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Posts Tagged ‘million’

Scandal causes sharp drop in Ren Ci donations

Posted by jtsmyth8 on July 18, 2008

Donations to Ren Ci Hospital and Medicare Centre have plunged.

It collected just $1.1 million in the last seven months, down from the $9.3 million that came in over the same period last year.

The beating to the Buddhist medical charity’s coffers comes from the cancellation of its televised charity show, which used to bring in $6 to $7 million; it has also lost its Institute of Public Character (IPC) status, which let it grant tax exemptions to donors.

Its fund-raising activities skidded to a halt last November, when the Health Ministry ordered a probe into its books and suspended its IPC status.

On Tuesday, its former chief executive officer Ming Yi was charged with forgery, helping to falsify its accounts and defrauding the charity to the tune of about $300,000. (story)


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HK family pays ransom for safe return of son

Posted by jtsmyth8 on July 16, 2008

The mother of one of Hong Kong’s richest tycoons paid nearly 77 million US dollars (S$103.7 million) for his release after he was kidnapped by a notorious gangster, a report said on Wednesday.

Ms Kwong Siu-hing, the 79-year-old chairman of Sun Hung Kai Properties, met gangster Cheung Tze-keung, known as ‘Big Spender’, days after he kidnapped her eldest son Walter Kwok in September 1997, The Standard reported.

Accompanied by one of her younger sons and Mr Kwok’s wife, Ms Kwong offered Cheung 600 million dollars to get her eldest son back.

The ransom in 1,000 dollar notes was packed inside 20 large carrier bags and driven in two Mercedes saloon cars to a quiet lane in Central district, the report said, quoting a source close to the family.

Cheung and his accomplice drove the two cars away with the cash. (story)

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Employee gambles away company money

Posted by jtsmyth8 on June 10, 2008

A customer service executive siphoned almost $2 million from his company over two years, and then lost it all in casinos.

And while under probe for his gambling sprees in Genting Highlands and onboard cruise ships, he managed to lie his way into getting a replacement passport to travel – again to visit casinos.

In the six months between December 2006 and May last year alone, he blew $826,500 at the gaming tables. Of this sum, he has paid back $72,500.

On Monday, Ng Ting Hwa, 32, was jailed a total of 71/2 years.

He is single and holds a Bachelor of Science, Banking and Finance degree from the University of London at the Singapore Institute of Management. (story)

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HK buyer owns “unluckiest” license plate

Posted by jtsmyth8 on May 12, 2008

A Hong Kong woman splashed out 130,000 US dollars for a car licence plate carrying “4444”, despite the number’s traditional links to death in Chinese culture, a report said Monday.

The bidder paid one million Hong Kong dollars in a government auction of 270 unusual licence plates on Sunday, the Chinese-language Apple Daily said.

The number four is often avoided by Chinese people because its pronunciation is similar to the word for “dead”.

Some skyscrapers do not include floors that end with the number, such as 14th or fourth, as they are less likely to be rented. (story)

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Jade buyout being investigated

Posted by jtsmyth8 on April 21, 2008

4 organisations are now involved in the widening official probe into the aborted takeover of Singapore-listed Jade Technologies.

The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) have recently announced that they are also looking into the fiasco.

They have joined efforts by two other regulatory and enforcement bodies – the Commercial Affairs Department (CAD), the white-collar crime unit, and the Securities Industry Council (SIC), which polices takeovers.

Earlier this month, major Jade shareholder Anthony Soh pulled the plug on a proposed $117 million buyout of the company after admitting he had insufficient funds. (story)

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