Managers of Wealth Asia Pacific

Chief executives cop pay cuts

The number of eligible ASX200 chief executives who did not get a bonus drastically increased from seven to 25.

Low nominated new 1MDB ED with Najib’s approval, court told

The court previously heard that Article 117 of 1MDB’s memorandum and articles of association provided Najib, among others, the power to hire and fire as the PM.

PBOC Authorises Bankruptcy Filing of Baoshang Bank

Tomorrow Holdings, the target of a government crackdown on systemic risks, is blamed for the collapse of Baoshang Bank, for interfering in its daily operations, chipping away at its risk controls, and manipulating shareholder meetings.

RBI Adopts New Measures to Ease Covid-19 Financial Stress

The RBI says lenders may extend the residual tenor of loans under resolution by a maximum of two years, whether a moratorium on repayments is granted or not.

Thailand's Social Security Office cuts contribution rates again amid Covid-19, report says

The Southeast Asian country closed its borders to foreign tourists in April to curb the spread of the pandemic, dealing a heavy blow to its tourism sector, which accounts for 15% of Thailand’s gross domestic product.

Singapore Director Charged in Wirecard Scandal

Wirecard is at the center of one of the region's biggest corporate accounting scandals in recent years, having admitted that €1.9 billion is missing from its financial accounts.

Attacks on Trusts

Trusts are usually set up to protect assets from creditors’ claims

Jho Low had a habit of 'masking' offshore company names to sound like established companies, court told

The issue came about as Wan Aizuddin was questioning Shahrol on Abu Dhabi Malaysia Investment Company (Admic) Ltd, a company which was originally registered as Malaysian Abu Dhabi Investment Company on March 5,2013.

Trusts and Shari’a compliance

This is commonly referred to as 'forced heirship' and is most common within civil law countries and countries with Shari’a law in place.

1MDB scandal fugitives hiding in China: Malaysian police

The most prominent is Low Taek Jho - commonly known as Jho Low - a bespectacled, chubby financier known for partying with Hollywood A-listers and accused of being the scandal's mastermind.

MAS Announces Key Initiatives to Support SORA Adoption

It will also facilitate the adoption of SORA as a floating rate benchmark, provide a pricing reference for SORA cash products [2] , and spur hedging activities through the SORA derivatives market.

The Risk of Dealing with Your Assets Prior to Divorce

For some people, their reasons for transferring finances are completely innocuous.

DBS supports IRAS in digital payment implementation

IRAS now offers PayNow QR as a payment option on its myTax portal for all major tax types

PBoC Magazine Details Baoshang Bank’s Collapse

Suggestions for improving corporate governance and transparency include diversified shareholding structures, strengthened external supervision and better information disclosures.

Taiwan's BLF incurs loss as Covid-19 hits investments

The seven funds incurred an investment loss of NT$158.2 billion (US$5.38 billion) in the first half of 2020, shedding 3.43% through the six-month period, the BLF says in a statement on August 3.

Interpol Reveals ‘Alarming Rate’ of Cyberattacks During Covid-19

“The report’s findings again underline the need for closer public-private sector cooperation if we are to effectively tackle the threat Covid-19 also poses to our cyber health.”

Ex Coutts Banker Fined Over $700m 1MDB Transfer

Despite the unorthodox demand, the Coutts banker – identified as “A” – approved Low’s request to transfer USD 700 million from 1MDB to an account held.

Policymakers still Needed

Developed market equities returned 4.7% underperforming emerging markets which were up 8.4% led by that strong performance from China.

HSBC plans up to 3,000 new Asian jobs amid the global carnage

The first batch of 100 “digitally-enabled wealth planners” have been on-boarded in Guangzhou and Shanghai, and the “plan is to reach 2,000-3,000 planners by 2024”, according to Quinn’s presentation slides.

MAS Enhances its Significantly Rooted Foreign Bank Framework

Under the enhanced SRFB Framework, MAS will consider granting an additional full bank licence to an SRFB that substantially exceeds the SRFB baseline criteria.

Legal, Regulation & Compliance