Seniors 'require special attention'

By:
On:
In: South-East Asia
Seniors 'require special attention'

According to Timothy Emen Lersmitivanta, CEO of Thonburi Wellbeing Co., the government has think outside the box to find a solution to Thailand’s rapidly aging world, lest it want the country ‘ senior citizens to burden future generations.

Mr. Timothy voiced his concerns about the government’s policies for the country’S senior citizens, which he deemed” insufficient” to ensure a good quality of life, at the Bangkok Post Forum 2023 titled” Thailand: The Era of Change” at Centara Grand at CentralWorld.

Thailand, along with Japan, is on track to become the only developing country in the world to be classified as a” hyperaged society” due to its rapid ageing.

He explained that since 1970, the number of people entering the workforce year after year has continued to fall, which results in lower performance.

This results in higher income for those who work in the workforce, but higher prices also results from a lack of output production.

He told the platform market,” The elder may save more as they now live longer.”

Together, the outcome means that the state will receive less income income, he said.

Mr. Timothy criticized the policies implemented by previous administrations over the prior 25 years, claiming that they were not intended to increase support recipients’ financial independence.

He used the One Tambon One Product ( OTOP ) program and various handouts that previous administrations had approved as examples.

According to Mr. Timothy, these programs” gave bad people bass instead of teaching them how to carp.”

” The perspective of the state needs to change.” A policy may keep the old out of the decision-making process in order for it to be effective. They should also be upskilled, he said, to improve their skills and boost their output.

He continued by saying that the government may survey its compulsory retirement policy, increase the retirement age, move out tax incentives, and encourage businesses to hire top citizens.

Additionally, it ought to cover the cost of insurance for the old, he said.

” We ought to be fully aware of where we are right now. We may fail if we don’t have the proper attitude, he said.

He claimed that the government may have learned from the Covid-19 pandemic how to better prepare its old population for any scenario.

But, Mr. Timothy claimed that the information appears to be against him.

The CEO claims that 41 % of Thais do not make retirement plans. Additionally, he claimed that about one-third of Thais over the age of 60 are still in debts.

The Thonburi Wellbeing CEO, but, asserted that the government still has time to fund initiatives that may support the country’s expanding elderly people.

The government needs to look into expanding the health insurance program for people 65 and older, mortgage programs for the elderly, specific business loans for businesses hiring older people, creating career opportunities for seniors, and facilitating career change training during that period.

He claimed that Thailand’s old won’t be able to prosper without powerful public and private cooperation.

Continue Reading

Govt claims 700 'mafia' crimelords identified

By:
On:
In: South-East Asia

Authorities place a high priority on the safety and secrecy of those who provided information on unlawful activities.

3 October 2023 at 18:44 was published.

Govt claims 700 'mafia' crimelords identified
After being detained in connection with the murder of a police officer at his house on September 6, Praween Chankhlai, also known as Kamnan Nok, is subjected to questioning by Crime Suppression Division officers. ( Photo Submitted )

According to Karom Polpornklang, a deputy state official, about 700 people have been listed as” mafia” – affiliated figures in the administration’s continuing destruction of unlawful activities linked with these influential people globally.

The record, which was compiled by the Ministry of Interior using information provided by local authorities and citizens, will be sent to a government committee charged with putting an end to their activities, according to the spokesman.

According to Mr. Karom, Prime Minister Srettha Thavisin has emphasized to the commission and all other participating government the significance of ensuring the safety and security of those who provide details about these individuals.

Mr. Srettha even emphasized the importance of setting up a secure environment for potential testimony so that they can feel comfortable and willing to cooperate, according to Mr Karom.

According to him, those with knowledge about mafia-like criminals can contact the authorities via the Damrong Tham centers, which are run by the Ministry of Interior across the country, and the Police Cyber Taskforce line 1599, at 1111 mailboxes.

According to Mr. Karom, the committee in charge of repression of powerful individuals has outlined 16 illegal functions that are categorized as mafia-style crimes.

