Tampines fatal accident: Man who helped victims said teen’s dad kept calling for her SINGAPORE - The sarong-clad good Samaritan who helped victims and directed traffic after the fatal Tampines accident, which killed two people on April 22, said he is still haunted by flashbacks. Mr Sheikh Imran Sheikh Ahmad, 40, especially remembers how Mr Muhammad Azril, the driver of a Honda Stream that had turned turtle, repeatedly cried out his daughter’s name while trapped in their car. The girl, Afifah Munirah Muhammad Azril, 17, who had also been in the accident, died in hospital that day. Madam Norzihan Juwahib, 57, a senior technician at pest control firm First Choice Pest Specialist, also died. She had been a passenger in the company’s van, which was one of the six vehicles involved in the crash. Mr Imran, a property agent, spoke to The Straits Times on April 24 at the junction of Tampines Avenue 1 and Tampines Avenue 4, where the accident happened. In several videos online, the father of five children, aged one to 12, could be seen directing traffic at the junction after the accident, clad in a long-sleeved grey shirt and a chequered sarong. That day, Mr Imran had just taken three of his children to school in Braddell, and was driving back to his Tampines flat with his wife in the front passenger seat. He was wearing a sarong, as that was his attire for his usual morning prayers, which he had done earlier before leaving home. They were third in line at the junction when he heard a loud crash and saw smoke billowing in front. He said: “We were shocked for about two seconds. I saw someone go up to the (overturned) car and try to open the door, but it didn’t budge. So I felt I needed to help.” He parked his car by the side of the road and went forward, where he saw bystanders trying to help Mr Azril. Said Mr Imran: “My first instinct was to give the person inside some air because I could see he was still moving. So I forced the door open, or whatever was left of the car, and I was asking (Mr Azril), ‘Are you okay? Can you move?’” He said Mr Azril, who had a bloodshot eye, told him that he was in pain and that his daughter was in the car. Tampines fatal accident: ‘Hopefully, people are not afraid to step up’ When Mr Imran saw a girl clad in a Temasek Junior College shirt lying motionless on the road, his heart sank. He said Mr Azril could not see Afifah and kept calling her name. He added: “The other bystanders and I decided not to tell him that was his daughter.” “I am a father, so I felt how he felt... when your daughter is gone like this, and you don’t know where she is and you can’t get out to see her.” Mr Azril, a Police Coast Guard officer, was taking Afifah to a school event in their car when the crash happened. He suffered kidney- and spine-related injuries. Five other people, including two 11-year-old boys, were also taken to hospital. Afifah and Madam Norzihan were buried at Choa Chu Kang Muslim Cemetery on April 23, and their graves were just one plot apart. Tampines accident: Funeral held for teenage student who died in collision As Singapore Civil Defence Force (SCDF) and police officers arrived at the accident scene, Mr Imran hauled debris away from the junction and helped to direct traffic. The crash had caused a major traffic jam, with drivers honking and trying to cut across blocked-off lanes. Mr Imran guided cars into the correct lanes. He said: “When you’re driving and there’s an accident, you will look at the accident. I believe that can cause more accidents because you’re looking and don’t pay attention.” He stayed at the scene for around 45 minutes before he went home, which is about a three-minute drive from the scene. That afternoon, he had to compose himself before leaving home again to fetch his children from school. He said: “It took me about 10 to 15 minutes before I could drive off, because I was just sitting and thinking this could have happened to anyone. “Every time I drive past here, I can still hear the father’s (Mr Azril’s) words. It’s just very sad.” Fatal 6-vehicle accident at Tampines, 8 taken to hospital As Mr Imran was speaking to ST, three of Madam Norzihan’s family members came to the accident site. Gazing quietly at the 40 or so bouquets left by members of the public beside a board placed by the police appealing for witnesses, one of them said: “We’re just here to visit.” The SCDF said on April 22 that several members of the public, including a nurse and two off-duty SCDF officers, helped the injured after the accident, and it will be commending them for their public spiritedness. On April 24, one of the drivers of the vehicles involved in the accident, a 42-year-old man, was arrested for dangerous driving causing death after he was discharged from hospital. On his decision to help, Mr Imran said: “Hopefully by doing so, in the future if there are any other accidents, people will not be afraid to step up.” https://www.straitstimes.com/singapore/tampines-fatal-accident-man-who-helped-victims-said-teen-s-dad-kept-calling-for-her

Brazilian woman arrested after taking corpse to sign bank loan: ‘She knew he was dead’ When Érika de Souza Vieira wheeled her lethargic-looking uncle into a Brazilian bank, clerks quickly sensed something was amiss. “I don’t think he’s well. He doesn’t look well at all,” remarked one distrustful employee as Vieira tried to get her elderly relative to sign off on a 17,000 reais ($3,250) loan. Paulo Roberto Braga was indeed indisposed. In fact, the 68-year-old appears to have been dead. Shortly after entering the lender in Rio late on Tuesday with her late uncle, Vieira was arrested and charged with violating a corpse and attempted theft through fraud, according to the Rio newspaper O Dia. “She knew he was dead … he had been dead for at least two hours,” the investigating officer, Fábio Luiz Souza, told the breakfast news program Bom Dia Rio on Wednesday. “I have never come across a story like this in 22 years [as a cop],” added Souza, who said visible signs of livor mortis left no doubt as to Braga’s state. Footage of Vieira’s surreal and macabre alleged attempt to cash in on her relative’s corpse has gone viral on social media, with Brazilians voicing stupefaction at the scene. At one point in the images – which bank workers began filming after smelling a rat – one suspicious employee comments on Braga’s pallid complexion. “That’s just what he’s like,” Vieira replies, before trying to place a pen in his limp hand once again. Brazilian journalists shared their viewers’ bewilderment. “It is just unbelievable. It seems like a wind-up, but this is serious,” the news presenter Leilane Neubarth exclaimed as she told viewers about the scandal on the network GloboNews. “She has gone into the bank with a cadaver – and has tried to get money with a human being who is dead.” Another journalist, Camila Bomfim, was similarly stunned. “This is the last straw … This goes beyond all limits because there can be no doubt … about the difference between a living person and a dead person,” Bomfim said. Ana Carla de Souza Correa, a lawyer representing Vieira, insisted it was not. “The facts did not occur as has been narrated. Paulo was alive when he arrived at the bank,” Correa told reporters, claiming there were witnesses who could prove that. “All of this will be cleared up,” the lawyer added. “We believe in Érika’s innocence.” The police chief Souza said he was also investigating if Vieira was in fact the deceased man’s niece. “Anyone who sees that [footage] can see the person was dead,” he said. https://www.theguardian.com/world/2024/apr/17/brazil-woman-corpse-bank-fraud

