Billion-dollar money laundering case: Accused with Singapore properties worth S$115m may face forgery charges

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SINGAPORE: One of the ten individuals facing charges in Singapore’s biggest money-laundering investigation may be charged with additional counterfeit for allegedly giving businesses fake documents to conceal the source of money in his accounts.

This was made clear in an affidavit that the investigating officer ( IO) submitted to the court on Wednesday, October 18, in support of the prosecution’s opposition to Su Jianfeng being granted bail.

Su, 35, is currently facing four charges of having illegal proceeds from illegal remote gambling offenses, including$ 550, 903 in cash and S$ 17 million kept in three safe deposit boxes.

On August 15, he was taken into custody in a Good Class Bungalow on Third Avenue close to Bukit Timah. According to previous court hearings, his family is also a witness in the studies.

Su or his wife’s assets that were seized or frozen include money in the amount of S$ 18.4 million, lender transactions totaling S$ 66.1 %, cryptocurrencies valued at S$ 26.5 million and 13 properties for S$ 123.3 million each, as well as four vehicles worth$ 4.7 million.

District Judge Terence Tay denied him parole on Wednesday, claiming that the investigation is still ongoing and that there are still wanted conspirators. He claimed that he had not provided a sufficient justification for how the money was obtained.

Su has denied giving businesses forged papers to conceal the source of his money.

In response to Su’s petition, however, Mr. Lye Jia He of the Singapore Police Force Commercial Affairs Department stated that there is proof that Su deliberately did so based on his studies.

Falsified sales contracts, product agreements, and quarterly reports to banks are examples of these forged documents that serve as supporting evidence for the origin of the money that he and his wife received in Singaporean bank accounts.

Once the investigation is finished, additional fraud charges may be brought against the accused, IO Lye continued.

Su had asserted in his oath that the sources of his success used to finance domestic and international real estate properties were both income from cryptocurrency trading and earnings from his work as a property agent.

According to studies, Su’s major source of wealth is his earnings from illegal remote gambling offenses.” I do not think this is correct ,” IO Lye said.

He continued,” He has not been allowed to probably explain any additional source of income.”

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Family coaches, 'action plans' for lower-income families in enhanced ComLink: Lawrence Wong

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SINGAPORE: As part of improvements to increase social mobility, the ComLink program will provide more assistance to lower-income people living in rented accommodation, according to Deputy Prime Minister Lawrence Wong on Thursday( Oct 19 ). According to Mr. Wong, the Ministry of Social and Family Services ( MSF ) willContinue Reading

Russia's Lavrov hails deeper ties in N Korea visit

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Russian Foreign Minister Sergei Lavrov takes part in a welcoming ceremony upon his arrival in Pyongyang, Korea's North, October 18, 2023Reuters
By Jean Mackenzie, Derek Cai, andamp
in Seoul and Singapore

According to Sergei Lavrov, the Russian Foreign Minister, Moscow has” completely supported” Korea’s Northn leader Kim Jong Un.

Mr. Lavrov expressed gratitude to Korea’s North for its assistance in Ukraine while on an established visit there.

His continued journey prepares the way for President Vladimir Putin to possibly travel to Korea’s North.

The US claimed last week that Korea’s North had started sending Russia sizable amounts of weapons for use in Ukraine.

Following Mr. Kim’s days-long trip to Russia in September — his first trip abroad since the pandemic — where he met with Mr Putin to discuss” possibilities” for military cooperation— Mr. Lavrov paid a two-day visit.

The defense secretary of Russia even traveled to Korea’s North earlier in July and was shown the nation’s newest weapons, including the Hwasong international ballistic missile.

Mr. Lavrov pledged Moscow’s” full help” for President Kim and accused the US and its supporters of starting a” war against the Soviet league” at an official receipt on Wednesday.

He did not go into further detail, but added that he was there to talk about putting the plans into action that were made when Mr. Putin and Kim met next quarter.

Uncertainty surrounds whether Mr. Lavrov will run into Mrs. Kim while on his latest journey, as he did during his previous trip to Pyongyang in 2018.

However, Washington had forewarned that Pyongyang was purchasing arms for Moscow’s conflict with Ukraine and that any North assistance would be against UN commitments.