They operate an illegal international career placement service, defraud tourists, sell and buy unregistered weapons and firearms, demand bribes from drivers or truck drivers, engage in price collusion when bidding to secure state contracts, illegally collecting commission from passenger transport service operators, demanding tea money from business owners, smuggling unlawful goods, operating illegal casinos, and procuring prostitutes.

A dinner party was held on September 6 at the home of Praween” Kamnan Nok” Chankhlai, a former kamna in Nakhon Pathom, in the midst of the well-publicized killing of highway police officer Pol Maj Sivakorn Saibua.

The original native chief, who is currently being investigated by police as a important believe in the murder case, also ran dingy construction company, which the authorities are now inspecting on suspicion of bid rigging.

Continue Reading

China's economic ills infecting the rest of Asia

By:
On:
In: Asia

The latest assessment of China’s decline from the World Bank is reassuring for the rest of Asia. However, the likelihood is not really awake enough.

The biggest market in Asia’s property sector is still receiving negative news, which is having an impact on global markets. The consensus among economists is that the multilateral lender is still far too optimistic as the World Bank lowers its 2024 China growth projection from 4.8 % to 4.5 %.

Consider the most recent assessment of the region’s consequences by the Asian Development Bank of China. The ADB issues a warning that” dangers to the prospect have intensified” as weaknesses in China’s house sector” hold back local growth.”

Investors have fled as a result of the struggles of China Evergrande Group & nbsp, which resumed trading on Tuesday. A significant debt restructuring plan has failed, the creator, which filed for default in 2021, just acknowledged. Authorities have prohibited the organization from issuing new loan because its president, Hui Ka Yan, is the subject of a criminal investigation.

According to researcher Thomas Gatley at Gavekal Dragonomics, that” threats to bring even more harm to China’s real estate sector and the broader business.”

Additionally, Gatley notes that” the likelihood of a government policy failure that disrupts markets and the economy has increased.” He therefore issues a warning that” as engineers delay or fail to make payments to their manufacturers, the financial strain of house developers is spilling over onto other businesses.”

For Asian neighbors who are relying on President Xi Jinping’s team to stabilize growth, the fact that the property sector in China accounts for up to 30 % of the gross domestic product ( GDP ) is terrible news. As a result, there is talk in Asia about andnbsp, disease risks, and the state’s 2024.

According to researcher Rick Waters at the Eurasia Group firm,” Industry and homebuyer attitude will likely continue to diminish and contribute to financial uncertainty as defaults snowball through the industry and Beijing withholds relief.”

In order to maintain the real estate industry, Beijing is in fact implementing a number of steps. The government is making an effort to ease monetary pressures without re-inflating real estate bubble, in contrast to earlier instances of slowing progress.

Regulators pushed commercial banks to reduce payment ratios for first-home purchases to 20 % and to 30 % in late September. Lenders reduced current first-time loan rates for borrowers with 40 million or more.

Guangzhou was China’s second top-tier city to end restrictions on purchasing more than two properties for people or one for nonresidents last quarter. Different cities can be seen doing the same.

Homebuyer trust will be lower despite easing measures, according to Waters, as more developers face definition and liquidation. Rates and sales will likely continue to decline in lower-tier cities.

Widespread Asia is starting to have issues with China’s real estate problems. Photo: Twitter

We believe that more top-tier places with district-specific restrictions will follow suit to encourage non-core areas and possibly key areas as well, according to Karl Shen, an scientist at Fitch Ratings. Given that their house sales are typically more constrained by policy, for policies, if they are implemented, may further focus demand in larger cities. Given top-tier cities’ little share in full, this will add little to the federal new homes market.

Officials warn Beijing to do more to encourage developers to fix balance sheets and prevent more defaults, saying that it may take China’s real estate market as long as a time to recover.

Selling in China’s largest cities may start to increase again in the next four to six months, according to Li Daokui, a past member of the monetary policy committee at the PBS and nbsp. However,” it will take anything from six months to one time for a great treatment” in smaller cities.

