A Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday, Reuters reported. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue.
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A Singapore court has cleared the way for a $2.7 billion lawsuit against Standard Chartered Bank over its alleged role in 1MDB fraud, liquidators seeking to recover the funds said on Monday, Reuters reported. Singapore High Court dismissed an application by the bank to strike out a suit filed against it by liquidators, the liquidators said in a press release, calling it "a significant legal victory" allowing the case to continue.
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Singapore on Friday upgraded its economic outlook for 2025 as third-quarter gross domestic product growth beat market expectations and initial estimates, Reuters reported. GDP rose 4.2% in the third quarter from a year earlier, government data showed, faster than the 2.9% official advance estimate released last month. On a quarter-on-quarter seasonally adjusted basis, GDP expanded 2.4% from the second quarter. The trade ministry raised its GDP growth forecast for 2025 to "around 4.0%" from a previous range of 1.5% to 2.5%. It forecast 2026 GDP growth at 1.0% to 3.0%.
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Singapore’s financial regulator is preparing to introduce new rules for stablecoins and expand central bank digital currency (CBDC) trials as part of a broader effort to build out its framework for digital assets, Decrypt.com reported. The Monetary Authority of Singapore’s (MAS) managing director, Chia Der Jiun, said Thursday that stablecoins could play a key role in future financial networks if they are properly supervised. “Unregulated stablecoins have a patchy record of keeping their peg,” Chia told the Singapore FinTech Festival 2025.
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A virtual hearing between Victory Shipping Pte Ltd. and Integr8 Fuels Pte Ltd., organised by the High Court of the Republic of Singapore, is scheduled to take place on Tuesday (14 November), the Manifold Times reported. The event is to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.
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Musician Hong Junyang recently became a casualty of Singapore’s struggling food and beverage industry, The Star reported. The 44-year-old singer-songwriter’s name was included in the Sept 26 publication of the Government Gazette list of bankrupt individuals. Hong told local news portal AsiaOne on Oct 13 that his financial situation arose from debts from his Thai street food restaurant chain The Original Boat Noodle, which had faced difficulties since the pandemic. “Ever since Covid-19 started, it has been very, very tough for us, up till our closure...
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