corruption probe

A Singapore money laundering probe involving more than $1 billion is shining a light on fund flows from abroad.

Investigations are still at an early stage, according to public prosecutors at a court hearing on Wednesday.

Anyone found to be guilty of corruption can be fined up to $100,000, jailed up to five years, or both.

In a statement on July 24, Tiong Seng Holdings says Pek and Pay are currently on bail, and have both denied the alleged offences.

Once seen as one of China’s brightest growth stories and the homegrown answer to Starbucks Corp., Luckin’s disclosure in early April that senior executives may have fabricated $310 million of sales has plunged the company into crisis.

It was said that Ivar Krueger burned through — in today’s money — US$1.5 billion ($2.14 billion) of financier’s funds.

Accrelist investigated for alleged corruption over giving hef-tea angpow to customer

Faced with queries from SGX, the group says it is “still taking time to deliberate on the response, while taking legal advice”.

AirAsia Group CEO Tony Fernandes and Chairman Kamarudin Meranun stepping aside for at least 2 months while airline and authorities investigate allegations Airbus paid a bribe of US$50 million to win plane orders

This comes shortly after the group’s independent director Lai Choong Hon received a similar notice from CAD and MAS which required him to assist with a similar investigation.