Nick Leeson, whose huge trading losses brought down Barings, Britains oldest Merchant bank, was sentenced to 6 years jail. Senior District Judge Richard Magnus said the 28-year-old Briton has spun a web of deceit to cheat the auditors of the company Coopers & Lybrand and the Singapore International Monetary Exchange (SIMEX). He backdated the sentence to March 2 this year, when Leeson was arrested in Frankfurt after he fled Singapore. Leeson had pleaded guilty to two charges of cheating. The charges said he invented a fake option to cover a 7.78 billion yen ($115 million) debt that he had incurred in trading losses. Total futures trading losses amounted to about $2.2 billion. Nine other charges were taken into consideration.
Suspended PUB Deputy CEO, Choy Hon Tim (age 58), was thrown into the jail for 14 years for receiving over $13-million of bribes paid. Senior District Judge Richard Magnus passed the maximum sentence, following the prosecutor’s recommendations. The prosecutor said choy, as a high-profile civil servant, had disgraced the administration which had entrusted him to serve the public. Choy had pleaded guilty yesterday to five counts of criminal conspiracy and corruption.
The Civil Aviation Authority of Singapore (CAAS) air traffic controllers at the Singapore Air Traffic Centre shifted a new control Centre in Changi. The shift was made as the new Air Traffic Control (ATC) system known as LORADS II (Long Range Radar and Display System) was put into operations to replace the older LORADS I. The new system will replace the existing LORADS (long-range air defence system) II, which was supplied by Thales.
The SAFTI-MI (Military Institute) was officially declared bythen Prime Minister, MR GOH CHOK TONG. The importance of the College is self-evident. The majority of the SAF’s mid level commanders and staff officers has been and will be trained here. It is here that they acquire the knowledge and expertise needed for command and staff appointments in MINDEF, the Army, the Air Force and the Navy.
The Executive Condominium (EC) is a HDB scheme that provide home owners with 99-year leasehold apartments with all the appearance and facilities of a private condominiums. However, it will be governed by similar HDB’s policy of subsidy and conditions on application and re-sale. The scheme is to cater to the well-to-do household and as a bridge between private and public housing.
The CPF Minimum Sum (MS) of $40,000 is the amount you have to set aside, in your Retirement Account (RA), for retirement needs in the Minimum Sum Scheme (MSS). It need not be all in cash. Up to $36,000 can be a property pledge. Your RA is set up when you reach 55 and it comprises savings from your Ordinary and Special accounts.
The RSAF 149 Squadron “Shikra” of the Republic of Singapore Air Force is a fighter-bomber squadron based at Paya Lebar Air Base. The squadron operated the supersonic F-5E/F Tiger II fighter aircraft and later the improved F-5S/T Tiger-IIs fighter aircraft which are able carrying out both Air-to Air and Air-to-Ground missions. Read more »
Flor R. Contemplacion, a Filipina domestic worker, was executed for murder. Her execution severely strained relations between Singapore and the Philippines and caused many Filipinos to vent their frustration at their own government and the Singaporean government over the helplessness, abuse, and mental stresses that many Filipino overseas workers face around the world. Read more »
Singapore conducted an islandwide fuel ration drill. The exercise was to familarise Singaporeans with the procedures if fuel was rationed in the event of an oil shortage. It required participating motorist to exchange notification cards for ration coupon at post offices.
The Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments. As of immediate, the central bank said consumers will be limited to borrowing 70 per cent of the purchase price of a motor vehicle. Read more »