The Supreme Court of Singapore and the Supreme Court of Indonesia on March 30 signed a memorandum of understanding (MOU) to enhance cross-border communication and cooperation in cross-border insolvency proceedings, according to a press release. The signing ceremony was held on the sidelines of the inaugural Judicial Well-Being Workshop for ASEAN Judges in Bali, Indonesia, with The Honourable the Chief Justice Sundaresh Menon of Singapore and Chief Justice Prof. Dr. H. Sunarto, S.H., M.H. of Indonesia as the MOU signatories.
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The Court of Appeal has dismissed the appeal by foreign liquidators to sue Standard Chartered and BSI Bank over transactions allegedly linked to the 1Malaysia Development Bhd (1MDB) saga, blocking efforts to recoup assets lost in one of the world’s largest financial scandals, the Singapore Business Times reported.
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Singapore will pour in more than S$1 billion ($786 million) to fund public artificial intelligence research over the next five years, accelerating a bid to bolster a homegrown AI industry in a field dominated by US and Chinese players, Bloomberg News reported. The government is betting the investment will help strengthen its position as an AI research hub, Digital Development and Information Minister Josephine Teo said in a speech at an industry event in the city-state Saturday.
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An application for a moratorium by a group of eight companies, including Autobahn Rent A Car, was dismissed by the Singaporean High Court on Friday, the Business Times reported. The group had sought a six-month moratorium and a scheme of arrangement in an application heard by Judicial commissioner Sushil Nair. In earlier court filings seen by The Business Times, 22 creditors opposed the application. With an extended moratorium no longer on the cards, it opens up the group to creditor actions and insolvency proceedings, which may include being wound up.
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Suspicious accounts continued to operate on Binance even after the world’s largest exchange agreed to stricter AML controls as part of a 2023 settlement with the U.S., according to a report in the Financial Times. In November 2023, Binance settled with FinCEN and OFAC for sanctions violations and violations of the Bank Secrecy Act, agreeing to pay a total penalty of $4.368 billion.
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