Pritam Singh hires lawyers to defend against charges of lying in Raeesah Khan case SINGAPORE — Leader of the Opposition and Workers’ Party chief Pritam Singh has hired lawyers to defend him against the two charges he faces of lying to a Committee of Privileges over Raeesah Khan's case. Singh, 47, did not turn up in person on Wednesday morning (April 17) for a pre-trial conference in the State Courts — an administrative hearing to prepare the prosecution and the accused for trial. Pre-trial conferences are usually held in chambers and are inaccessible to the media or the public. They can also be held over Zoom video call. Singh was newly represented by lawyers Mr Andre Darius Jumabhoy and Mr Aristotle Emmanuel Eng Zhen Yang, who attended the pre-trial conference on his behalf before District Judge Chee Min Ping. A note in the court's system indicated that the pre-trial conference would be adjourned to May 31, adding that "defence counsel has been recently instructed". Mr Jumabhoy fronts an eponymous boutique law firm. On his website, he is described as "a dedicated trial lawyer" with experience in criminal and civil law, as well as white-collar crime. He began his legal career in 2003 as a barrister in London and returned to Singapore in 2011, joining the Attorney-General's Chambers as a Deputy Public Prosecutor. He obtained his Bachelor of Laws from King's College London in 2002. When contacted by CNA for a statement, Mr Jumabhoy's law firm confirmed that they were acting for Singh, but said they could not provide other information at this juncture. The two charges Singh faces allege that he wilfully made a false answer on Dec 10, 2021 and Dec 15, 2021 in the public hearing room at Parliament House. This was during an inquiry before the Committee of Privileges, centering on the case of Raeesah Khan, who had lied over a sexual assault case and accused the police of mishandling the case. Singh allegedly testified falsely that he had wanted Ms Khan to clarify what she said in Parliament about accompanying a rape victim to a police station, and that he spoke to Ms Khan as he wanted to convey to her that she had to clarify what she said over the same issue.  Singh pleaded not guilty to his charges when he was first charged in court on March 19. If convicted of lying under the Parliament (Privileges, Immunities and Powers) Act, he could be jailed for up to three years, fined up to S$7,000, or both per charge. https://www.todayonline.com/singapore/pritam-singh-hires-lawyers-defend-against-charges-lying-raeesah-khan-case-2405371

Taiwan Night Markets food court closed after 8 months Taiwan Night Markets was the talk of the town when it opened at Orchard Cineleisure last July. But after just eight months of operations, the food court quietly shut down on Mar 31.  The eatery was opened by the Fei Siong Group, which owns a bunch of successful F&B chains like Malaysia Boleh!, Encik Tan and EAT. Taiwan Night Markets seemed a promising concept when it first opened, boasting a sprawling 300-seater space with 24 food stalls. The eatery offered a wide variety of popular Taiwanese street foods, including oyster mee sua, Taiwanese sausage with sticky rice, QQ sweet potato balls and peanut ice cream rolls.  "A DECLINE IN CONSUMER SPENDING" But a few weeks ago, even before Mar 31, a colleague who was in the area noticed that it had pretty much shut down, with the place “dark and quiet”. Speaking to 8days, a spokesman for Fei Siong Group said they closed Taiwan Night Markets due to “the escalation in cost of operations, especially in trying to rigorously adhere to our basic principle of (selling) everything authentically Taiwanese, a decline in [consumer] spending, as well (as the availability of) a myriad of (other) food choices available”. As such, they decided that it was “no longer sustainable and feasible to continue this project”.  Well-loved Tigerlily Patisserie suffered the same fate. WHAT'S NEXT? Though Fei Siong Group confirmed that this is “a permanent closure at Cineleisure”, it seems that there’s still a glimmer of hope for fans of the concept.  “Everything remains subject to further discussion,” said its rep, adding that “we will not rule out the possibility of bringing back the Taiwan Night Markets”.  Fei Siong Group declined to comment on whether they’ll be opening another Fei Siong concept like Malaysia Boleh! in the markets’ former space. When 8days called Cineleisure’s front desk for details on who is taking over the space, we were told “there’s no tenant now”, and that they “don't know who will be taking over (the unit)”.  https://cnalifestyle.channelnewsasia.com/dining/taiwan-nights-market-closure-possibility-return-388451

‘Wild wild wet’: Broken pipe in Orchard Road spews water metres high, PUB investigating SINGAPORE – National water agency PUB is investigating after a pipe had water gushing out several metres high in Orchard Road on April 11. In a statement, PUB said it was alerted to the leak at 2.15pm, which occurred on a NEWater pipeline at a construction site. The agency said its service crew was deployed and the water supply to the pipe has since been turned off. “Repair works are ongoing. PUB is investigating the cause of the leak,” it added. In a video shared on social media, water can be seen gushing out several metres high from behind construction hoarding. The accompanying text in an SG Road Vigilante Facebook post describes the scene as “wild wild wet”, reference to a water park in Downtown East. The construction site is part of upgrading works for *Scape, which was announced in July 2022 and due to finish in 2024. In response to queries from The Straits Times, a spokesperson for *Scape said renovation works are ongoing at the youth hangout. “With regard to the video circulating on social media, a pipe burst occurred at 2pm and was isolated at about 2.30pm. Operations at *Scape and traffic in the area were not affected,” the spokesperson added. https://www.straitstimes.com/singapore/wild-wild-wet-pub-investigating-broken-pipe-in-orchard-road-spewing-water-metres-high

