a 30-minute exchange with several PAP MPs on Sept 9.
In his speech on Sept 10, Dr Koh cited the Platform Workers Bill, which was passed with unanimous support, as an example of tripartism at work.
He credited the close working relationship and trust among the tripartite partners as the reason why the Government was able to craft a Bill that balanced the needs of all parties.
In contrast, some overseas jurisdictions had to take a more acrimonious path when regulating platform work, he added.

“The tripartism that we have in Singapore today, which many other countries want to emulate, only exists because of the close relationship and the mutual respect between the PAP and the NTUC,” Dr Koh said. “You dismantle this. Everything falls apart.”
He then accused the WP leadership of wanting to “kill tripartism”, warning that a more adversarial relationship with unions would take its place.
Dr Koh also argued that Mr Giam’s calls for independent, non-partisan unions imply that the WP will not align itself with any unions or develop relationships with unions, and suggested that Mr Giam and the party were “completely ignorant” of the fact that the WP started as a party of unionists.

“Somehow along the way, they lost the trust and the relationship with the unions. So now, Mr Gerald Giam says, like a bit of a toxic ex-boyfriend, because I can’t have a relationship with unions, no one else should have (it) as well,” said Dr Koh.
Responding, Mr Giam said it is important for unions to work with the government of the day, but they should maintain their independence and not be subordinated to the government.
He cited the International Labour Organisation’s (ILO) Convention Number 87, which gives workers and employers the right to organise without interference from the public authorities.
Senior Minister of State in the Prime Minister’s Office Desmond Tan, who is also deputy secretary-general of the National Trades Union Congress (NTUC), then rose to ask Mr Giam if he had any personal experience or anecdotes that suggested unions or union leaders faced restrictions due to the symbiotic relationship.
Mr Tan said he had received feedback from union leaders that Mr Giam’s earlier comments on Sept 9 did not represent their experience on the ground. The WP MP had said that an overly close relationship between the PAP and unions risks creating groupthink, where union leaders are less inclined to challenge prevailing policies.
In response, Mr Giam said his concerns were about the institutional constraints on unionists. He then asked Mr Tan to cite recent instances where NTUC had taken a public position contrary to government policy.
To this, Mr Tan said NTUC has, over the years, been pushing policies the Government has not always accepted. He gave the example of the upcoming SkillsFuture Jobseeker Support scheme, which he said took 14 years of lobbying before it was finally given the nod.
At this point, Dr Koh interjected, noting that Singapore, like the US and New Zealand, has not ratified ILO Convention Number 87.
This is because the Republic requires unions to be registered, to guard against “yellow unions” that act on behalf of employers to the detriment of workers and ensure union officers have not been convicted of criminal breach of trust, he said.

Dr Koh and Mr Giam traded words on the WP’s history with unions and its approach towards them, before Mr Singh stepped in.
The WP chief said his party rejected Dr Koh’s comments “entirely”, adding that the PAP MP had disregarded the fact that the political situation in Singapore has changed dramatically since the WP’s founding in 1957.
“I would be grateful if the Senior Minister of State can raise a single example where an NTUC secretary-general or a deputy secretary-general has spoken out against a 3G or 4G leader to defend the rights of workers.
“Now, I am not suggesting that this is the gold standard or the test... But this comes to the heart of what people see and believe to be a conflict of interest,” Mr Singh added.
Dr Koh replied that the debate on the Bill is a “proof point” of how the relationship between the PAP and NTUC has endured for the past 60 years and made the platform workers legislation a possibility today.
MPs returned to discussing the Bill, before Mr Christopher de Souza (Holland-Bukit Timah GRC) rose to say Mr Giam’s suggestion that the NTUC is subordinate to the PAP’s interests was “completely inaccurate”. He added that the WP was trying to score a political point.
Progress Singapore Party Non-Constituency MP Leong Mun Wai waded in to speak in support of the WP MPs. He said the issue is that the nature of the relationship between NTUC and the Government is “more than what we have seen in the world today”.
“If the NTUC secretary-general is a minister, or a former minister, and there are many leaders in the NTUC that come from the ruling party, I think we are entitled to think that the independence of NTUC ought to be better than this,” Mr Leong added.
The exchange was brought to a close by Manpower Minister Tan See Leng, who said he felt compelled to intervene.
“You keep talking about independence, independence, independence. Behind closed doors, the tripartite partners do not always agree. Heated discussions happen behind closed doors on many, many issues. The raising of retirement age or even the upcoming workplace fairness legislation. I am sure we will have another very intense debate,” Dr Tan said.
“The lack of open confrontation, your so-called being more independent, doesn’t mean that our unions are weak. It shows the power of positive collaboration in delivering results without disruption,” he added.
“So I hope that you do not judge NTUC or SNEF (Singapore National Employers Federation) by what you think the relationship between unions, employers and the Government should be, but look at the record. Look at the outcomes... that tripartism has delivered for Singapore through the decades,” said Dr Tan.
 

