SG Morning Call | Singapore Banks Probe Rich Clients After Laundering Case

Stocks to Watch

$Seatrium(5E2.SI)$: A director of the offshore and marine giant, Lai Chung Han, will resign on Jun 30. On Monday, the company said Lai will be assuming appointment as the permanent secretary for development at the Ministry of Finance from Jul 1. Shares of Seatrium closed S$0.04 or 2.4 per cent higher at S$1.74, before the news.

$Kimly(1D0.SI)$: Its wholly owned subsidiary, Choh Dee (S204) Food House, has exercised an option to purchase a coffee-shop property in Serangoon from Lee Quan Enterprises for about S$13.2 million. The proposed acquisition is not expected to have any significant impact on the group’s performance for the current fiscal year. Shares of Kimly closed S$0.005 or 1.6 per cent higher at S$0.32 on Monday, before the announcement.

SG Local News

Singapore Banks Probe Rich Clients After Laundering Case

Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter.

Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing private matters.

The moves, which are voluntary, show how lenders are trying to close loopholes that enabled a group of criminals from China to launder more than S$3 billion ($2.23 billion) in proceeds from online gambling through at least 16 financial institutions in the island nation. The scandal has tarnished Singapore’s image and exposed weaknesses in how local and foreign banks and brokerages screen their clients.

PM Wong to Visit Brunei, Malaysia in First Overseas Trip Since Taking Office

Prime Minister Lawrence Wong will visit Brunei and Malaysia from Tuesday (Jun 11) to Wednesday, the Prime Minister's Office said on Monday.

Mr Wong, who is also Singapore's Finance Minister, will visit Bandar Seri Begawan at the invitation of Brunei's Sultan Hassanal Bolkiah, followed by Kuala Lumpur at the invitation of his Malaysian counterpart Anwar Ibrahim.

This is his first overseas trip since he took office last month and it is part of a series of introductory visits to Southeast Asian capitals.

Hiring Sentiment in Singapore Remains Soft, but Most Sectors Still Looking to Boost Headcount: Survey

Hiring sentiment in Singapore has weakened for the third consecutive quarter, although the good news is that most sectors have indicated that they still expect to see an increase in overall headcount.

This was one of the key findings of the latest employment outlook survey by recruiter ManpowerGroup Singapore, which was released on Tuesday (Jun 11).

Of the 525 employers polled, about 44 per cent said they plan to hire during the July to September period. Another 24 per cent anticipate a decrease in staffing levels, while 32 per cent do not expect any change.

CEL, SingHaiyi Units to Build 367 Apartments, Strata Office and Retail Tower on Peace Centre Site

Plans for the redevelopment of the Peace Centre site are finally moving ahead, some 2½ years after the ageing mall in Sophia Road was sold, along with Peace Mansion next door.

The joint developers, entities linked to CEL and SingHaiyi, received planning approval in the last quarter of 2023, to build 367 residential units; the rebuild also includes plans for new strata-titled offices and retail space on the site near Orchard Road.

Michael Ng, executive director of SingHaiyi Holdings, told The Business Times (BT): “The project is pending approval from the authorities for launch.”

Slated to be completed by 2028, the 7,118 sq m site will house a commercial tower called One Sophia, and two residential blocks in a development named The Collective at One Sophia.