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ST 4July BANKRUPT former National Kidney Foundation (NKF) chairman Richard Yong has been arrested in Hong Kong for fleeing the country illegally and failing to hand over assets. The Subordinate Courts had issued a warrant for his arrest, and Yong was declared a wanted man on June 13. The charges: Fleeing the country illegally on May 17 and failing to hand over assets as required by the Bankruptcy Act. Yong's departure came in the wake of revelations on May 9 that he had sold three apartments for $7.5 million shortly after losing a suit the NKF had filed against him, ex-board members Loo Say San and Matilda Chua, as well as former chief T.T. Durai. The charity's lawyers on May 11 obtained a Mareva Injunction - requiring Yong to give details of his assets, and to prevent him from disposing of them. Three days later, the NKF filed a police report against Yong alleging that he sold his property to escape paying the $11 million he owes the charity in damages. He was declared bankrupt on May 16, but he crossed the border into Malaysia late that night before the immigration authorities could be alerted. In a statement on June 13, the Ministry of Law said that the Official Assignee (OA) had worked with relevant authorities to determine if Yong fraudulently disposed of his property. The OA is an officer of the court who administers the affairs of bankrupts. Yong was supposed to have filed a Statement of Affairs - a written declaration of a bankrupt's assets and liabilities - to the OA by Tuesday. The statement came to the Insolvency and Public Trustee's Office, but only after it had closed for the day. On May 21, Yong had filed a brief affidavit from Kuala Lumpur stating that he had only $247 in a bank account and that the cash from selling his properties had gone towards repaying loans and legal fees. The Bankruptcy Act states that it is an offence for a bankrupt to give away or transfer assets for a period of five years prior to the date of the bankruptcy order. Those found guilty face up to three years in jail and a maximum $10,000 fine. Bankrupts who leave the country without permission face up to two years in jail and a maximum $10,000 fine.

Maybe too stressful after erection........... http://www.straitstimes.com/singapore/courts-crime/sdp-chairman-arrested-for-drug-offence The 51-year-old chairman of the Singapore Democratic Party (SDP), Mr Jeffrey George, has been arrested for a drug offence, The Straits Times understands. SDP secretary-general Chee Soon Juan told the paper last night that the news of Mr George's arrest came as a shock. "I have known Jeff for many years and all this time he has discharged his duties as an SDP member and leader with professionalism. He is respected and well liked by his party colleagues," he said. The Central Narcotics Bureau, when asked if Mr George had been arrested, said through a spokesman: "A 51-year-old man has been arrested for drug-related offences. Investigations are ongoing." A shipping engineer, Mr George was elected chairman of the opposition party in October 2013. He was an election agent for Dr Chee and SDP vice-chairman John Tan in September's general election. Dr Chee added last night: "At this time, the family members need support as they go through a difficult period. They should be left alone to sort things out." Pearl Lee Joyce Lim

He's a veteran member of miw... part of the inner-circle... experienced minister (who seemed a good performer except a few flaws plus losing his seat in the last GE), etc. We all know ex-ministers (or senior post holders) will be given 'good' posts in GIC linked businesses after they retire, a typical 'reward system' used by the miw for its members. But GY's case seems to break the 'tradition'..... he joined a foreign group instead of becoming a 'family' member of GIC/Temasek dynasty. What went wrong? Are his views on how singapore should be led/governed so different from the miw's views that the latter TL and 'abandoned' him? or its the other way round: he super TL with miw's refusal to change despite their failed methods which led to him losing his seat during the 2011 GE? Does his departure (from the miw clan) signal the beginning of an 'exodus' of other miws from the party (due to fractions, infighting, etc)? Or is his latest move to a foreign group just a detour / smokescreen leading to something 'drama' eg forming / joining a opp party? Or all is well, nothing to think about, life goes on? miw might have offered him a lucrative post in GIC/temasek etc, but he rejected it? or miw told him "FO, and take care of yourself?"

Since there has been a lot of controversy about the People's Association (PA) being pro-ruling party and that the PA Chairman is the sitting Prime Minister, can Parliament pass a bill to change the Constitution to allow the Elected President (EP) be the PA Chairman instead? In the first place, PA is supposed to be apolitical & is set up to promote harmonious relations amongst the people and so many are comfortable about the ruling party's PM to be it's Chairman. The latest uproar about a opposition MP having his 7th lunar month celebration invitations retracted because the PA-sanctioned activity did not allow political figures attending these celebrations is a very good example which one may draw conclusions that partisan politics is at play. The purists may come out and argue that no the system is fine and if it ain't broke don't fix it. Besides the EP has already got his hands full dealing with his duties. I beg to differ because our EP as the head of state is supposed to be above politics and is the best person to lead PA such that no one can accuse it being used a political instrument to influence folks on the ground.

