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BSI Bank owners fail to strike out 1MDB’s US$394 million claim in Singapore Court

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SINGAPORE, Aug. 29, 2024 /PRNewswire/ — In a significant legal development, the High Court of Singapore has dismissed an application by BSI Bank Limited (now in liquidation) (BSI) to strike out the US$394 million claim brought against it by 1Malaysia Development Berhad (1MDB) and its subsidiary, Brazen Sky Limited.

The case, which commenced on 2 May 2024, sees 1MDB and Brazen Sky seeking redress for large-scale financial losses said to be suffered as a result of unauthorised fund transfers and money laundering schemes orchestrated through accounts at BSI. The claim alleges that BSI and several of its former officers facilitated these transfers, assisting in the misappropriation of 1MDB’s assets.

The action forms part of 1MDB’s ongoing global asset recovery efforts to reclaim billions of dollars of misappropriated funds.

The dismissal of the strike-out application (which is subject to appeal) allows the case against BSI to proceed.

BSI was placed into members’ voluntary liquidation in 2017, with Bob Yap Cheng Ghee and Toh Ai Ling of KPMG Singapore appointed its joint and several liquidators. BSI is a wholly-owned subsidiary of BSI AG of Switzerland (BSI AG) which is, in turn, previously owned by Brazil’s BTG Pactual (known as Latin America’s equivalent to Goldman Sachs). BSI AG was sold in 2017 to the Zurich-based banking group, EFG International. Based on a media release issued by EFG International on 1 November 2016, BTG Pactual agreed to indemnify EFG International against “certain known liabilities and damages” to “de-risk[…] the acquisition”. BTG Pactual also owns almost a third of EFG.

A spokesperson for the 1MDB Board commented:

“We are pleased this application has been denied and are committed to holding accountable the institutions and individuals involved in misappropriating money from Malaysia’s sovereign wealth fund, while ensuring the recovery and restitution of these assets back to the Malaysian people.”

This commitment was further evidenced by a verdict given in Switzerland yesterday, where the highest criminal court convicted businessmen Tarek Obaid and Patrick Mahony of fraud and money laundering, sentencing them to seven- and six-years’ imprisonment, respectively. This judgment also permitted the recovery of $1.748 billion to Malaysia and the court ordered that Obaid and Mahony’s assets, totalling approximately $240 million, be confiscated and restored to 1MDB.

Notes to editors

1MDB is represented by Jern-Fei Ng KC, Colin Liew and Tan Jun Hong of Duxton Hill Chambers (Singapore Group Practice) and a team from LVM Law Chambers. Lim Chee Wee Partnership of Kuala Lumpur acts as global co-ordinating counsel for all 1MDB-related asset recovery efforts in Malaysia and abroad. The liquidators for 1MDB subsidiary Brazen Sky are Angela Barkhouse and Toni Shukla, both of Kroll.

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Promoting Taiwan’s Higher Education: Delegation Participates in the 2024 EAIE Conference in France

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TAIPEI, Sept. 18, 2024 /PRNewswire/ — The European Association for International Education (EAIE) held its 2024 annual conference in Toulouse, France from September 17 to 20. Dr. Cheng-Chih Wu, chairperson of the Foundation for International Cooperation in Higher Education of Taiwan (FICHET), led a delegation of more than 50 participants from 21 universities to participate in the conference. Mei-Chen Lu, Education Division Director of the Taipei Representative Office in France, along with Lih-Tien Hsu, secretary of the Education Division, welcomed the delegation and discussed opportunities for research and education cooperation in France.

Wu stated that this year marked the 34th anniversary of the EAIE Conference and Exhibition, a quintessential higher education event in Europe. This year’s theme was “En route!” (French for “Go!”), a powerful call to educators from all over the world. The conference saw more than 6,500 representatives from universities and research institutions participating in more than 240 events.

According to Wu, Taiwan is a key partner of the European Union in Asia, with close cooperation in the areas of human rights, gender equality, social issues, climate change, education, and cultural events. In 2023, Taiwan’s Ministry of Education (MOE) launched a program that aims to boost enrollment and retention of international students, with a five-year budget of USD160 million. Under this program, the University Academic Alliance in Taiwan, formed by 12 Taiwanese universities, will seek to strengthen partnerships with five university alliances in Europe, the U.S., and Japan.  Through the Horizon Europe initiative and the Jean Monnet Project, Taiwan and the EU forge strong partnerships for international research.

MOE statistics shows nearly 7,300 European students are studying in Taiwan in 2024, with more than 80% of them coming from EU member states, and more than 10,000 Taiwanese students studying in Europe, with most of them also in EU member states. This shows that the education exchanges and talent mobility between Taiwan and the EU have been robust and will continue to flourish.

To strengthen education partnership between Taiwan and France, the two countries have adopted a multi-faceted approach that includes the annual Taiwan-France Educational Cooperation Meeting, the Taiwan-France Higher Education Leaders Forum, the Taiwan Studies Project, as well as inking more cooperation agreements and implementing language teaching assistants exchange program, and these programs have yielded remarkable results. This year (2024), France is the European country that has the most students studying in Taiwan, with more than 1,700 students in Mandarin language programs and exchange programs.

During the conference, FICHET organized a Taiwan Night networking event at Hotel NH Toulouse Airport on the evening of September 18. Representatives of the 21 Taiwanese universities and their partner universities attended the dinner, amounting to about 100 attendees. Discussion was lively at the event and revolved around forming multilateral partnerships and strengthening educational cooperation.