Sudden closure of 3 bridal studios leaves more than 60 couples high and dry, over $250k paid Bride-to-be Chloe had been looking forward to her big day in November and preparations had been going smoothly.  Until she received a text from her friend on Tuesday (April 2) that left her with a pit in her stomach. It led her to a forum on local wedding planning website SingaporeBrides, which was buzzing with news about the sudden closure of a bridal studio called Love Nest.  It was there that Chloe, who declined to give her full name and occupation, learnt that L'atelier — the bridal boutique that she and her fiance had hired as well as an associated entity of Love Nest — had also shut down.  The 27-year-old told AsiaOne that she and her fiance had purchased a bridal package — which included the rental of wedding attire, make-up and photography on the wedding day — for about $3,660 last December. The couple paid in full. And at least more than 60 other couples have also been left in limbo by the shuttering of the two bridal studios and Love Story Wedding Boutique, another associated entity of Love Nest. All three are located at City Gate in Beach Road.  A check online by AsiaOne found that Love Nest Holdings, whose business address is listed at Parkview Square in North Bridge Road, was issued a winding up order on Jan 13, 2023, and is listed as being in liquidation.  Losses incurred by the affected couples could amount to more than $250,000. Reports have been filed with the police, and complaints with the Consumers Association of Singapore (Case). The police said a 36-year-old man is assisting with investigations. Chloe and her fiance last visited L'atelier for a gown fitting session on March 10 and made several appointments for upcoming sessions on that day. They were next supposed to pick out the groom's suit on April 27. Like most of the other affected couples, they tried in vain to contact their wedding coordinators after finding out about the bridal shops' closures. Chloe's father also headed down to L'atelier, where he found the lights on but no staff in sight. Financial loss aside, Chloe, who has made a police report, said: "It's a bit bothersome to restart the whole search process for the different vendors." She added that she and several other people who were affected have tried requesting chargebacks from their credit card companies. But she was unsuccessful as more than 90 days had lapsed since she paid for the package. Over $250,000 paid to the bridal shops Another customer who has been stung is Ramsey Teo. He had made partial payment of around $3,500 to Love Nest for his $8,000 bridal package, which consisted of a pre-wedding photo shoot and photography on the wedding day. The 30-year-old, who works in the cleaning services industry and is getting married in November, said that the first sign of trouble emerged in late March, when two employees from the studio's production team suddenly exited a group chat with him and his fiancee. On Monday, another customer in a bridal group chat he had joined claimed most of the employees at the bridal shop had resigned as of March 31, and that the gowns and bridal displays in the store had been taken down. Like many other Love Nest customers, he received a text message from the studio the next day, which said it was "temporarily closing its operations from April 2" because of "unforeseen circumstances and financial challenges". The message also said all services will be temporarily unavailable, and that updates will be made via its website, email and social media pages. According to a spreadsheet created by the affected couples, which AsiaOne saw, there appears to be more than 60 couples who have paid over $250,000 in total to Love Nest, L'atelier and Love Story Wedding Boutique. Responding to AsiaOne's queries, Case said it has received 17 consumer complaints as of Wednesday night. Case president Melvin Yong said consumers had engaged the companies for services such as pre-wedding photography, make-up and rental of wedding outfits, and had already made payment. "However, they were notified on April 2 by Love Nest that it and its associated entities would be temporarily closed, without any clarity on when these companies would reopen and honour their contractual obligations," Yong added. The total contractual amount for these affected consumers is over $58,000. Other wedding vendors to the rescue Several wedding service providers have stepped up to help, with some offering discounts to affected couples. Speaking to Shin Min Daily News, Evan Ong, co-founder of integrated wedding company Knotz, said he has contacted affected customers to match them to service providers such as photographers and bridal studios. "There are some vendors that are willing to offer 15 to 50 per cent discounts," he added. "This is not the first instance of a bridal shop suddenly closing and we have previously helped other couples [in the same situation]." The SingaporeBrides website has also curated a list of service providers who are offering discounts to affected couples. Employees allegedly owed wages But it appears that it's not just customers that the bridal boutiques have left in the lurch. According to the Shin Min report, one employee claimed that the company owes some 20 staff members around $100,000 in unpaid wages. As for himself, he has not been paid for two months and could not contact his boss. Another employee also told the Chinese newspaper that the company owes him nearly $3,000 in wages and that some full-time photographers are allegedly owed two to three months' salary amounting to over $10,000. AsiaOne has reached out to the Tripartite Alliance for Dispute Management for comment. https://www.asiaone.com/singapore/sudden-closure-3-bridal-studios-leaves-more-60-couples-high-and-dry-over-250k-paid

$3b money laundering case: Man who jumped from bungalow balcony during raid gets 14 months’ jail SINGAPORE – Cypriot national Su Haijin, who jumped from the second-floor balcony of a good class bungalow (GCB) during a police raid, has been convicted of resisting arrest and money laundering. On April 4, the 41-year-old, who faced a total of 14 charges, was sentenced to 14 months’ jail. Su is the second of 10 foreigners linked to Singapore’s largest money laundering case to be convicted and sentenced. More than $3 billion in cash and assets have been seized so far in relation to the case. He admitted to one charge of resisting arrest and two money laundering charges. The latter involved Su possessing over $1.4 million, suspected to be criminal benefits, in Yihao Cyber Technologies’ DBS and UOB accounts. Su is a director and sole shareholder of Yihao, which was incorporated in 2017.  Another 11 charges were taken into consideration for his sentencing. The prosecution, which sought 12 to 15 months’ jail for Su, said he will forfeit more than $165 million, or around 90 per cent of his assets, to the state. Seeking not more than 11 months’ jail for Su, defence lawyer Julian Tay said his client’s seized assets include 13 properties worth around $91 million, all the money in his bank accounts worth $45 million, and 69 Bearbricks, which are collectible toy figurines. Also among the items to be forfeited are seven vehicles worth more than $3.3 million, nine luxury watches worth almost $19 million, and three country club memberships worth over $1 million. The defence lawyer said: “He has given up more than what the charges are referring to, and due credit should be given.” Su, who is originally from China, appeared in court via video link at around 2.45pm. He was expressionless as the statement of facts was read out to him. He has been in remand for about eight months since his arrest on Aug 15, 2023. Su was arrested in a 32,000 sq ft GCB at Ewart Park in Bukit Timah, which he was renting, when islandwide raids led by the Commercial Affairs Department (CAD) were conducted on luxury homes across Singapore. On April 4, Deputy Public Prosecutor Ng Jean Ting said a team of police officers arrived at Su’s home at Ewart Park at around 6.40am on Aug 15, 2023. The police identified themselves to his eldest son, who led them to his parents’ bedroom. When Su’s son asked his father to come to the door, Su did not do so, and instead asked his son who the people with him were. The police identified themselves and instructed Su to open the door, but he did not respond. They stormed the room but could not find him. The DPP said Su jumped from the bedroom balcony onto the ground floor, fracturing his legs and injuring his wrist. Despite this, he hobbled down a flight of stairs to flee his home from a side gate and hid in a drain. He was found by the police and arrested. DPP Ng said Su used Yihao to open a corporate bank account with OCBC in May 2021 and declared to the bank that the company’s source of funds was his personal wealth. Su was issued an employment pass by the Ministry of Manpower (MOM) in August 2017 for his role as Yihao’s chief executive. Investigations showed that Yihao did not have legitimate business operations and was not offering any products or services. Between 2019 and 2022, Su instructed a Wang Jun Jie to prepare false financial statements of Yihao with inflated revenue. The Straits Times reported in September 2023 that Wang held multiple directorships, and secretarial and shareholder positions in 185 firms. He had his registration as a qualified individual cancelled by the Accounting and Corporate Regulatory Authority in January. The DPP said Yihao’s fake financial statement for financial year 2021 was submitted to DBS, UOB and OCBC as part of due diligence processes. Su was also involved in submitting the forged statements to MOM and the Inland Revenue Authority of Singapore to renew his work pass and to fulfil Yihao’s tax obligations. A lot more at https://www.straitstimes.com/singapore/3b-money-laundering-case-man-who-jumped-off-bukit-timah-bungalow-balcony-during-raid-convicted