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SNEF elects new council; internal review completed​

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Those in the council voted to re-elect Resorts World Sentosa chief executive Tan Hee Teck as president. PHOTO: LIANHE ZAOBAO
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Tay Hong Yi

Sep 19, 2024

SINGAPORE – The Singapore National Employers Federation (SNEF) has elected 20 members to its council for a two-year term at its annual general meeting on Sept 19.
Those in the council then voted to re-elect Resorts World Sentosa chief executive Tan Hee Teck as president in a meeting held immediately after the annual general meeting, the employer body said.
Mr Tan had been elected as president in a by-election on July 25 after then president Robert Yap stepped down in June over an undisclosed governance procedural lapse.
In a separate statement on Sept 17, SNEF said the independent review of internal processes by an external consultant it appointed following the discovery of the lapse had concluded.
SNEF, which is Singapore’s union for employers, said the review did not identify evidence establishing any suspicious, intentional or fraudulent activities, adding: “There is no impact on our financial statements.
“The council will continue to look into and pursue efforts to further strengthen governance and internal processes within SNEF as we focus on advancing tripartism in Singapore.”
When asked for details on the lapse and the changes made following the review, SNEF would only add: “Our priority now is to focus on how we can move forward.”

Mr Tan previously served as the federation’s vice-president from September 2022 and has been serving on SNEF’s council for the past 15 years.
The council also re-elected Mr Alexander Melchers, managing director of trading firm C. Melchers & Co in Singapore, as one of three vice-presidents.
Mr Kuah Boon Wee, director of engineering firm MTQ Corp, who was elected as vice-president in the July by-election, also successfully defended his position. Ms Tan Hwee Bin, executive director at Wing Tai Holdings, was elected vice-president as well, replacing YTL PowerSeraya chief executive John Ng Peng Wah.

Mr Edwin Ng, managing director of printing services provider Markono Group was elected as honorary secretary, while Mr Marcus Lam, executive chairman at PwC Singapore, was voted in as honorary treasurer.
Lawyer Kohe Hasan, partner at law firm Reed Smith, was elected deputy honorary secretary.
The role of deputy honorary treasurer went to Mr Adrian Lim, executive chairman at Disk Precision Industries.
Four new faces were also elected as council members.
They are Mr Benjamin Boh, McDonald’s Singapore managing director; Mr Brian Riady, deputy chief executive at OUE; Mr See Yoong Hwee, chief executive of oil trader PetroSeraya and Mr Kerry Mok, chief executive of Sats.

SNEF said: “The new council aims to maintain SNEF as a trusted tripartite partner to the Government, represented by the Ministry of Manpower, and the... National Trades Union Congress (NTUC).
“The strong tripartite relationship enables SNEF to represent employers effectively in shaping manpower policies to maintain Singapore’s industrial harmony and enhance its competitiveness to help employers achieve sustainable business growth and create good jobs for workers.”
Separately on Sept 19, NTUC said Mr Tan’s appointment “marks the start of a refreshed collaborative journey for NTUC with the new SNEF council members”.
 
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