The World Bank’s most recent forecast simply contains a small amount of encouraging information: South Asian growth is expected to significantly accelerate in 2024, excluding China, thanks to better prospects for manufactured goods and commodities.

However, as economists at the World Bank note,” what happens in China matters for the entire place.” A 1 % decrease in its progress is correlated with a 0.3 percent point decline in regional development.

or perhaps even more, as the loss of Asia’s primary development website has a negative impact on investor, household, and business confidence throughout the region. Negative threats include political unrest as well. They include the possibility of Saudi Arabia announcing new oil production reductions, raising the risk of international prices.

According to Aaditya Mattoo, chief economist for East Asia and the Pacific at the World Bank, experts in the region predicted that China’s post-pandemic treatment may be” more prolonged and more important than it turned out to be.”

Rather, governments from Bangkok to Jakarta to Seoul are dealing with the reality of stagnant wages, poor retail sales, sweet private business expense, and elevated home debt levels that may spread throughout the area.

According to Mattoo,” this entire region, which had bizarrely benefited from trade tensions between the US and China, is now suffering trade diversion apart from it.”

China’s” third quarter has started on a weak note ,” according to economist Stephen Innes at SPI Asset Management,” with weakening exports and imports in July ,”” a significant property developer reportedly missing bond payment ,” and” consumer price inflation joining producer price in the negative year-over-year territory, although primarily due to food prices.”

The two main drivers of China’s development, exports and real estate, are facing significant setbacks, according to Innes, which are having a negative effect on both the local and global ASEAN chance markets.

Following Covid-19, the Association of Southeast Asian Nations ( ASEAN ) economies are dealing with rising debt levels. The region’s ability to manage this overhang while also investing in domestic infrastructure, increased productivity, and human capital is clearly and currently in danger due to rising & nbsp, US debt yields, etc.

In the meantime, Jerome Powell, chairman of the US Federal Reserve, is making hints about a 12th tightening walk in the upcoming 18 times, adding to the pressures on Wall Street and the world’s largest economy.

Jerome Powell, chairman of the US Federal Reserve Board, is in charge of how the world market will turn out. Asia Times Files, AFP, and Mandel Ngan

The combined effects of the Fed’s most extreme tightening since the mid-1990s are having a negative impact on US growth. According to Goldman Sachs planner David Kostin, solid and long-term rate increases are starting to hurt corporate profits and returns on capital.

The main risk for S & amp and P 500 ROE will be higher interest expenses and lower leverage in the new” higher-for-longer” rates environment, according to Kostin. It would be a departure from the traditional trend for” a situation in which interest cost and leverage consistently weigh on ROE.”

The world keeps getting more expensive, according to Capital.com scientist Kyle Rodda. The increase in oil increased the upwards pressure on bond yields, and the combination of higher fuel, higher yield and a higher ruble does not typically portend properly for equities.

There is some hope that the Fed’s tightening cycle is truly coming to an end, to be sure. According to scholar Rubeela Farooqi at High Frequency Economics,” Nevertheless, spending remains optimistic and inflation is slowing, which will be pleasant news to politicians.”

The Federal Reserve Bank of Chicago’s president, Austan Goolsbee, expressed optimism that the US is moving toward taming inflation without a formal recession next year.

According to Goolsbee,” The Fed has the opportunity to accomplish something very uncommon in the background of northern banks: to thwart inflation without tanking the economy.” The gold route may be studied for years if we are successful. If we don’t succeed, it will also be researched for a long time. But this strive to be successful.

Additionally, there is hope that China’s economy will start to recover more quickly than naysayers anticipate.

According to Morgan Stanley scholar Robin Xing,” a northern government-led, detailed plan to reduce local bill danger may be unveiled before / at the Third Plenum this drop.” ” From the third quarter 2023 onward, the business may be able to recover modestly thanks to the combination of these steps.”