Taylor Swift officially declared a billionaire by Forbes NEW YORK — Taylor Swift was officially named a member of the three-comma-club on Tuesday (April 2), as Forbes confirmed rumours estimating her wealth exceeds a billion dollars. The financial news outlet said she is the first artist to achieve billionaire status solely on the basis of her music, and estimated she has a US$1.1 billion (S$1.5 billion) fortune. Other industry heavyweights who've hit the mark — Rihanna and Jay-Z among them — have earned their massive wealth in part via fashion brands, alcohol companies or entertainment holdings, among other interests. Along with her vast songwriting catalogue, Swift staged the first billion-dollar tour ever — the ongoing Eras Tour has boosted economies and delighted fans around the world. Swift, 34, also has a significant real estate portfolio, with homes in New York, Beverly Hills, Nashville and a coastal mansion in Rhode Island. Her touring milestone was one of many records Swift shattered over the past year, including winning a fourth Grammy for Best Album, the most of any artist. She received wall-to-wall attention throughout 2023, which closed with Time Magazine honouring Swift as Person of the Year, calling her a "rare person who is both the writer and hero of her own story". And in mere weeks fans have a brand-new album to look forward to: Swift is set to drop "The Tortured Poets Department" on April 19. NEW RECORD The frenzy around Swift was augmented last year by her dating life, as the pop culture icon began a very public romantic relationship with tight end Travis Kelce of the Kansas City Chiefs, who ultimately won the Super Bowl championship. Chiefs games — where Swift has been a regular in a private box — smashed a series of ratings records this past season. It was yet more evidence of her vast influence: with hundreds of millions of social media followers and a staunchly loyal fan base, she can move any dial with the tiniest of efforts. Even politicos — and conspiracy theorists — for months have been opining on her potential impact on the upcoming presidential election. Swift was born in Pennsylvania on December 13, 1989. She began writing songs professionally as a teenager, signing with Nashville's Big Machine Records as a country artist. Years after she went full pop and, as she moved on to a major deal with Universal, Swift became embroiled in very publicized feud with Big Machine. The sale of her song catalogUE to a private equity firm triggered a massive dispute over musicians' rights — and a bold new era of Swift's career. She vowed to re-record her first six albums in order to own their rights, and began making good on the promise, urging her fans to listen to "Taylor's Version" instead of previous releases. In the meantime, she's released several more original studio albums, with her 11th due later this month. And her conversation-commanding Eras tour is due to continue until the end of 2024, with estimates anticipating she will surpass the US$2 billion threshold, a staggering sum. https://www.todayonline.com/world/taylor-swift-officially-declared-billionaire-forbes-2396001

“Stupid Joke”: Netizens Criticise Namewee Over Insensitive April Fool’s “Death” Prank Malaysian-born singer Namewee is no stranger to controversy – but fans still support him because they love his outspoken nature and no-nonsense personality. However, his recent social media post has gotten even his most adoring fans calling him out for his insensitivity. Namewee, whose real name is Wee Meng Chee, shared a couple of posts on his social media on 1st April. The first post is a black-and-white image of the public figure with the numbers “1983 – 2024” written on it. Unfortunately, there were no captions to accompany the image, so the mysterious post gives the impression that the star has passed away. In addition to the black-and-white photo was a post for Namewee’s “memorial service”. The notice looked legitimate and included visitation hours and the time for a farewell ceremony. Even the venue written on the notice, Nirvana Centre KL or Nirvana 2, is an actual funeral home located in Kuala Lumpur. Like the first post, the notice was uncaptioned, leaving fans to question the legitimacy of the news. Given that the star posted the two photos on 1st April, many fans quickly realised that Namewee’s mysterious posts were just an April Fool’s prank. Some said they were initially shocked before they realised the date. Others opined the celeb successfully pranked his fans because many had indeed fallen for the news. However, not everyone was happy about the singer’s prank. Some fans said the posts were insensitive and called Namewee out for joking about death. Some even said it’s understandable for the star to want to play a prank on April Fool’s but lamented that he should have known better than to joke around on a serious topic. It seems the posts were only a prank, so fans can rest well knowing Namewee is still alive. However, we’ll have to wait to see if the singer has anything else up his sleeve. Nevertheless, we hope Namewee will avoid using death to prank his fans, even if he had no ill intentions. https://hype.my/2024/374531/stupid-joke-netizens-criticise-namewee-over-insensitive-april-fools-death-prank/

Fallen 'Crypto King' Sam Bankman-Fried gets 25 years for fraud Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm. The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm's dramatic collapse in 2022. He was found to have stolen billions from customers ahead of the failure. Bankman-Fried's legal team will appeal against his conviction. A message from his parents shared with the BBC by a representative for Bankman-Fried said: "We are heartbroken and will continue to fight for our son." Earlier, the 32-year-old said in court he knew "a lot of people" felt "really let down". "I'm sorry about that. I'm sorry about what happened at every stage," he said, speaking quietly and clearly ahead of his sentencing. FTX was one of the world's largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency. Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm's implosion and exposing Bankman-Fried's crimes. He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had taken more than $8bn (£6.3bn) from customers, and used the money to buy property, make political donations and put toward other investments. Before reading the sentence on Thursday, Judge Lewis Kaplan provided a harsh assessment of Bankman-Fried's behaviour, saying he had lied during his testimony at trial when he claimed he was unaware until the last minute that his companies were taking money entrusted to them for safe-keeping by customers and using it for other purposes. "He knew it was wrong. He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught but he's not going to admit a thing," the judge said. Though Bankman-Fried had made "protestations of sorrow" about customer losses, he had uttered "never a word of remorse for the commission of terrible crimes", he added. While 25 years constitutes a serious prison sentence, it is far less than the more than 100 years Bankman-Fried could have received under official government guidelines. Federal prosecutors in New York this month told the judge such a long term was not necessary. But they requested at least 40 years, arguing that Bankman-Fried had committed a massive fraud, while showing "brazen disrespect" for the law. Bankman-Fried's team had argued for a lighter sentence of roughly five to 6.5 years. They said that he was a non-violent, first-time offender, and pointed to mental health struggles and argued that customers were poised to recover significant sums under a plan currently working through bankruptcy court. "The victims want their money back and they should get it," his lawyer, Marc Mukasey, argued in court on Thursday morning. "Sentence him to work hard and give it all away." Former federal prosecutor Mitchell Epner, now a lawyer at Rottenberg Lipman Rich, said he was "very surprised" by the ruling, noting that Bankman-Fried could potentially be released from prison in about 13 years. But Jennifer Taub, a law professor at Western New England University and expert on white-collar crime, said she thought the length of the sentence was appropriate. "It is the right balance between how old he is and what is the purpose of deterrence," she said. In his sentencing remarks, Judge Kaplan said what could amount to a life sentence was unnecessary but that Bankman-Fried must receive a punishment sufficient to prevent him from committing future crimes. "There is a risk that this man will be in a position to do something very bad in the future and it's not a trivial risk, not a trivial risk at all," he said. He also ordered Bankman-Fried to forfeit $11bn that can be used to compensate victims. The government has already seized some of those assets, such as shares Bankman-Fried owned in Robinhood, the trading app which raised more than $600m when they were sold last year. Bankman-Fried showed little visible reaction to the ruling. More at https://www.bbc.com/news/business-68677487