The US released knowledge and evidence on Friday, claiming that the transfer of munitions and artillery had now begun.

Earlier in September, 300 vessels were reportedly transported from the Korea’s Northn harbor of Nanjin to Dunay on Russia’s west coast before being moved to a military storage facility close to the Ukrainian border in Tikhoretsk.

Because Korea’s Northn weapons are compatible with Russian artillery systems, experts previously told the BBC that Moscow would be interested in them.

Due to its ongoing fight with the South, Korea’s North has a sizable arsenal. Theoretically, the two nations are still at war.

Korea’s North’s business is in a terrible position, with the nation lacking in necessities like food and medicine due to international sanctions and pandemic restrictions that have only just started to loosen.

According to some experts, Mr. Kim may have requested humanitarian assistance in September during the purported hands agreement with Russia. However, some believe Pyongyang might be hesitant to give away too many weapons given their relative dearth of resources.

Both Korea’s North and Russia have committed to strengthening ties with one another over the past six months as both nations have grown more and more isolated on the global level.

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Yunchan Lim: 19-year-old piano sensation signs record deal

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Yunchan LimJohn Hole
Written by Mark Savage
Journalist for BBC Music

A 19-year-old musician who has been dubbed” classical music’s solution to K-pop” has agreed to an exclusive contract with Decca Records in the UK.

When Yunchan Lim won the prestigious Van Cliburn Piano Competition in Texas next month, he astounded the music industry.

His rendition of Piano Concerto No. 1 by Rachmaninoff Since then, more than 12 million people have watched 3.

After a protracted bidding war, Decca decided to buy the player.

Before he suddenly made the decision to sign with the 94-year-old American logo, Yunchan was courted by record business executives in Tokyo, Paris, Amsterdam, Rome, London, New York, and Seoul.

He stated in a statement that” Decca has produced data with excellent audio quality and has worked with many famous guitarists.”

” It’s a record company that one can really appreciate if they’re musicians.”

The teenager’s performances have been characterized as” visceral ,”” magnetic ,” and” poetic” and appear to come out of nowhere. Conductor Marin Alsop was moved to tears by his fiery performance of Rachmaninoff’s symphony in Texas.

Reviewing Lim’s American comeback at the Wigmore Hall next January, Jessica Duchen of the Independent wrote,” A little, impassive, more heavenly lad, Lim seems not just at one with his piano, but favourably in love with it.”

” He plays so well that you think you’re dreaming ,” he said.

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According to Norman Lebrecht in The Critic,” Yunchan plays the notes— all of them— as pathways to a surreal elsewhere.” His portrayal of Rachmaninoff transitioned from” quietly, calmly penetrating lucidity” to” pinging intensity ,” according to The New York Times.
Zacharay Wolf wrote,” By the end of the piece, his lower body was jack-knifing toward the locks at motifs, with his left finger stomping.”

Yunchan, who was born in Siheung, South Korea, in 2004, attributes his passion of the music to his mother’s early piano lessons with Chopin and Liszt.

At the age of seven, he began music classes, and a year later, at the Music Academy of Seoul Arts Center.

His teacher previously told the New York Times,” I quickly noticed that he was a great ability.” He is extremely sincere.

He has released two recordings since taking first place in the Van Cilburn contest: one of Liszt’s devilishly challenging Transcendental Études, which was recorded at the competition semi-finals; and a live performance of the Beethoven sonata with the Gwangju Symphony Orchestra.

Within hours of its release, the latter, which was made available by Universal Music Korea, reached silver status in his native land.

Decca may release his first theater saving in the spring of 2024.

Tom Lewis, co-president of the label, stated in a statement that” Yunchan is, quite simply, the most exciting new classical musician on the planet.” We are thrilled that he chose us because it took a world goal to get his signature.

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Google beefs up Android security to better detect malicious apps amid spike in malware scams

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SINGAPORE: Google is improving its Play Protect malware protection program to” adding real-time searching at a script level” in order to more accurately identify whether an Android software may be infected with malware. Google announced on Thursday( Oct 19 ) that” this enhancement will help better protect people against harmfulContinue Reading

Nvidia and iPhone maker Foxconn to build "AI factories"

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Chief executive officer of Nvidia Jensen Huang and Chairman of Foxconn Technology Group Young Liu attend the Hon Hai Tech Day in Taipei.shabby pictures
Mariko Oi, by
writer for business

The most significant chip manufacturer in the world, Nvidia, and the iPhone manufacturer Foxconn are collaborating to create so-called” AI factories.”