The housing market will likely maintain in half a year, according to Yao Yang, dean of Peking University’s National School of Development. He claims that officials used to” overshoot” in their real estate onslaught. The central authorities will now” slowly release up on the supply side, very.”

After four consecutive months of collapse, China’s fresh home prices increased substantially in September. Developers accelerated launches to take advantage of Beijing’s new support measures as a result of the respite.

According to China Index Academy, a real estate consulting, the regular price increase starting in August was the largest month-over-month gain since October 2021. Just 30 of the 100 island places polled reported drops in new home prices.

The commencement of investing in China Evergrande stocks on Tuesday, along with a strong rallying price of up to 42 % on the Hong Kong Stock Exchange, may psychologically benefit the company.

Stocks of the business and subsidiaries like Evergrande Property Services Group were suspended on September 28. Hui, the leader of China Evergrande, was reportedly detained by police a moment earlier.

However, according to scientist Liu Jieqi of UOB Kay Hian Holdings, reform is still desperately needed. The” only option for debt restructuring ,” a move that” faces great uncertainties ,” continues to be the conversion of all debt to shares of Evergrande or of its arms.

Others, however, contend that China’s 2024 is a negative sign given the recent failure of designer Country Garden.

According to analysts at Barclays,” Country Garden was associated with China’s mass-market cover and urbanization story.” What little trust remained in the market was” shaken” by its difficulties making loan repayments.

Kenneth Rogoff, an analyst at Harvard University, adds that” the entire business is in trouble” as a result of China’s$ 18 trillion economy experiencing years of severe home shortages. Since the majority of China’s riches might collapse, how can you avoid the Chinese people from going into a stress mode? Rogoff queries. ” It’s not simple.”

The fact that” Chinese households no longer view cover as a healthy investment” presents an additional challenge, according to Société Générale analyst Michelle Lam.

President Xi Jinping and Chinese Premier Li Qiang. Xinhua image

In order to persuade homes to invest in stocks, Xi and Premier Li Qiang have intensified efforts to strengthen China’s money industry. and to create stronger social safety nets to persuade customers to spend more money and protect less. The switch from funding and property-led development is, at best, still in the early stages. That’s accurate both in China and elsewhere.

According to Mattoo, reforming the services sectors to take advantage of the digital revolution will be the next major driver of progress in a location that has truly prospered through trade and manufacturing investment.

In the interim, Asia is in danger. not just from China, either. The World Bank notes that the protectionist policies andnbsp of US President Joe Biden directed at China are having a negative impact on technology and electronics exports. Indonesia, Malaysia, the Philippines, Thailand, and Vietnam are among the countries under consideration.

According to Mattoo,” The care under these rules is discriminatory against nations that are not exempt from the local information requirements.”

2024 appears to be the year to lock those seatbelts, with China’s downturn and Washington struggling with recession rumors.

At @ WilliamPesek, you can follow William Peserk on X, formerly known as Twitter.

Continue Reading

Evergrande: Shares in crisis-hit property giant jump in market return

By:
On:
In: Asia
China Evergrande sign.shabby graphics

Shares of Evergrande, a Chinese real estate juggernaut that has been hit by the financial crises, have increased as investing in the company resumed after being suspended in Hong Kong.

On Thursday, the business ceased trading in its shares after announcing that its billionaire leader was the subject of an investigation by the authorities.

On Tuesday, Evergrande shares increased by more than 40 % in early trading before closing at about 15 % higher.

In 2021, it declared default on its debt, causing a real estate problems in China.

The most recent share hanging occurred only one fortnight after the company’s past 17-month investing halt was lifted.

When the town’s market was shut down for the National Day holiday on Monday, Evergrande stated in a statement to the Hong Kong Stock Exchange that” there is now no other in information in relation to that needs to be disclosed.”

When buying resumed in August following a more than 1.5-year hanging, Evergande’s shares fell by almost 80 %.

Since July 2020, the company’s stock market valuation has decreased by almost 99 %, and its shares are currently worth about HK$ 0.35($ 0.05,£ 0.04 ) each.