Iswaran faces 8 new charges over obtaining $19k in items including Brompton bike, golf clubs SINGAPORE – Former transport minister S. Iswaran was handed eight new charges in court on March 25. These are under Section 165 of the Penal Code, which makes it an offence for public servants to accept gifts from someone involved with them in an official capacity. When asked by District Judge Brenda Tan, Iswaran – who now faces 35 charges in total – said he pleaded not guilty to the additional charges. On March 25, the Corrupt Practices Investigation Bureau (CPIB) said in a statement that Iswaran had allegedly obtained, as a public servant, valuables with a total value of about $18,956.94 from a Lum Kok Seng. Iswaran had allegedly known him to be involved in business that had a connection with his official function as minister for transport. These alleged offences were committed between November 2021 and November 2022. According to charge sheets, the items include bottles of whisky, golf clubs and a Brompton bicycle that cost $7,907.50. The business transacted involved a contract between Lum Chang Building Contractors and the Land Transport Authority (LTA) for addition and alteration works to Tanah Merah MRT station and existing viaducts. The website of Lum Chang, a property management, interior design and construction firm, lists Mr Lum as its managing director. The firm’s construction arm, Lum Chang Building Contractors, has taken on multibillion-dollar civil, building and infrastructural projects in Singapore, including being the main contractor for Bukit Panjang MRT station along the Downtown Line. An LTA spokesperson said on March 25 that the statutory board has two ongoing projects with Lum Chang Building Contractors, including the one at Tanah Merah station that was awarded in October 2016. The other one is the construction of the North-South Corridor tunnel between Ang Mo Kio Avenue 3 and Avenue 9 that was awarded in December 2018. “LTA has not awarded any contract to Lum Chang Building Contractors since 2019,” the spokesperson added. An Attorney-General’s Chambers (AGC) spokesperson said it will take a decision in respect of the investigations against Mr Lum after the case against Iswaran has been completed, including the presentation of evidence in court. In response to queries from The Straits Times, a Lum Chang spokesperson pointed to a statement by its board of directors issued to employees on March 25. The statement said the board is aware that Mr Lum and Lum Chang Building Contractors were mentioned in media reports involving Iswaran and will make an announcement when there are material developments in the case. Iswaran arrived in court on March 25 at about 8.20am with members of his legal team from Davinder Singh Chambers. Speaking to the media gathered outside the court, he said: “Sorry you all had to get up so early this morning.” As he walked towards the court trailed by members of the media, one of them tripped and fell. Iswaran helped him pick up his belongings. Chief Prosecutor Tan Kiat Pheng told the court that the purpose of the March 25 hearing was to tender eight additional charges against Iswaran and transmit the new charges to the High Court.  Mr Navin Shanmugaraj Thevar, one of Iswaran’s lawyers, questioned why the new charges were tendered only now, and if the prosecution intended to file more charges against his client.  Mr Thevar said the prosecution recorded 36 cautioned statements from Iswaran in January 2024 but handed the former minister only 27 charges at his first court hearing on Jan 18. “The eight new charges today were not part of the 36 (cautioned statements),” the defence lawyer added. A cautioned statement sets out a notice for an accused person to provide his defence in response to an offence he is being charged with.  Mr Thevar added that the eight new charges related to matters that the CPIB had questioned Iswaran over in July and August 2023.  He said: “On March 16, three days before the criminal case disclosure conference (CCDC) at the High Court, CPIB called my client in and he was served eight new charges.” During a CCDC, the prosecution and the defence disclose information about the case to facilitate the trial process. Mr Thevar added: “When Mr Iswaran asked CPIB when the charges would be brought in court, he was told a decision had not been made.” Chief Prosecutor Tan said in response that all charges tendered against Iswaran were based on evidence uncovered by CPIB and they had been reviewed by the AGC. More at https://www.straitstimes.com/singapore/courts-crime/iswaran-returns-to-state-courts-on-march-25-about-10-weeks-after-he-was-first-charged

WP chief Pritam Singh charged with lying to Parliament over Raeesah Khan’s case, pleads not guilty SINGAPORE – Leader of the Opposition and Workers’ Party (WP) chief Pritam Singh was charged on March 19 with two counts of lying to a parliamentary committee, two years after the police opened investigations into his conduct before the Committee of Privileges. The charges relate to his testimony before the committee, which had been convened in November 2021 to look into a lying controversy involving his party’s former MP Raeesah Khan. The committee called Singh as a witness and said later that he had not been truthful during the hearings while under oath. It recommended referring him and WP vice-chairman Faisal Manap to the public prosecutor for further investigations with a view to consider criminal proceedings, which Parliament later endorsed. Standing in the dock on March 19, Singh, who was unrepresented, pleaded not guilty to the two charges under Section 31(q) of the Parliament (Privileges, Immunities and Powers) Act and claimed trial. The 47-year-old opposition leader requested a four-week adjournment to engage a lawyer. A pre-trial conference has been scheduled for April 17. Lying in response to questions posed by a parliamentary committee is considered a criminal offence under the Act, and carries a maximum fine of $7,000 and a jail term of up to three years or both. In response to media queries, an Attorney-General’s Chambers (AGC) spokesman said it is for the court to decide what the appropriate punishment should be if Singh is found guilty. The spokesman added that the AGC will be asking the court to impose a fine for each of the charges, if Singh is convicted. This is based on the “evidence presently available and considering the totality of the circumstances”, the spokesman said. In a joint statement, the AGC and police also said the prosecution has decided not to charge Mr Faisal for his refusal to answer relevant questions that had been put to him by the committee. The WP MP was issued an advisory by the police to familiarise himself with conduct expected of MPs under the Parliament (Privileges, Immunities and Powers) Act, and to refrain from any act that may be in breach of it. Singh had arrived at the State Courts at 10.45am, clad in a black suit. When asked for comment after being charged, he said he would be releasing a statement later. He subsequently said he would continue with all his parliamentary duties and town council responsibilities until the legal process “comes to a complete close”. The committee’s recommendation for Singh to be referred to the public prosecutor came after it investigated Ms Khan for lying in Parliament. During a debate on empowering women on Aug 3, 2021, Ms Khan, then an MP for Sengkang GRC, had claimed to have accompanied a sexual assault victim to a police station where the victim was treated insensitively. She repeated the claim again in the House on Oct 4, 2021. This was later found to be untrue, and Ms Khan eventually told Parliament on Nov 1, 2021, that she had been sexually assaulted herself and had heard about the victim’s experience at a support group session. She resigned from the WP and her parliamentary seat on Nov 30, 2021. More at https://www.straitstimes.com/singapore/politics/wp-chief-pritam-singh-under-police-probe-over-ex-mp-raeesah-khan-s-lying-case-arrives-at-court

