April 17, 2009 Friday
Updated

OCBC Bank told shareholders on Friday it has no plans to undertake a rights issue to raise capital.

Chairman Cheong Choong Kong said the bank had enough cash to tide it through the economic crisis.

He told more than 100 shareholders at the annual and extraordinary general meeting that OCBC had done relatively well, despite the difficult and challenging business environment, and stated: 'Right now, there isn't any plan for a rights issue.'

 
'Confession was coerced'

MUMBAI - THE lawyer for the alleged lone survivor among 10 gunmen who rampaged through Mumbai last November, killing 166 people, told a special court on Friday that his confession to the act was forced and he wanted to retract it.

Police say Mohammed Ajmal Kasab, who sat barefoot in the dock dressed in a full-sleeve T-shirt and navy blue track pants, was one of the gunmen who arrived in Mumbai by sea from Pakistan to carry out the attacks.

Rediscover Singapore

IF IT is true that in crisis lies opportunity, the Urban Redevelopment Authority (URA) is not letting this downturn go to waste.

As Singapore's master planning agency celebrates its 35th anniversary this year, it is kicking off a string of initiatives to plan for the eventual recovery and to expand its own role locally and globally.

Abhisit postpones SEA tour

BANGKOK - THAI Prime Minister Abhisit Vejjajiva said on Friday he was postponing a planned tour of Cambodia, Singapore and Vietnam, in the wake of violent anti-government demonstrations.

The premier will remain in the country, where a state of emergency was declared on Sunday to combat rallies staged by supporters of ousted former leader Thaksin Shinawatra.

$1.4m fine for tax evasion

A MAN who evaded duty and Goods and Services Tax on car imports totalling about $148,000 has been fined $1.42 million.

But Toh Chee Wee, 36, will serve a default jail sentence of 100 weeks' instead as he could not pay the fines.

The former owner of Yi Sheng Trading admitted to 58 charges on Thursday and had another 112 counts taken into consideration.

   
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