The company, which was once China’s top-selling real estate developer, has been struggling with debt totaling more than$ 300 billion(£ 248 billion ).

When Evergrande failed to make payments on its international obligations in late 2021, it caused jitters in the world financial marketplaces.

When it was revealed last week that authorities were looking into its flagship Chinese company Hengda Real Estate, the problems only got worse.

The company’s strategy to restructure agreements with its bondholders was further complicated by the growth.

Hui Ka Yan, the company’s founder and chairman, was” subject to mandatory procedures in accordance with the law due to suspicion of unlawful acts ,” it said a few days later.

Evergrande requested Book 15 debt protection in the US in August. While a foreign firm is working on restructuring its debt, Chapter 15 safeguards its US possessions.

According to some analysts, the most recent failures have raised the possibility that the business won’t be able to come to an agreement on a reform strategy with its creditors.

Evergrande will appear in court in Hong Kong to discuss a winding-up request that could potentially push it into bankruptcy. The reading, which was supposed to happen in July, will now happen on October 30.

Related Subjects

On this account, more

Continue Reading

China foreign policy grossly misunderstood in the West

By:
On:
In: Asia

Recently, the unexpected absence of Taiwanese president Xi Jinping from the G20 summit served as evidence of China’s ability to astound American officials. There were a few factors, such as the growing impact of the BRICS ( Brazil, Russia, India, and China ) agreement, that might have made this G20 less significant for Xi.

But frequently, European responses to Chinese decisions stem from a lack of comprehension of Beijing’s motivations. A deeper understanding of China may aid the West in more obviously interpreting Beijing’s steps at a time when many analysts believe China could challenge the US as the dominant global energy.

In light of this, these are five misconceptions about Chinese foreign policy that the West frequently makes.

1. It’s never a complex plan.

Chinese foreign policy has frequently been portrayed in American media as a royal scheme to gain global leadership. Western politicians, like South Dakota governor Kristi Noem, who asserted that China had a” 2000-year plan to destroy the US ,” have taken to liking this image.

Nevertheless, Chinese plan is not quite the complex scheme that has frequently been portrayed. Wolf Warrior politics, which has frequently been interpreted as a long-term, calculated method of Chinese hostility to Western leaders, is an example of this.

However, there are other perspectives on Wolf Warrior politics, including the need to support domestic nationalism and an unscrupulous answer to the bellicose rhetoric of the former US president Donald Trump’s administration. It also works well with a local audience to demonstrate Chinese leaders” talk hard” to their foreign counterparts and can deflect attention away from the economy’s poor performance.

Larger Chinese initiatives, like the Belt and Road Initiative ( BRI ), which aids and finances African and South American nations in building new infrastructure, may also have been developed in response to external factors, particularly the USpivot‘s 2010 expansion of its influence in Asia.

Instead of being a long-term plan for dominance, Chinese foreign policy has generally been developed in response to new innovations.

2. China handles governments

Another widespread worry is that Beijing has aided other nations’ social tyranny. Fears that China is trying to expand its political system beyond its borders have increased as a result of the Chinese model of economic growth.

However, the social elites of developing countries, many of whom have a colonial past, have been some of the biggest proponents for the China type. They recognize that China provides an alternative to the West in terms of luring investment.

However, Beijing typically adopts a laissez-faire stance toward its partners’ inner politics, with China being more willing to deal with democracies and dictatorships than to compel them to conform to its own political system.

A map showing China's historical trade routes.
A traditional image of the Silk Road connecting China’s business roads. Dimitrios Karamitros and Shutterstock via The Conversation on a chart

3. 3. The function of China in the global get

China has been portrayed as a revisionist power that aims to topple the democratic rules-based world buy and international organizations in one of the most prevalent ways in recent years.

Graham Allison’s 2017 text Destined for War, which warned of a China trying to overthrow US dominance, popularized this idea. It portrays the relationship between China and the US as the most recent in a long series of great power relationships that adhere to the same routine.