Man's body found at Bedok flat after neighbours discover foul-smelling fluid from unit The decomposed body of a 76-year-old man was found inside his home after his neighbours noticed a foul-smelling liquid leaking from his unit.  The body was discovered at about 10.45am on Thursday (March 14) inside an eighth-floor unit at Block 713 Bedok Reservoir Road, reported Shin Min Daily News.  When a reporter from Shin Min arrived at the scene that afternoon, three Singapore Civil Defense Force (SCDF) personnel had broken into the unit.  Several police officers were also present.  There was also a pool of liquid outside the man's flat, and a foul smell in the air.  Four members of the elderly man's family were present to identify the body, but none of them wanted to be interviewed.  A resident, who did not want to be named, said that the deceased was a Chinese man who had been living in the flat alone for more than 40 years.  "I noticed the foul smell these few days and I saw the liquid on the floor, so I called his aunt who works nearby. She then informed his family members," said the man, who lives on the same floor as the deceased.  Another resident in the same block, surnamed Chen, said he saw police officers arrive at about 11am. "I was downstairs watering the plants in the morning, when I was about to leave my house a neighbour told me that there was a smell coming out from the elderly man's flat, that's when I realised something was amiss."  The 81-year-old added that the deceased was single.  In response to AsiaOne's queries, the police confirmed that they were alerted to a case of unnatural death at Block 713 Bedok Reservoir Road on Thursday morning. The elderly man was found lying motionless in a residential unit and was pronounced dead at scene by an SCDF paramedic.  Based on preliminary investigations, the police do not suspect foul play. Police investigations are ongoing. https://www.asiaone.com/singapore/mans-body-found-bedok-flat-after-neighbours-discover-foul-smelling-fluid-unit

63-year-old man dead after allegedly falling from Marina Bay Sands on Monday evening SINGAPORE — A 63-year-old man was found dead at the foot of Marina Bay Sands (MBS) hotel on Monday (11 March). An MBS spokesperson told Yahoo Southeast Asia on Tuesday (12 March) about the discovery of the man's body at the exterior of the hotel around 7.50pm on Monday. "The authorities were called to the scene and we will work closely with them on their investigations," the spokesperson added. The Singapore Police Force told 8World News they were alerted to a case of unnatural death at Bayfront Avenue at around 7.55pm the same day. According to the report from 8World, it is believed that the man died after falling from the hotel. Police officers found the man lying unconscious and pronounced him dead at the scene. Preliminary investigations by the police have ruled out homicide as a cause of death, 8World reported. According to 8World, an eyewitness saw several police officers setting up a blue tent and barricades at the first-floor exit of MBS' Tower 3. A post in the Professional PHV Drivers Singapore: Grab, Gojek, Tada and Ryde Facebook group at 9.45pm on Monday also advised the public to avoid the MBS area. Yahoo Southeast Asia has reached out to the police for more details. https://sg.news.yahoo.com/man-dead-falling-marina-bay-sands-monday-evening-singapore-062116849.html

Govt considering action against those who leaked confidential info on S’pore’s Taylor Swift deal: Edwin Tong • A confidentiality clause was included in the contract for Taylor Swift's shows in Singapore, said Minister for Culture, Community and Youth Edwin Tong in Parliament on Monday (March 4) • The Government is considering taking action against those who leaked information about the deal • Mr Tong added that the Sports Hub aims to be “more than simply a venue for hire” SINGAPORE —  A confidentiality clause was included in the contract for Taylor Swift's shows in Singapore, and the Government is now mulling "appropriate measures" since some details of the deals were leaked, said Minister for Culture, Community and Youth Edwin Tong on Monday (March 4). Mr Tong was responding to a question from Nominated Member of Parliament Usha Chandradas who asked whether there was a confidentiality clause in the American singer's contract with Singapore and, if so, whether the Government will take action against those who breached it. She noted that the news of Swift striking a deal to make Singapore the only Southeast Asian stop on her Eras Tour has “struck a nerve” with some of the city-state’s neighbours. Without mentioning any names, Mr Tong said the Government will assess the terms of the contract and will take “appropriate measures under advisement”.  Last month, Thai Prime Minister Srettha Thavisin was quoted as saying that Singapore had brokered a deal to pay the pop star up to US$3 million (S$4.04 million) for each of her six concerts — in exchange for keeping the shows exclusive to Singapore in Southeast Asia. According to Mr Srettha, concert promoter Anschutz Entertainment Group (AEG) had informed him of the arrangement. TODAY reached out to AEG on Feb 19 to ask if there was indeed an exclusive deal made with Swift and how much she was paid per show.  AEG did not respond to those queries.  On Feb 20, the authorities confirmed that they had given a grant to help bring the Swift concert to Singapore, though they stopped short of confirming if an exclusive deal was struck. It was later reported by CNA that the figure is closer to US$2 million to US$3 million in total for all six shows. TODAY again reached out to AEG on Monday to also ask if it was the source of information for what Mr Srettha said on Swift's exclusive deal with Singapore. Speaking in Parliament on Monday, Mr Tong also said that the goal of Kallang Alive Sport Management (KASM), which manages the Singapore Sports Hub, is to be “more than simply a venue for hire”. “Our aim is to bring a whole spectrum of events to Kallang for Singaporeans — from top-tier marquee events to community-related ones; from music concerts to sporting as well as social events.”  He said that since the Government took over, the Sports Hub has seen a 30 per cent increase in sports, entertainment, and community and lifestyle event days from 2019. Besides bringing in world-class acts such as Swift, Coldplay and Mayday Parade, Mr Tong said KASM has brought in marquee sporting events and has a team dedicated to organising more free community sporting events. For example, Sports Hub hosted a record 43 National School Games finals in 2023, compared with 16 before the pandemic, he said. "While we cover a range of top-tier events that are ticketed, there is also a range of non-ticketed and non-revenue generating events, such as the large-scale festivals during Chinese New Year, last year for Hari Raya and Deepavali," he said. “This ensures that we have a strong social return by providing programmes for everyone to bond, interact and build affinity with the Sports Hub." https://www.todayonline.com/singapore/govt-action-taylor-swift-leak-deal-2374941