The firms say it is a new kind of data centre that uses Nvidia chips topower a “wide range” of applications.

They cover big speech designs, robotics platforms, and autonomous vehicles.

In a punch to Nvidia, the US recently announced plans to stop more developed chip exports to China.

Sales of two high-end artificial intelligence cards Nvidia developed for the Foreign market, the A800 and H800, will be halted by the most recent exportation restrictions announced by Washington this year, according to the business.

Nvidia CEO Jensen Huang, who was born in Taiwan, and Foxconn president Young Liu shared a level on Wednesday at the company’s annual tech display in Taipei.

According to Reuters,” A innovative type of manufacturing has emerged: the production of knowledge and the data centers that produce it are AI companies.” Foxconn had the knowledge and level to construct these businesses worldwide, Mr. Huang added.

Foxconn, according to Mr. Liu, is attempting to” convert itself to a software solution business ,” citing smart production and smart cities as additional uses for AI factories.

Nvidia’s stock market value has increased to over$ 1 trillion as its shares more than tripled in value this year as a result of the company using its advanced chips in AI applications.

Along with Apple, Microsoft, Alphabet, and Amazon, it became the second formally traded US company to meet the so-called” Trillion dollars team.”

Foxconn, which produces more than half of the country’s Apple products, has been working to expand its offerings and build smartphones and personal computers with the same level of success.

Electric vehicles( EVs ) are what will fuel its growth in the upcoming decades, Mr. Liu told the BBC in an exclusive interview in June.

Foxconn and Nvidia announced a collaboration to create automatic automobile platforms in January, in which the latter would produce electric control systems for automobiles based on the chips of that company.

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BYD: The top electric car maker that is not Tesla

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People looking at a BYD Seal U electric car at the IAA Mobility 2023 international motor show in Munich, Germany.shabby Graphics
authored by Monica Miller
Singapore-based BBC News

Tesla, an electric vehicle manufacturer, has a Chinese competition in the rearview mirror.

This week, BYD, or Develop Your Dreams, saw a sharp increase in shares after the company announced that third-quarter profits would be more than twice as high as they were last year.

BYD is currently subsequent to the US automaker in international sales and back of Tesla in monthly production.

Its success also demonstrates how rapidly China’s car industry is expanding; this month, China overtook Japan as the largest exporter in the world.

It’s a ray of hope for the slow Taiwanese economy, which is recovering from an extreme home problems and record unemployment.

On the other hand, Beijing’s tensions are also rising with many of the countries that are export industry for its electric cars or Vehicles, not the least of which are the US and European Union. This is yet another illustration of how difficult it will be for European nations to stop relying on Chinese goods as the world transitions to new, cleaner technologies.

How BYD created its aspirations

It had an edge right away because BYD was initially a power company that afterwards began producing cars, in contrast to automakers who expanded to include electrical models.

Wang Chuanfu, its chief executive, was born in Wuwei County in 1966 to a farming community in one of China’s poorest provinces. He is then reportedly worth$ 18.7 billion. As a student, Mr. Wang was raised by his older brother and sister after becoming orphaned.

He co-founded BYD in 1995 with his cousin in Shenzhen after earning degrees in architecture and the natural science of metalworking. The pair established a brand for themselves as producers of rechargeable batteries that competed with more expensive Chinese exports and were used in smartphones, tablets, and other devices.

In 2002, it was listed on the stock market. And it quickly expanded by buying Qinchuan Automobile Company, a struggling state-owned automaker.

Beijing officers were looking for a business space that China had complete even though EVs were still in their youth at the time. As the state prioritized the production of renewable energy, they introduced incentives and revenue cuts in the early 2000s.

It was the ideal time for BYD. In essence, the engines that had power EVs were the chargers it had been producing.

Warren Buffet, a US tycoon investor, invested 10 % in BYD Auto in 2008 with the intention of making it” the largest player in the global car market that was certainly going electric.”

