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UBS says to complete Credit Suisse takeover on 12 June

Swiss banking giant UBS is set to finalize its acquisition of troubled domestic rival Credit Suisse by 12 June, according to both banks. The completion date is slightly later than previously anticipated.

UBS agreed to purchase Credit Suisse for three billion Swiss francs (US$3.25 billion) under government pressure to prevent its collapse. Upon completion,

Credit Suisse shares and American Depositary Shares will be delisted, creating a superbank overseeing US$5 trillion of invested assets, according to UBS CEO Sergio Ermotti.

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ZURICH, SWITZERLAND — Swiss banking giant UBS is expected to complete its takeover of crisis-hit domestic rival Credit Suisse as early as 12 June, the two lenders said on Monday.

The date is slightly later than predicted by UBS chief executive Sergio Ermotti, who had said that the merger could be finalised by late May or early June.

The bank had initially foreseen a late-June closing date.

Switzerland’s biggest bank agreed to buy Credit Suisse on March 19 for three billion Swiss francs (US$3.25 billion), under strong pressure from the government its rival from collapsing.

“UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG,” UBS said in a statement.

Upon completion of the merger, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the Swiss stock exchange and the New York Stock Exchange, the statement said.

Ermotti has said the takeover will create a superbank in charge of US$5 trillion of invested assets.

— AFP

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AFP

Singapore hangs 14th drug convict since last year

Singapore executed Mohd Aziz bin Hussain, convicted of drug trafficking, amid a resumption of executions in 2022. Another woman prisoner, Saridewi Djamani, faces execution.

Amnesty International urged Singapore to halt the executions, questioning the deterrent effect of the death penalty.

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26 July 2023

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SINGAPORE, SINGAPORE — Singapore on Wednesday hanged a local man convicted of drug trafficking, officials said, two days before the scheduled execution of the first woman prisoner in the city-state in nearly 20 years.

Mohd Aziz bin Hussain, convicted and sentenced to death in 2017 for trafficking “not less than 49.98 grams” (1.76 ounces) of heroin, was executed at Changi Prison, the Central Narcotics Bureau said in a statement.

The 57-year-old was the 14th convict sent to the gallows since the government resumed executions in March 2022 after a two-year pause during the Covid-19 pandemic.

Hussain’s previous appeals against his conviction and sentence had been dismissed, and a petition for presidential clemency was also denied.

A woman drug convict, 45-year-old Saridewi Djamani, is scheduled to be hanged on Friday, according to the local rights group Transformative Justice Collective (TJC).

She was sentenced to death in 2018 for trafficking around 30 grams of heroin.

If carried out, Djamani would be the first woman executed in Singapore since 2004, when 36-year-old hairdresser Yen May Woen was hanged for drug trafficking, according to TJC activist Kokila Annamalai.

Singapore has some of the world’s toughest anti-drug laws — trafficking more than 500 grams of cannabis or over 15 grams of heroin can result in the death penalty.

Rights watchdog Amnesty International on Tuesday urged Singapore to halt the executions, saying there was no evidence the death penalty acted as a deterrent to crime.

“It is unconscionable that authorities in Singapore continue to cruelly pursue more executions in the name of drug control,” Amnesty death penalty expert Chiara Sangiorgio said in a statement.

Singapore, however, insists that the death penalty has helped make it one of Asia’s safest countries.

Among those hanged since last year was Nagaenthran K. Dharmalingam, whose execution sparked a global outcry, including from the United Nations and British tycoon Richard Branson, because he was deemed to have a mental disability.

— AFP

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AFP

Singapore to execute first woman in nearly 20 years: rights groups

Singapore set to execute two drug convicts, including first woman in 20 years, despite rights groups’ calls to stop.

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25 July 2023

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SINGAPORE, SINGAPORE — Singapore is set to hang two drug convicts this week, including the first woman to be sent to the gallows in nearly 20 years, rights groups said Tuesday, while urging the executions be halted.

Local rights organisation Transformative Justice Collective (TJC) said a 56-year-old man convicted of trafficking 50 grams (1.76 ounces) of heroin is scheduled to be hanged on Wednesday at the Southeast Asian city-state’s Changi Prison.

A 45-year-old woman convict who TJC identified as Saridewi Djamani is also set to be sent to the gallows on Friday. She was sentenced to death in 2018 for trafficking around 30 grams of heroin.

If carried out, she would be the first woman to be executed in Singapore since 2004 when 36-year-old hairdresser Yen May Woen was hanged for drug trafficking, said TJC activist Kokila Annamalai.

TJC said the two prisoners are Singaporeans and their families have received notices setting the dates of their executions.

Prison officials have not answered emailed questions from AFP seeking confirmation.

Singapore imposes the death penalty for certain crimes, including murder and some forms of kidnapping.

It also has some of the world’s toughest anti-drug laws: trafficking more than 500 grams of cannabis and 15 grams of heroin can result in the death penalty.

At least 13 people have been hanged so far since the government resumed executions following a two-year hiatus in place during the Covid-19 pandemic.

Rights watchdog Amnesty International on Tuesday urged Singapore to halt the impending executions.

“It is unconscionable that authorities in Singapore continue to cruelly pursue more executions in the name of drug control,” Amnesty’s death penalty expert Chiara Sangiorgio said in a statement.

“There is no evidence that the death penalty has a unique deterrent effect or that it has any impact on the use and availability of drugs.

“As countries around the world do away with the death penalty and embrace drug policy reform, Singapore’s authorities are doing neither,” Sangiorgio added.

Singapore insists that the death penalty is an effective crime deterrent.

— AFP

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