Philippine lawmaker wants probe on Taylor Swift’s Singapore-only concert deal — ‘not what good neighbours do’ • Lawmaker Joey Salceda says Manila should not ‘just let things like this pass’ and that it should ‘register its opposition’ to Singapore • Other regional politicians have also commented on the deal that supposedly states Singapore is the only Southeast Asian stop for Swift’s concerts A Philippine lawmaker has called on his government to question Singapore over the city state’s decision to offer American pop star Taylor Swift a significant monetary grant, supposedly to prevent her from performing anywhere else in Southeast Asia. Calling Singapore’s move “not what good neighbours do”, Joey Salceda, who serves on the Philippine House of Representatives, asked the country’s Department of Foreign Affairs to seek an explanation on the deal from the Singaporean embassy. The deal is said to contain a condition that Singapore would be the only stop on the Southeast Asian leg of Swift’s hugely popular Eras Tour. “Some [US$3 million] in grants were allegedly given by the Singapore government to [concert promoter AEG] to host the concert in Singapore,” Salceda said. “The catch was that they do not host it elsewhere in the region.” Swift arrived in Singapore on Wednesday ahead of her six sold-out concerts at the 55,000-seat National Stadium, the first of which will start this Saturday. More than 300,000 Swift fans, popularly known as “Swifties”, are expected to attend the concerts. News of her concerts in Singapore sparked a frenzy for tickets in the city state and across the region last year, with some queuing overnight for a chance to snag tickets. Many Swift fans across Southeast Asia have expressed disappointment over Singapore being the only stop in the region for the 34-year-old superstar’s tour. Salceda’s comments are the latest uproar over the alleged exclusivity term signed by Swift’s concert promoter and Singapore, which critics see as a snub to its regional neighbours. Thailand Prime Minister Srettha Thavisin first made the claim earlier this month that Singapore paid Swift about US$2.8 million per show under the exclusivity deal. Salceda said that while the policy worked to the benefit of Singapore, he took issue with how this was done “at the expense” of its neighbours. “I give it to them that the policy worked,” he said. “But it was at the expense of neighbouring countries, which could not attract their foreign concertgoers, and whose fans had to go to Singapore. “I don’t think we should just let things like this pass. We should still officially register our opposition. It also runs contrary to the principle of consensus-based relations and solidarity on which Asean was founded,” he added, referring to the Association of Southeast Asian Nations. On February 21, the Singapore Tourism Board and Ministry of Culture, Community and Youth said in a statement that Swift had received a grant but did not specify the amount or whether it was conditioned on exclusivity due to confidentiality agreements. More at https://www.scmp.com/week-asia/lifestyle-culture/article/3253563/philippine-lawmaker-wants-probe-taylor-swifts-singapore-only-concert-deal-not-what-good-neighbours

Some commuters who switched to SimplyGo can collect cards that use old ticketing system from March 18 to June 30 SINGAPORE — Some commuters who got SimplyGo cards between Jan 9 and 22 will now be able to get a new card that uses the old ticketing system. The collection period will be between March 18 and June 30, the Land Transport Authority (LTA) said on Wednesday (Feb 28). Card collection for eligible commuters will be scheduled based on the last digit of their SimplyGo Ez-link card identification number. This follows the decision to extend the old ticketing system until at least 2030 rather than fully adopting the SimplyGo system for adult fares as originally planned. Commuters can obtain the new cards that use the old "card-based ticketing system" at any of the 44 SimplyGo ticket offices available island-wide, LTA said. "About 290,000 adult cards (SimplyGo Ez-link and Nets Prepaid) and 67,000 concession cards users are eligible to receive new (card-based ticketing) cards," LTA said. HOW TO COLLECT NEW CARDS Commuters unsure of their eligibility can check by keying in their 16-digit SimplyGo Ez-link card identification number found on the back of their card via the SimplyGo website. Eligible commuters will be able to collect their cards on a scheduled date determined by the last digit of their SimplyGo card. This collection system will be used to ensure a more organised collection process with shorter waiting times, and avoid overcrowding, LTA said. Commuters unable to collect their cards on the allocated dates may visit a ticket office at a time of their choosing from April 29 to June 30. Longer queues and waiting times are to be expected during the morning and evening peak hours of 8am to 9.30am and 5pm to 7pm. Commuters are also reminded to take along their SimplyGo card for verification during card collection, LTA added. Concession card holders, including seniors, who got their SimplyGo cards on or before Jan 22 will have a replacement card sent to their registered addresses between April 1 and May 31. "There is sufficient stock of card-based ticketing Ez-link cards and eligible commuters are encouraged to adhere to their allocated collection dates," LTA said. Commuters who bought the Nets Prepaid card between Jan 9 and 22 will be able to collect a free Nets FlashPay card from April 1 to June 30 at any of the 44 SimplyGo ticket offices. WHAT LED TO POSTPONEMENT OF SIMPLYGO SimplyGo was introduced in 2019 by LTA to offer a range of digital ticketing and e-payment options for transit.  It allows cardholders to view fare history and top-up card balance on-the-go via a mobile application. The plan to fully adopt the SimplyGo payment system for adult fares by June 1 was announced on Jan 9 by LTA. However, on Jan 22, a decision was made to postpone the planned change to at least 2030 after LTA said that it would try to iron out concerns raised by commuters. These included the inability to view the card's balance amount and the fare deducted at card scanners. Commuters were also concerned about the delays they faced in trying to upgrade their Ez-link cards to SimplyGo-compatible cards during the initial two-week period. In an apology to the public on Jan 26, Transport Minister Chee Hong Tat called the move to phase out EZ-link cards for SimplyGo cards a "judgement error". LTA had underestimated commuters' "strong preference" to be able to see fare deductions and card balance information at scanners on buses and at MRT fare gates. https://www.todayonline.com/singapore/commuters-switch-simplygo-jan-get-new-cards-old-ticketing-system-lta-2371936