He was correct, too. Due in large part to BYD, China currently dominates global EV output. Beijing is eager to hold onto that advantage; in June of last year, it offered EVs$ 72. 3 billion in revenue breaks spread out over four years, providing the biggest motivation at a time when sales have slowed.

Experts claim that BYD’s original business, batteries, are responsible for its expansion. Making them in-house saves BYD a ton of money because they are among the most costly components of an Vehicle. Tesla and other rivals rely on third-party makers for their batteries.

BYD founder Wang Chuanfu at his Shenzhen headquarters

shabby Graphics

According to a UBS report, Tesla’s Chinese-made base Model 3 sedan is outperformed by the BYD Seal by 15 %.

Seagull, BYD’s entry-level EV, costs$ 11,000 to purchase. Tesla just unveiled a Model 3 sedan, which went on sale for nearly$ 36 000 in China.

Additionally, the Chinese firm appears to be a strike outside of the EV market; earlier this year, it overtook Volkswagen of Germany as China’s top-selling automaker.

Tesla vs. BYD

When asked about BYD and Chinese rivals in a 2011 broadcast meeting, Elon Musk laughed. At the time, Tesla was also a fresh publicly traded company and had just unveiled the Model S, the primary vehicle they had ever introduce.

Mr. Musk perhaps regrets his reaction today. According to latest China Passenger Car Association information, Tesla sold 74, 073 Chinese-made EVs in September, a decrease of about 11 % from the previous year.

BYD, which sold 286, 903 vehicles in the same time span, was in striking contrast to this. That represents a nearly 43 % increase in sales of EVs and gasoline-electric hybrid models.

The humorous twist is that Tesla is to blame for EVs’ rising reputation in China. Users were not persuaded to purchase EVs by natural incentives until Tesla arrived.

According to Counterpoint Research auto analyst Ivan Lam, it is still” one of the favorite EV brands in China ,” and it continues to be well-liked by younger consumers.

China loosened the regulations to permit foreign companies to completely unique manufacturing and sales operations in the nation when the world’s largest auto market wanted to import more EVs. Prior to that, businesses like General Motors and Toyota required a local partner in order to actually construct factories in China.

When that changed, Tesla seized the chance. Tesla continues to be the biggest producer of electric vehicles made in China and the second-largest owner of Batteries there.

Mr Musk walks with Shanghai Mayor Ying Yong in the rain

shabby Graphics

Mr. Musk has ambitious plans to grow his presence in China and construct sizable power warehouses that would serve as a sort of EV grid and charging stations.

He has, however, also focused on India, which is positioning itself as a rival to the Chinese business, as conflicts between Washington and Beijing worsen. Following a meeting with Indian Prime Minister Narendra Modi in June, Mr. Musk stated that Tesla would arrive in India” as soon as physically achievable.”

Does the contest be won by Chinese electric vehicles?

For tradition carmakers, whose company is also driven by gasoline engines, the lane is quickly becoming more constrained. By 2030, as natural subsidies to combat climate change grow, experts predict a geological move.

European and British automakers are having trouble staying competitive. However, China’s apprehension may lead to legislation that will make the market in Europe less visible to rival Chinese automakers.

In order to shield EU producers from a” storm” of imported, less expensive Chinese EVs that it claims profit from Beijing’s incentives, the European Commission has started an investigation. Ursula von der Leyen, the country’s president, asserted that the EU was still aware of the impact China had on its thermal industry due to its” unfair trade techniques.”

However, for the time being, Europe, which is struggling with inflation and energy costs, is enjoying BYD’s cheap, efficient cars.

Foreign Batteries were the hot topic at the largest auto show in Europe, which was held in Munich in September. Mercedes Benz, BMW, and Volkswagen’s home country is struggling to maintain its production of electric vehicles for the international market.

” Value is in high demand all over the world. And according to Mr. Russo, that is a statement of common value.

And he continues,” China is the place that you provide that to the world best now.”

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Quick chaat at a Little India kiosk where the street food is as authentic as it gets in Singapore

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After finishing his studies in England, he embarked on a soul-searching, life-altering journey to Nepal. He imagined a cafe in Singapore where he could restore the same serene, grounding atmosphere, inspired by how straightforward the Bangladeshi way of life was. His repeated trips back and a yoga training stay in India strengthened his strong ties to both nations. Even though things can become disorganized, you can still be at peace. Somehow it functions ,” Oliver said.

