TOKYO - A JAPANESE business executive accused of defrauding thousands of investors of at least US$1.4 billion (S$2.1 billion) wanted to expand the scheme internationally, reports said on Saturday.
Kazutsugi Nami, 75-year-old chairman of now bankrupt bedding supplier L&G K.K., was arrested last week for allegedly swindling at least $1.4 billion by promising 36 per cent annual returns.
NEW DELHI - FRAUD-HIT IT giant Satyam Computer's new chief executive has told the company's 50,000 employees he is confident the company 'can accomplish the impossible' and get itself back on the rails.
'I have no misgivings about the enormity of the task in front of us but together with my colleagues, I am confident we can accomplish the impossible,' A.S. Murty said in a Webcast to employees on Friday.
BALTIMORE - MICHAEL Phelps says it's fair for USA Swimming to suspend him for three months, the latest fallout from a photo showing the Olympic great apparently inhaling from a marijuana pipe.
Phelps was back at his regular pool in Baltimore on Friday, a day after the suspension was handed down.
COLOMBO (Sri Lanka) - HUNDREDS of sick and wounded people are stranded in a makeshift hospital in war-wracked northern Sri Lanka, the Red Cross said on Saturday as it urged the government and Tamil Tiger rebels to let the patients out of the conflict zone.
The makeshift hospital in Puttumatalan village is the only medical facility available in the region after the war zone's last hospital in Puthukkudiyiruppu was forced shut after being shelled for days in attacks the Red Cross said left at least 12 people dead and 30 wounded.
