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Danisha Hakeem

No ‘impropriety’ by DBS in May 2016 sale of S$500m Hyflux perpetual securities: MAS

There was no form of ‘impropriety’ found in DBS’ arrangement of the sale of perpetual securities by Hyflux in 2016, said the Monetary Authority of Singapore (MAS). Responding to Bloomberg‘s queries, MAS added that DBS Group Holdings Ltd. had acted in compliance of regulatory requirements as both manager and distributor of the perpetual securities. “As the issue manager, DBS conducted …

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Former AG Walter Woon to join Lee Suet Fern’s legal defence team against AGC’s allegations of professional misconduct

Former Attorney-General Walter Woon will be acting on behalf of Lee Suet Fern, the daughter-in-law of Singapore’s founding Prime Minister Lee Kuan Yew, in disciplinary proceedings involving allegations of misconduct made by the current Attorney-General Lucien Wong regarding her involvement in drafting the late Mr Lee Kuan Yew’s final will. Lee Hsien Yang, Mrs Lee’s husband, said in a Facebook …

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Investing in perpetual securities instead of common stocks “an opportunity cost”: Socioeconomics commentator and former banker Chris Kuan

Investing in a particular company’s perpetual securities instead of its common stocks poses “an opportunity cost”, opines retired Singaporean international banker and prominent socioeconomics commentator Chris Kuan. Perpetual securities, or “perp” notes, typically pay “a higher coupon than ordinary bonds” due to an absence of “a final maturity period”, he added, in addition to having a lower rank compared to …

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Singapore withdraws ILS, Firefly to resume flights to the Republic via Seletar Airport

Following the extension of the suspension of Singapore’s Instrument Landing System (ILS) procedures for Seletar Airport and Malaysia’s permanent Restricted Area (RA) over Pasir Gudang, the Republic has agreed to completely withdraw the ILS while Malaysia’s suspension of the RA will be an “indefinite” one. The agreement was put in place by the Civil Aviation Authority of Singapore and the …

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NUS gastroenteritis outbreak left 22 students ill with one hospitalised, marks second incident in a fortnight since PCF Sparkletots case

22 students residing at the Ridge View Residential College of the National University of Singapore (NUS) were hit by a gastroenteritis outbreak on Mon (1 Apr), with one of them hospitalised, according to the Ministry of Health (MOH) and Singapore Food Agency (SFA). MOH and SFA added in their joint statement on Fri (5 Apr) that investigations are still ongoing …

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“Possible” to postpone JB-Singapore RTS deadlines within framework of bilateral agreement, mutual consent: MOT

Further delays are to be expected regarding the JB-Singapore RTS Link project as Singapore’s Ministry of Transport (MOT) announced on Thu (4 Apr) that a review of the bilateral agreement (BA) regarding the project is “possible”. MOT noted that any review or deadline extension will be “subject to mutual consent of both countries”. “For example, Malaysia can request to suspend …

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MinLaw’s Means test for legal aid places tedious hurdles to pass, contrary to Minister Edwin Tong’s suggestion

Multiple debates and criticisms have sprung regarding the Protection from Online Falsehoods and Manipulation Bill following its introduction in Parliament on Monday (1 Apr), including those concerning the legal costs that will possibly be incurred by parties who have been issued Part 3 Directions under Section 17 of the proposed Act. Speaking at a forum held at the Singapore Management …

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Hyflux cancels bailout agreement with SMI Investments, citing lack of confidence in consortium’s ability to proceed with deal

The tables have turned on the Salim-Medco Group as debt-laden water treatment firm and genco Hyflux decides to call off its rescue plan with the Indonesian conglomerate. In an announcement on Thursday (4 Apr), Hyflux had also stated that it has cancelled the scheme meetings originally scheduled to take place tomorrow (5 Apr) and next Monday (8 Apr). SM Investments …

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Hyflux’s current financial rut a consequence of “its own commercial decisions”: EMA

Hyflux’s current financial rut is a consequence of “its own commercial decisions”, with the company having “full knowledge of the gas supply situation and electricity generation market” at the time it carried out such moves, according to Director of the Market Development and Surveillance Department at the Energy Market Authority Dorcas Tan. In a reply to Leong Mun Wai’s letter, …

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HRW’s strong opposition to anti-“fake news” Bill part of its “longstanding practice” of making “biased” statements about Singapore: MinLaw

The Ministry of Law has lambasted international non-governmental organisation Human Rights Watch (HRW)’s highly critical statement against the introduction of the Protection from Online Falsehoods and Manipulation Bill on Monday (1 Apr), branding HRW’s statement “part of its longstanding practice of issuing biased and one-sided statements about Singapore”. HRW’s deputy director for Asia Phil Robertson, according to the NGO’s statement …

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