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Singapore court orders Credit Suisse unit to pay Georgia ex-PM $743 mn

A Singapore court mandated Credit Suisse’s unit to compensate Georgian billionaire and former Prime Minister Bidzina Ivanishvili US$743 million for not securing his assets. Previously, the court had ruled a payment of US$926 million.

Ivanishvili had blamed the bank for fraudulent mismanagement leading to his investment losses. This lawsuit adds to Credit Suisse’s woes, which was overtaken by UBS amid scandals.

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SINGAPORE: A Singapore court on Tuesday ordered a unit of Credit Suisse to pay Georgian billionaire and ex-prime minister Bidzina Ivanishvili US$743 million for failing in its duty to safeguard his assets, revising down the amount ruled in an earlier judgement.

The decision is another blow for the fallen banking giant, which was taken over by its rival UBS, Switzerland’s biggest bank, in June to prevent a financial collapse following a series of scandals.

“The amount of compensation that the defendant must pay is US$742.73m,” the Singapore International Commercial Court said in a judgement published online.

Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, blaming the bank for fraudulent mismanagement that led to the billionaire suffering investment losses.

The lawsuit in the city-state was filed against Credit Suisse Group’s Singapore subsidiary, Credit Suisse Trust Ltd.

The court in May ordered the bank unit to pay Ivanishvili a higher amount of US$926 million but lowered that on Tuesday to take into account an earlier settlement and to avoid “double recovery”, according to Tuesday’s judgement.

Credit Suisse said it took note of the ruling.

“The Singapore Court’s judgment is not final and, as already communicated in May 2023, Credit Suisse Trust Limited will pursue an appeal,” a spokesperson said in a statement.

The years-long case has focused on the role of Ivanishvili’s relationship manager Patrice Lescaudron, who was sentenced by Swiss authorities to five years in prison in 2018 on charges of fraud and forgery.

Credit Suisse had approached Ivanishvili in late 2004 to offer him wealth-management services just after the billionaire and his business partner sold a metallurgical complex in Russia for US$1.6 billion.

Ivanishvili agreed to deposit more than US$1 billion into a trust set up in 2005 for inheritance planning and asset holding, the judgement in May said.

Lescaudron, however, misappropriated millions of dollars over the next nine years until 2015 when his fraud was exposed, according to the judgement in May.

— AFP

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Crime

Singaporean fugitive deported from Thailand, to be charged with drug trafficking

A Singaporean fugitive arrested in Thailand, was deported to Singapore on 19 September 2024 and faces drug trafficking charges. Authorities expect him to face the death penalty under Singapore’s tough drug laws for running a smuggling operation between Thailand, Australia, and Singapore.

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A 31-year-old Singaporean man, wanted for drug trafficking offences, was arrested in Thailand and deported to Singapore on 19 September 2024.

The fugitive, identified as Benny Kee Soon Chuan, was apprehended by Thai police at his residence near Bangkok’s Suvarnabhumi Airport and will face charges in court on 20 September.

Kee, described as a high-level trafficker, ran a smuggling operation that trafficked crystal methamphetamine, ketamine, and Ecstasy to Australia and Singapore using Thailand as a transit hub, according to Pol Lt Gen Panurat Lakboon, secretary-general of Thailand’s Office of the Narcotics Control Board (ONCB).

Cross-Border Investigation and Arrest

The Central Narcotics Bureau (CNB) of Singapore had issued an arrest warrant for Kee following investigations into two drug trafficking cases in December 2020 and November 2022.

He had been on the run since 11 April 2016, prompting CNB to collaborate with its international counterparts, including the ONCB. Thai authorities were tipped off by CNB on 12 August 2024, and after weeks of investigation, Kee was apprehended on 17 September.

Thai immigration officials revealed that Kee had entered Thailand earlier in 2024 using a Vanuatu passport.

Following his arrest, Kee’s Thai visa was cancelled, and assets worth 15 million baht (S$585,000), including luxury watches, gold pieces, and a luxury car, were seized during a raid on his residence in Samut Prakan.

Lt Gen Panurat confirmed that the fugitive had been living an affluent lifestyle in Thailand despite lacking legitimate employment.

Links to Broader Drug Network

Kee is believed to be linked to other Singaporean traffickers involved in the smuggling of drugs from Thailand.

In March 2021, Thailand’s Anti-Trafficking in Persons Task Force (AITF) intercepted packages containing Ecstasy and ketamine destined for Singapore, as well as crystal methamphetamine bound for Australia.

Two other Singaporean men, aged 21 and 29 at the time of their arrests, were later sentenced to imprisonment and caning in Singapore for their involvement in these operations, which were connected to Kee’s trafficking network.

Death Penalty Under Singaporean Law

Kee’s deportation to Singapore brings him under the jurisdiction of Singapore’s severe drug laws, which prescribe the death penalty for those convicted of trafficking substantial amounts of controlled substances.

Singaporean authorities have indicated that he could face the death penalty under the country’s strict drug trafficking laws. Pol Lt Gen Panurat indicated that Singaporean authorities are expected to seek the maximum penalty for Kee’s alleged offences.

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Arts & Culture

Epigram Books to close SAM bookshop amid low sales and footfall

Epigram Books will shut down its bookshop at the Singapore Art Museum on 26 January 2025, citing low sales and foot traffic. The independent bookstore, known for supporting local authors, will continue to operate its online store, but its future in brick-and-mortar retail is uncertain.

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Epigram Books, a major supporter of Singaporean literature, will close its Epigram Coffee Bookshop at the Singapore Art Museum (SAM) on 26 January 2025.

The decision comes after years of struggling with low sales and foot traffic at the Tanjong Pagar Distripark location, marking the end of the bookstore’s three-year lease.

The announcement on 19 September follows Times Bookstores’ closure of its final outlet in Holland Road, highlighting the growing challenges faced by brick-and-mortar bookstores in Singapore.

Edmund Wee, publisher at Epigram Books, expressed disappointment, stating: “We tried everything to make this work. Over the past three years, we’ve often asked ourselves, how many people even knew our bookstore existed here, let alone visited?”

Despite efforts to boost traffic, including operating shuttles to increase accessibility, the bookstore struggled to attract visitors consistently.

Epigram Coffee Bookshop, previously located at the Urban Redevelopment Authority Centre on Maxwell Road and later in a pop-up at Beach Road, relocated to SAM in May 2022 in partnership with Balestier Market Collective.

The 20-seater store featured towering shelves showcasing local and Southeast Asian titles, including books from other independent publishers like Ethos Books and Math Paper Press.

However, the location’s industrial setting, which only saw spikes in visitors during major exhibitions like Olafur Eliasson’s, limited consistent footfall.

The closure coincides with the end of Eliasson’s exhibit on 22 September 2024. Although the exhibition provided a temporary boost to the bookshop’s sales, Epigram noted that the increased traffic was short-lived.

Epigram’s future in physical retail remains uncertain. Mr Wee indicated that high rental costs make reopening a physical store unlikely: “Unless rent prices relent, it’s unlikely we’ll move into another space.”

Epigram Books has been a significant presence in Singapore’s independent book scene, promoting local authors and holding literary events.

The bookshop was also a community hub for the literary arts, hosting numerous book launches and events supporting local writers. “These spaces are special to our literary arts community. They’re where book lovers gather, where literary events and book launches happen in support of our writers,” said Mr Wee.

Despite the closure of the SAM store, Epigram will continue to operate its online store. The publisher emphasized the need for continued support from readers: “We’ve come this far with everyone’s support, and we look forward to continued support from our readers as we transition to focus on online sales.”

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