China does not, however, want to completely overthrow the entire post-Cold War technique, even though it wants to change some aspects of it, most notably because it is centered on US and democratic values.

For example, China has had a significant impact on well-established international organizations like the UN. China was one of the main beneficiaries of post-Cold Revolution modernization, and this economic model played a role in China’s quick growth.

4. China’s past experiences

One of the biggest problems with Chinese foreign policy is that it calls into question many preconceived notions of global relationships that are based on Western experiences.

However, China has a unique history that includes both its own international dominance and its fight and occupation. When discussing the” Century of Humiliation” ( 1839 – 1959 ), a time when China was ruled and occupied by colonial powers, Beijing makes reference to this past. This potent photo has the power to unite the local populace and create a common cause with developing countries, many of which were once colonies.

The Han, Tang, and Song empires in China, which ruled from 202 BC to 1279, had a significant impact on Chinese thought. Asia deal was centered around the Silk Road during this period of significant cultural and economic impact.

A strong China was once connected to the rest of the world by a long-established network of extremely lucrative trade routes known as the Silk Road, which was used to market its goods for centuries. The BRI, which provides China with a” fresh Silk Road,” demonstrates its desire to construct an updated version of this.

One can see Chinese foreign policy more plainly by comprehending the reasoning behind these legacy.

5. 5. The call for Taiwanese assistance

China’s financial aid and investment initiatives in developing nations are occasionally portrayed as nothing more than bribing corrupt governments or trapping them in” debt trap politics.”

Although these images are frequently used in American media coverage of Chinese foreign policy, they ignore how receiving aid affects the nation’s decision to accept Chinese financing and how this appeals to it as a substitute for Western aid programs, which typically include numerous governance-related conditions.

The importance of knowing one’s foes as well as oneself was again emphasized by Chinese military strategist and head Sun Tzu, and these terms are particularly relevant to understanding China immediately.

University of East London teacher Tom Harper specializes in international relationships.

Under a Creative Commons license, this essay has been republished from The Conversation. Read the original publication.

Continue Reading

China's Evergrande resumes Hong Kong trading

By:
On:
In: Asia

The company only recently resumed investing after a 17-month hiatus brought on by its failing to release its financial benefits. At the end of June, Evergrande estimated it had bills of$ 328 billion USD. Due to the investigation into its company, Hengda Real Estate Group, and the postponement of importantContinue Reading

Govt draws up list of 'dark' figures

By:
On:
In: South-East Asia

aims to examine local officials

PUBLISHED: 4:00 on October 3, 2023.

According to Deputy Interior Minister Chada Thaiset, a committee has finished compiling an inventory of” influential figures”— people who are said to have shady influence across the nation — for review today.

Less than 100 of the 600 – 700 names on the list, according to Mr. Chada, were classified as” hardcore” and were listed in a red group.

A watch list was made up of the remaining names, which were listed in a golden party. Among them, he claimed, were independent gunmen for use.

He said the list would need to be compared to police and security agency directories and declined to go into more detail.

Mr. Chada claimed he had not seen the record, which was still considered private.

He stated that the commission established by the Interior Ministry would review the list first now.

The names may be checked to see if they had a history of committing any of the 16 different types of crimes that were used to determine whether someone was an influential person or someone with shady effect.

Improper money banking, cooperation with government agencies in the buying process for work contracts, illegal business extortion, smuggling, running gambling dens, human trafficking, cheating workers looking for foreign employment, being a gunman for hire, using force to collect debt, dealing in war weapons and other illegal weapons, interfering with natural resources, and engaging in illegal drug trade are among the 16 types of crime.

Mr. Chada declared that he would also go on a tour of the nation to meet with local leaders to discuss worries about unlawful actions.

He stated that blood tests would also be needed to identify illegal drug use in those who assume the positions of community and tambon chiefs.

Mr. Chada claimed that in his native province of Uthai Thani, he was once listed as an” important number.” However, I have established that I did nothing illegal. I’m not longer a powerful person. He announced,” I am today a government minister working for the nation.