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Indonesian Handcrafted Textiles/WASTRA Are Once Again Making a Global Impact Through Refined Modest Fashion

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PARIS, Sept. 18, 2024 /PRNewswire/ — Bank Indonesia continues to support inclusive and sustainable economic growth through various Islamic Economic and Financial Development Programs (EKSYAR). This notion is a part of Indonesia’s efforts to become the world’s modest fashion Mecca, in line with Indonesia’s vision of becoming the world’s leading halal producer center as stated in the Indonesia Halal Industry Masterplan (MPIHI).

Bank Indonesia noted that the export value of modest fashion commodities during the period January to July 2024 reached USD632.76 million, or an annual increase of 3.38%. Supporting these efforts, Bank Indonesia is synergizing with the Indonesian Ministry of Cooperatives and SMEs, the Indonesia Fashion Chamber (IFC) and the Embassy of the Republic of Indonesia in Paris at the Indonesia International Modest Fashion Festival (IN2MF).

The IN2MF is integrated with the global trade fair Who’s Next on September 8-10, 2024 at the Porte de Versailles, Paris. This event features wastra-based fashion with sustainable principles and manners competing in the global market.

Deputy Governor of Bank Indonesia, Juda Agung, expressed as fashion with a polite appearance is not only a trend, but a global movement that reflects elegance, dignity, and cultural pride which in harmony with Indonesian values. Deputy Governor Juda advices the contribution of the modest fashion industry is needed to be strengthened in supporting the economy in the global market. Indonesia’s achievement has been ranked third in the modest fashion industry in the State of the Global Islamic Economy 2023 report. Going forward, Bank Indonesia together with strategic partners will continue to support IN2MF in penetrating the global market and promote Indonesian wastra.

On the same occasion, a breakthrough promotion of Indonesia’s modest fashion products in the global scale was made through the signing of a cooperation agreement between the IKRA Council and Printemps Paris. This collaboration will strengthen the exposure of IKRA’s fostered products sold at the Printemps shopping center in Paris.

IN2MF Paris is a series to the peak of IN2MF on October 30November 3, 2024 in Jakarta in conjunction with the 11th Indonesia Sharia Economic Festival (ISEF) in 2024. This year, IN2MF has been held in several cities around the world, namely Kuala Lumpur, Dubai, and Istanbul. IN2MF Paris also displayed well-known Indonesia designers including Itang Yunaz, Wignyo, and Dian Pelangi.

IN2MF Paris Fashion Show Photos and Video 2024

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BingX Provides 1 Billion VND Aid to Support Vietnam From Impacts of Typhoon Yagi

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VILNIUS, Lithuania, Sept. 18, 2024 /PRNewswire/ — BingX Charity, the philanthropic arm of the global leading cryptocurrency exchange BingX, has donated 400 million VND to aid recovery efforts in northern Vietnam following Typhoon Yagi. This typhoon is the strongest to hit the country in three decades, causing widespread destruction and leaving hundreds dead or missing and thousands displaced.

In the immediate aftermath of the disaster, BingX launched a donation campaign on September 12, 2024, committing 400,000,000 VND to the Vietnam Fatherland Front Central Committee. This donation was aimed at providing crucial aid to those affected by the typhoon and subsequent floods and landslides. BingX’s donation campaign, together with the generous contributions from the public, has been vital in providing immediate relief to those affected by the catastrophe. The funds will help rebuild communities, restore infrastructure, and deliver essential supplies to families who have lost their homes and livelihoods.

As part of BingX’s commitment to helping the victims of Typhoon Yagi, the exchange also introduced a donation-matching initiative. For every 1,000 VND donated by the public to the Vietnam Fatherland Front Central Committee, BingX matched the amount. This initiative, which concluded on September 17, significantly increased total financial support, bringing the combined contribution to 1 billion VND. This includes 600 million VND raised through the matching program and 400 million VND from BingX’s initial donation.

In addition to those efforts, BingX will also organize a charity program on September 18 in the spirit of solidarity and sharing. The event will take place in Nam Khap Ngoai village and Trung Do village, Bao Nhai commune, Bac Ha district, Lao Cai province, where 230 charity gifts will be distributed to the people of the region. This area, still facing numerous challenges after Typhoon Yagi, is difficult to access due to its rugged terrain, limiting relief efforts. The charity gifts, including essential necessities, are prepared based on the recommendations of the local government to ensure they meet the actual needs of the community. BingX hopes that this program will provide not just material support, but also foster faith and hope, encouraging the local people to overcome their current difficulties. This aims to spread the spirit of mutual love and light the flame of humanity in these trying times.

Reflecting on these, Vivien Lin, Chief Product Officer at BingX, stated, “We were deeply moved by the overwhelming response from our community during this campaign. At BingX, we believe in leveraging our platform to bring about positive change, and this initiative allowed us to stand alongside the people of northern Vietnam in their time of need. We hope our contributions, combined with those from generous donors, will have a lasting impact on recovery efforts.”

BingX remains committed to supporting global communities in times of crisis, and the company extends its gratitude to all those who participated in this vital campaign. The cryptocurrency exchange believes that through collective efforts, we can continue to build resilience in vulnerable regions and stand ready to offer assistance wherever and whenever it’s needed most.

About BingX

Founded in 2018, BingX is a leading cryptocurrency exchange serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC’s principal partner, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/ 

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