WHY RATE-RIGGING TRADERS NOT CHARGED
NO CRIMINAL charges were brought against traders involved in a scandal to rig benchmark interest rates as "there was insufficient evidence to support any prosecution" based on existing criminal laws, said Mr Lawrence Wong, who is Acting Minister for Culture, Community and Youth and a board member of the Monetary Authority of Singapore (MAS).
He said MAS also did not find evidence that the senior management of the 20 banks involved were aware of their traders' actions. Disciplinary actions, including termination of employment or demotions, have been meted out to the traders.
MAS is proposing a new regulatory framework, including criminalising such financial benchmark manipulation.
MORE ELDERLY PARENTS OPTING FOR MEDIATION
THE number of cases of elderly parents taking legal action against their children for lack of maintenance dipped from 110 in 2011 to 84 last year, as more are turning to mediation.
There were also fewer than five cases of abandonment referred to the Ministry of Social and Family Development over the past three years.
CARETAKER FOR DOWNTOWN LINE SITE
WORKS on a section of the Downtown Line Stage 2 have been suspended after main contractor Alpine Bau went bust last month, but a caretaker contractor will be appointed to ensure safety at the site.
This will lead to a delay in completion and additional costs, but Transport Minister Lui Tuck Yew hopes to keep it minimal.