Full Speech: Lawrence Wong Stuns Trump With Final Warning? 'Don't Export To US…'
Singaporean Prime Minister Lawrence Wong delivered his first May Day Rally speech as head of government on May 1. Watch this video to know more.
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Business Standard
6 days ago
- Business Standard
Singapore court rejects restructuring plan of WazirX parent Zettai
In a major blow to crypto traders on exchange platform WazirX, the Singapore High Court on Wednesday rejected the proposed restructuring plan of WazirX's parent company, nearly a year after an alleged cyber heist resulted in a loss of $235 million in virtual digital assets. The dismissal of parent firm Zettai's scheme of arrangement comes weeks after the company incorporated a subsidiary, Zensui Corporation, in Panama. The court's action was prompted by the company's failure to disclose these incorporation details during the restructuring process, according to people familiar with the matter. Zensui was incorporated on 10 March this year, according to an affidavit submitted to the Singapore Court and reviewed by Business Standard. In addition, the company said Zettai did not intend to obtain a digital token service provider (DTSP) licence in Singapore. It added that the parent or its Panama subsidiary did not intend to apply for registration with India's Financial Intelligence Unit (FIU-IND). The crypto exchange may appeal against the latest order issued by the Singapore Court, a person close to the development said, requesting anonymity. According to Singaporean laws, digital token service providers (DTSPs), subject to a licensing requirement in the country, are required to suspend or cease such business outside the island nation by 30 June 2025. The setback to the company may further stretch the timeline on the distribution of available assets to its creditors. 'Zettai also failed to disclose the incorporation of its subsidiary, Zensui, which was incorporated on 10 March, and an agreement to transfer cryptocurrency assets to Zensui—both of which were not communicated to users or the Court,' said Navodaya Singh Rajpurohit, legal partner, Coinque Consulting and founder, Pravadati Legal. He added that Zettai revealed it does not intend to register with the Financial Intelligence Unit – India, a prerequisite for lawfully distributing cryptocurrency in India. 'These omissions and regulatory non-compliances made the scheme unviable and lacking in transparency,' he said. In the affidavit, the company said the Financial Services and Markets Act 2022 (FSM) did not present any legal or practical impediment to Zettai effecting the first distribution or allowing withdrawals in accordance with the scheme of arrangement—one of the reasons it did not intend to apply for the DTSP licence. 'The Panama subsidiary was the custody of the crypto related to redistribution since the holding was with Singapore. It was an interim since the firm wanted to go to a jurisdiction where it could follow a framework and regulation after 30 June,' a person close to the company said. In April, Zettai said that 93.1 per cent of eligible voting creditors, representing 94.6 per cent in value of claims, voted in favour of the scheme, months after the company proposed restructuring in the Singapore High Court. In total, 1,41,476 scheme creditors, representing $195.65 million in approved claims, cast a vote. Out of the total creditor base, 1,31,659 investors representing $184.99 million voted in favour of the scheme.
Time of India
30-05-2025
- Time of India
Singapore PM Slams Israeli Blockade Of Gaza In Presence Of Macron; 'Deliver Aid Or Else...'
Singapore PM Slams Israeli Blockade Of Gaza In Presence Of Macron; 'Deliver Aid Or Else...' Source: Singapore Prime Minister Lawrence Wong issued a strong message to Israel during a joint press conference with French President Emmanuel Macron. Both leaders raised concerns over the deepening humanitarian crisis in Gaza and stressed the need for immediate international action. Watch
NDTV
30-05-2025
- NDTV
Watch: Emmanuel Macron Gets A Taste Of Singapore Hawker Culture
French President Emmanuel Macron had the chance to sample Singapore's famous hawker and street food culture recently. As part of his maiden state visit to the country, the President accompanied Prime Minister Lawrence Wong Lau to Pa Sat, the iconic hawker centre. In a video shared by the Singapore PM, both of them can be seen walking through this locality. They greeted vendors and people around them, and also stopped to taste some of the local delicacies. In one part of the video, Macron and Wong try what look to be soup dumplings served by a particular hawker. "How do you find the taste?' Macron is asked. He replies that it's "very good." Also Read: Here's What French President Emmanuel Macron Ate On His Trip To India After their street food adventure, they had dinner at The Fullerton Hotel in Singapore, as shown in the same video posted by PM Wong. Part of the caption reads, "We began with a visit to Lau Pa Sat to experience Singapore's vibrant hawker culture and local flavours. Over dinner, we had a wide-ranging and fruitful discussion on global and regional developments." Take a look below: View this post on Instagram A post shared by Lawrence Wong (@lawrencewongst) More About Lau Pa Sat: Lau Pa Sat, literally meaning "Old Market," is also known as Telok Ayer Market. It was rebuilt in its present location in the downtown core area in 1894. It is one of the most famous cultural landmarks in the city, and it has significantly evolved over the years. The Victorian-era architecture of the building is quite distinctive, featuring structures made of cast iron. Today, Lau Pa Sat is mainly known for its food hawkers. It houses numerous stalls selling various kinds of local Singaporean delicacies and other street-style favourites, including dishes like satay, chicken rice and char kway teow. One of the most popular attractions here is "Satay Street. Boon Tat Street is closed to traffic from 7 pm onwards. The place is then opened for people to dine al-fresco and relish the satay treats grilled on open flames by many vendors. Also Read: 5 Hawker Centres You Must Visit When In Singapore