http://rockson.blogspot.com/2011/01/knn-i-...-toa-payoh.html

http://www.asiaone.com/News/Education/Stor...112-113973.html

Venture Corp chairman's wife, who slapped SIA stewardess, let off with warning Posted: 24 April 2008 1107 hrs Photos 1 of 1 Subordinate Courts SINGAPORE: The wife of Venture Corp chairman and CEO, who was charged last month with slapping a Singapore Airlines stewardess, has been let off with a warning. Tan Siew Hoon could have been jailed up to one year or fined $1,000, or both. The 61-year-old had slapped stewardess Then Jiamin while on a flight to Japan last September. Tan was visibly relieved as she left the Subordinate Courts on Thursday. She and her husband, Wong Ngit Liong, declined to comment. - CNA/ir -------------------------------------------------------------------------------------------------------- Was driving when I heard over the radio - ACQUITED. Felt infurated, bloody waste of time and effort from the moment of charging till now. Any difference between acquited and let off with a warning? What lead to this decision? Another question that come to my mind is can SIA have the right to refuse her travelling on SQ or restrict to EY?

thinks he's just echoing what the press is stating ... too late ... plus he's not a real banker... Business Times - 03 Apr 2008 AGM WATCH Liquidity crunch will affect all banks: DBS chief No link between sub-prime losses and ex-CEO's departure, he says By CHOW PENN NEE FINANCIAL markets are still in an 'unprecedented period of volatility', said DBS chairman Koh Boon Hwee on the sidelines of the bank's Annual General Meeting (AGM) yesterday. He added that although Asian banks were less affected by the US sub-prime crisis, all banks would feel the impact of the ensuing liquidity shortage. 'We are all affected secondarily because when there is a shortage of liquidity, it affects all banks, good or bad,' he told reporters. The bank made allowances for 90 per cent of its S$267 million in investments in collaterialised debt obligations (CDOs) linked to the sub-prime. He said financial markets are still facing an 'unprecedented period of volatility' owing to the sub-prime crisis. Mr Koh also talked about expansion plans beyond its main markets in Singapore and Hong Kong. These may include acquisitions in the Middle East, Australia and Vietnam. 'I definitely include the Middle East and I think of Australia as part of Asia,' Mr Koh said. He added 'a rep office is not the only thing I want in Vietnam'. The bank earlier this month received a licence from the State Bank of Vietnam to set up a representative office in Hanoi. A shareholder, Mr Ow, asked why Jackson Tai - the outgoing chief executive - was the only 'casualty' of the losses in CDOs relating to the sub-prime. This, despite all local banks having sustained losses relating to investments in the sub-prime debacle. Mr Koh responded that there is no connection between Mr Tai's decision to return to the United States and the sub-prime losses. He also added: 'The deterioration in the bank's share price has no correlation with the departure of Mr Tai.' Separately, on a question pertaining to DBS' decision to close down some of its 'Treasures' preferred banking branches in a few locations, Mr Koh noted that rentals are escalating and the bank was not able to get the space it wanted. 'We have to take into account the expense and cost factors,' he explained

Below is a cut and paste of the new Chairman's plan for VAG. The latest news in the regime change at Volkswagen is that incoming group chief Prof. Martin Winterkorn is planning some big changes in management structure across the entire corporate spectrum. Although several don't operate in the US market, Volkswagen AG has grown to GM-like proportions in the number of marques under its umbrella. However, rather unlike GM and other auto-making conglomerates, Volkswagen group members don't cooperate as much in the development of new products. (The Volkswagen and Audi brands, for instance, will often develop separate vehicles with different engines, sometimes even competing against each other, but which could be combined into one project.) As Audi chief, Winterkorn can't have been happy to see Volkswagen stealing any of its market share. Winterkorn plans on changing all that, placing the group's marques into two categories: volume and premium. Like Ford's Premier Automotive Group (which includes Volvo, Land Rover, Jaguar and Aston Martin), VW's new "premium" group will include Audi, Bentley, Lamborghini and Bugatti, while the "volume" group will include Volkswagen, Seat and Skoda. All this should mean better products offered in more packages at lower costs with reduced development times. And that's something any car buyer could appreciate. What else can we expect from Winterkorn? It's doubtful he'd be willing to throw as much resources behind Bugatti as did his predecessor, but as we can see from Audi's diesel-fueled domination at Le Mans, he evidently believes in the benefits of racing. http://www.autoblog.com/2006/11/13/new-vw-...luxury-marques/