He established Going Om, a shop and yoga studio in Haji Lane that served as an oasis for local artists and people looking for relief from city life, in remembrance of himself. His travel experiences and suggestions from his Bangladeshi and Indian staff were combined to create the menu.

However, the COVID-19 epidemic claimed the cafe’s life after 14 times in operation. Oliver, however, has no regrets because he understands that the time and effort put into it went beyond a simple business opportunity. With food as the common speech, it served as a pipe for social understanding and human relationship.

Oliver picked Singapore’s Little India as our makan place to recreate his previous gastronomical activities with me. He frequently visits the area to explore the narrow lanes, take in the teeming atmosphere, and test a few snacks. Case in point: The street food shop for Dwaraka Restaurant is strategically situated across from the renowned Mustafa Center.

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Commentary: Singapore has long resisted unemployment benefits, so why the change of heart?

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Prevent long-term dependence and gambling

How can the program be made so that users won’t get gaming to be in their best interests?

There may be a cap on how much benefits are paid in order to deter people from being on support for an extended period of time and staying at home instead of constantly looking for work. Alternately, the level of support may be correlated with the length of unemployment, beginning fairly high in the early weeks before falling off over time until it finally reaches zero.

While many nations do include a cap on how long unemployment benefits can be paid, some nations, unexpectedly, do not.

Additionally, the sum shouldn’t be so high that it encourages people to stay poor. Consideration of the last drawn pay with a suitable amount of discounting is one strategy. For instance, a maximum cap may be imposed and the level of support set at the percentage of previous drawn pay.

Of course, a sensible strategy is required, and the discounting level shouldn’t be so high that it properly renders the support useless. The goal should be to give workers adequate protection so they can meet their urgent financial needs while they are unemployed while still making it difficult for them to find employment. & nbsp,

Mr. Wong made a reference to the rewards being” properly sized.” However, individuals will always have different ideas about what is ideal.

Will there be a fixed amount of support for justice? People who are happy to make less than this amount may be more likely to stay poor. Additionally, basing it on the final salary received would meet each person’s specific financial needs, but that would inevitably result in different amounts for different people.

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Is the COE system broken? Experts say it does its job but a review is needed

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Singapore’s car population has been under the control of the system for the past 33 years since Certificates of Entitlement ( COEs ) for vehicle ownership were introduced.

However, authorities told CNA that private cars are now being used for ride-hailing providers and that the COE system has not undergone a” more basic review” to address these shifts. & nbsp,

COE costs for all types of cars once more peaked on Wednesday, October 18. While Category B cars, which are bigger and more powerful, breached an eye-watering S$ 150, 000, COE for smaller cars in Category A increased to S$ 106, 000 ( US$ 77, 500 ).

Members of the public have questioned whether the system is broken as data continue to be broken at each COE selling practice.

Singapore is being” penalized unnecessarily by a good system gone rogue ,” according to one Facebook commenter. Another advocated for its abolition and claimed that it is ineffective because there are still customers jam.

Economists were questioned by CNA regarding the validity of claims that the system cannot be repaired or whether it is operating properly.

Prices may be rising as a result of personal trucks being used for business purposes, they claimed. Consumers, for instance, & nbsp, must contend with rental companies and customers who plan to use the cars as private-hire cars.

According to Mr. Yeo Swee Guan, a control connect at Motorist Singapore,” PHVs and car rental ships may be significantly contributing to the historically high Department costs we are currently experiencing.“

” While the cost of a COE at current costs may be an extremely significant cost to individuals and communities, they would be less of an issue to organizations whose companies are in rental or rent.”

According to Mr. Ng Lee Kwang, board director at commercial car rental company Goldbell Corp., purchasing a car makes feeling for those who are using it for business, such as hire fleet owners or people who drive private-hire vehicles.

We don’t include a( profit and loss statement ) as individual consumers, he claimed. ” We buy the car and we’re stuck with it ,” said & nbsp.

Private-hire cars can be transformed into private vehicles for sale. S$ 100( US$ 73 ) is required for the conversion.

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