Continue Reading

Woman who lost lawsuit against psychiatrist ex-lover faces bankruptcy after failing to pay S$250,000 claim

By:
On:
In: South-East Asia

SINGAPORE: A woman who lost her lawsuit against her ex-lover for medical negligence is now facing bankruptcy after failing to pay more than S$250,000 (US$182,600) in costs and other fees to him. 

Ms Serene Tiong Sze Yin took Dr Chan Herng Nieng, a psychiatrist, to court in 2020, accusing him of making her addicted to Xanax, a medication to treat anxiety, during their relationship from 2017 to 2018.

Dr Chan, a medical professional with around 20 years of experience, previously ran his own practice at Capital Mindhealth Clinic.

Ms Tiong, who was married, began an affair with Dr Chan in January 2017, according to previous media reports. Dr Chan, then single, gave Ms Tiong Xanax tablets for her anxiety. 

The duo broke up around May 2018, after Ms Tiong found explicit WhatsApp messages between Dr Chan and his then-close friend, colorectal surgeon Julian Ong about their sexual exploits with other women. Ms Tiong filed a complaint with the Singapore Medical Council, which launched an investigation and disciplinary proceedings. 

In turn, Dr Ong sued Ms Tiong for defamation for claiming that he and Dr Chan had colluded to take sexual advantage of their patients. Dr Ong won the lawsuit on appeal. 

However both Dr Ong and Dr Chan were found guilty of improper conduct and suspended from practice. On appeal by the Singapore Medical Council, both doctors had their suspensions extended in December last year. 

Ms Tiong also sued Dr Chan, claiming that he prescribed her Xanax, which she suffered a side effect from, and later became addicted to. 

She also alleged that Dr Chan had told her that he was committed to a long-term and exclusive sexual relationship with her. Subsequently, Ms Tiong suffered a mental and emotional breakdown when she discovered that Dr Chan was having sexual relations with other married women during their relationship. 

In July last year, the High Court rejected Ms Tiong’s claims. The judge found Ms Tiong’s testimony to be unreliable and her claims to be an “abuse of the court process”.

The judge ruled that the lawsuit was, at its core, a lover’s spat, and described it as “the latest episode in Ms Tiong’s plot for revenge against the one who spurned her”.

The court ordered Ms Tiong to pay costs to Dr Chan, but Ms Tiong has not been able to pay her debt, amounting to S$250,475.40 in court documents seen by CNA.

The sum includes costs arising from the lawsuit, and from related applications, such as Dr Chan’s application to revoke a subpoena issued by Ms Tiong. 

Dr Chan filed a bankruptcy application against his former lover on Sep 22 this year. In an affidavit supporting the application, he said that his solicitors served a statutory demand setting out the debt to Ms Tiong on Jun 13 this year. 

The statutory demand stated that Ms Tiong should apply to set it aside within 14 days, or settle her debts within 21 days – or by Jul 4 this year – failing which she could be made bankrupt, and her property and goods seized. 

However Ms Tiong did not comply, or apply to set aside the statutory demand. 

“I therefore believe that Ms Tiong is presumed to be unable to pay her debts,” Dr Chan stated. Dr Chan then filed the bankruptcy application to recover the debt. 

The hearing for the application is fixed on Oct 26, during which the court may decide to grant the bankruptcy order. If Ms Tiong is unable to repay the debt, she will be declared a bankrupt and her assets taken.  

In response to queries about the application, Ms Tiong said she was a single mother raising a teenage boy, while her father was unemployed. 

She also said she is servicing a Housing Board (HDB) mortgage. 

Asked if she intends to challenge the application, Ms Tiong said: “I have no choice. (I) can’t pay up.

“(I am) shocked, sad. I can’t travel with my son. I wanted to bring him overseas. (The bankruptcy application is an) embarrassment to my family. I tried so hard, worked so hard, yet I lost,” she said. 

CNA has contacted Dr Chan for comments through his lawyer. 

Continue Reading