Bookstore chain Times closes Plaza Singapura and Waterway Point branches SINGAPORE – Times Bookstores has shuttered its Plaza Singapura and Waterway Point branches, as the chain’s presence here and in the region continues to dwindle in the face of weak sales and low foot traffic. The English-book retailer, which has been in Singapore for more than 40 years, has held moving-out clearance sales at both outlets, leaving a sole remaining store in Cold Storage Jelita in Holland Road. The closures were confirmed by the owners of Plaza Singapura and Waterway Point, CapitaLand and Frasers Property. Times declined to comment on its future plans in Singapore, and whether it had attempted a new bid to stay on in either locations. The development marks the latest in a slew of Times closures over the past five years, as rumours abound over the chain’s future plans. Times, owned by regional consumer group Fraser and Neave, recently also shut multiple branches in Malaysia. In Singapore, its three-floor Centrepoint store wound up in 2019, before the bookstore chain ceased operations in Marina Square and Paragon in 2021, its woes compounded by the Covid-19 pandemic. Its Jewel store, Times Junior Jewel, also closed at the end of 2023. The space it had occupied now houses Japanese entertainment store Sanrio. A Plaza Singapura spokesman thanked Times for the “strong partnership over the years” and said The Travel Store will take over Times’ fourth-floor space by the end of March. Frasers Property did not reveal who its new tenant will be. Singapore bookstores have been adversely affected by poorer sales, rising rent, and higher goods and services tax and printing costs, which have pushed up book prices. Many stores have come up with new ways to attract buyers by offering more than the conventional bookstore experience. Kinokuniya Singapore, for instance, sells merchandise such as Sonny Angels, a line of tiny cherub dolls popular among Gen Z, and in 2023 launched a Studio Ghibli pop-up. Popular has evolved to focus more on stationery and textbooks, while indie spaces such as Book Bar organise book launches and reading club activities with food and drinks. The Singapore Books Publishers Association, in a statement to The Straits Times, said it was saddened by the news, “given the small book landscape in Singapore and the loss of other prominent bookstores in recent years”, such as Borders and MPH. “Every sales channel is increasingly precious,” it said. “This will adversely affect the accessibility of Singapore literature to our local community and the ability of our publishers to find readers.” More at https://www.straitstimes.com/life/arts/bookstore-chain-times-closes-plaza-singapura-and-waterway-point-branches

Mr Lawrence Wong Woke Up on Friday Morning and Chose Violence. Our whole company had our “introduction to pickleball” session this morning. Pickleball was the poison chosen by our company’s culture planning community to keep us cohesive and to help emphasize certain aspects of our culture we should deepen this year. Having a “strong mind” was one of those. I certainly needed a strong mind after an entire morning of running around, bending down to pick up balls and then having to be the note-taker for this year’s Singapore budget. Finance Minister Lawrence Wong woke up on Friday morning with a different idea. He chose violence and decided to nuke the CPF Special Account for CPF members who are 55 years old and older. My CEO, Chris, thought this wasn’t that big of a change. You should see the meltdown transpiring within the 1M65 Telegram group. My colleague Choong Hwee and myself were both moderators there, but we had to concentrate on listening to the budget. Before you know it, his unread messages on 1M65 blew up to 1000+. My CEO couldn’t have been more wrong. So many rich people with so much money that they wanted to shield from spiralling inflation or have already shielded in their CPF SA were extremely incensed! It was as if the government suddenly announced that all your freehold properties would now be converted to 99-year leasehold ones instead. After 1 day, I had more time to digest most of the announcements during the Singapore Budget and I think this CPF change is kinda big enough for me to reflect more upon it. Suffice to say, this technically affects the financial planning strategies for our existing clients in a myriad of ways. Do note that whatever I post here are my own personal views and not representative of Providend, or now Havend , whom I technically work for. Here are my short thoughts (I want to go back to resting and not doing anything). Two Related Announcements that Should be Considered Together Mr Lawrence Wong announced that 1. They shall be raising the CPF Enhanced Retirement Sum (ERS) from 3 times the CPF Basic Retirement Sum (BRS) to 4 times. 2. They will be closing the CPF Member’s CPF Special Account (SA) after the member turns 55 years old. The monies accumulated in the CPF SA will go to: • Your CPF Retirement Account (RA) to meet the CPF Full Retirement Sum (FRS), which for example comes up to $213,000 for those who turned 55 year old in 2025. • The rest will be allocated to your CPF OA. • Your CPF SA will subsequently be closed. A good way to understand this is to watch this video created by CPF: By default, the government wants us to accumulate enough in our CPF so that we can have enough passive income for our retirement. Which is why they set this CPF FRS. For those who don’t wish to put so much into their CPF LIFE or have prudently secured a home that can be sustained long enough relative to one's life expectancy (95 years old according to the G), they could set aside just half (of the CPF BRS) in their RA. However, for those who feel that they require a larger safety net, the government allows them to top up their CPF RA with cash, or transfer from their OA to augment this CPF ERS sum. In the past, members could only top up their RA to 3 x BRS but with this change you can now do so up to 4 x. Not just that, but you can top up to the PREVAILING ERS and not the ERS deemed for your 55-year-old cohort. What this means is that when the ERS moved up from $426k in 2025 to $456k, you can top up your CPF RA to $456k. Then again, why would you want to do that? Eventually, CPF LIFE will pay out a fixed monthly income that is guaranteed for life. The table above (courtesy of the Straits Times) gives you an illustration with regards to the amount of income that can be bumped up. A lot more at https://investmentmoats.com/money/singapore-budget-2024-sa-account-after-55-nuked/

Marina Bay Sands cancels final dragon drone show due to mechanical issues SINGAPORE: The final display of Marina Bay Sands' (MBS) dragon drone show has been axed due to mechanical issues. The show, originally scheduled for 9pm on Sunday (Feb 18), was cancelled "due to mechanical issues with the drones during the scheduled pre-show tests", an MBS spokesperson said on Saturday evening. "The safety of the team and members of the public is our priority," said MBS, adding that there will be no replacement shows. "We apologise for any inconvenience caused and thank all visitors for their strong support of the inaugural drone series." In response to CNA's queries, MBS said: "A successful drone show is a complex operation that is dependent on many factors." "Testing is done at each rehearsal, and we also evaluate the performance of the drones in real-time." At the first showing of MBS' The Legend of the Dragon Gate: Drone Show by the Bay on Feb 10, large crowds, with congestion exacerbated by rainy weather, sparked safety concerns among some audience members.  To better regulate the flow of traffic, MBS announced on Feb 11 that it would deploy more crowd control measures for the remaining shows. It also advised attendees to consider alternative viewing locations for the show. MBS later rescheduled the rest of the showings and pushed back their start times by an hour. The drone show, which utilised 1,500 drones to form a dragon hovering over Marina Bay, was jointly organised by the Singapore Tourism Board, MBS and UOB. The first show, which was originally slated to take place on Feb 6, was "cancelled due to unforeseen circumstances". https://www.channelnewsasia.com/singapore/marina-bay-sands-cancels-final-dragon-drone-show-4131356