logo
Top insolvency lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61

Top insolvency lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61

Time of India13 hours ago

Former Rajah & Tann managing partner
Patrick Ang
dies at 61
Patrick Ang, former managing partner at Rajah & Tann, one of Singapore's Big Four law firms, has died at the age of 61. The firm confirmed his death in a statement on June 14.
Ng Kim Beng, managing partner at Rajah & Tann (R&T), said, 'R&T has lost a celebrated lawyer, a selfless leader, and most of all, a cherished and deeply loved friend and colleague. His sudden and unexpected passing leaves an immense void.'
Also read:
Marelli files for Chapter 11 bankruptcy in US as hedge funds take control
Ang was a leading
insolvency lawyer
in Singapore, with over three decades of legal experience. He was known for his role in major corporate collapse cases including China Aviation Oil, Hin Leong, Lehman Brothers, and Swiber.
He was the first Singaporean and the fourth Asian lawyer inducted into the
American College of Bankruptcy
, an international body of top bankruptcy and insolvency professionals.
Live Events
Ang became managing partner at R&T in 2019, succeeding Senior Counsel Lee Eng Beng. During his leadership, he spearheaded the law firm's regionalisation through Rajah & Tann Asia, a network of legal practices operating across Southeast Asia.
He was named Managing Partner of the Year at the Asia Legal Business South-east Asia Law Awards in both 2024 and 2025. Earlier in 2025, Ang stepped down from his managing partner role but remained as vice-chairman of Rajah & Tann Asia.
Contributions to law and public service recognized
Minister for Law Edwin Tong paid tribute to Ang in a statement on June 14, calling him a 'formidable legal mind' and commending his 'unwavering stout heart for Singapore.'
'In my earlier years of practice, we often found ourselves on opposite sides of the table in complex restructuring matters,' Tong wrote. 'Even then, I found it impossible not to respect him.'
Also read:
Motherson's Marelli takeover faces US hedge fund bump
Tong noted that Ang approached negotiations with 'integrity and grace,' and consistently maintained professionalism, even in difficult legal matters.
Ang also contributed to Singapore's public service. He played a role in drafting the Covid-19 (Temporary Measures) Bill and was awarded the Public Service Star (Covid-19) National Day Award in recognition of his work.
'His passing is not only a profound loss to his firm, but also to the legal profession and to Singapore, which he served with quiet resolve, unwavering strength and deep purpose,' said Tong.
Family and academic legacy
Ang is survived by his wife, Marina Chin, Senior Counsel and joint managing partner at Tan Kok Quan Partnership, and their three daughters.
His brother, Ang Peng Hwa, is a professor at the Wee Kim Wee School of Communication and Information.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stealth wars: Will Pakistan's J-35, KAAN jet deals to counter India spark new arms race in Asia?
Stealth wars: Will Pakistan's J-35, KAAN jet deals to counter India spark new arms race in Asia?

India Today

time4 hours ago

  • India Today

Stealth wars: Will Pakistan's J-35, KAAN jet deals to counter India spark new arms race in Asia?

Pakistan is embarking on a frenzied shopping spree to bolster its air combat capabilities after the military stand-off with India exposed the vulnerabilities of its air defence Islamabad has announced China's offer of 40 fifth-generation J-35 stealth fighter jets, 500-KJ AWACS and 19 HQ long-range anti-ballistic defence systems. Second, Pakistan intends to procure the KAAN fifth generation stealth fighter jet from Turkey. Ankara has repeatedly underlined 'brotherly' relations with Pakistan and has been supporting its position on Kashmir at international too is hitting the throttle on its stealth ambitions by expediting the indigenous fifth generation Advanced Medium Combat Aircraft (AMCA). It is in the process of issuing expression of interest to private players to join the minister Rajnath Singh, on May 27, cleared the execution model for the AMCA, marking a crucial phase in India's aerospace ambitions. According to the ministry of defence, the execution model will allow the Aeronautical Development Agency (ADA), the nodal design body for AMCA, to carry out the programme through a robust industry partnership. The model promises equal opportunity to both public and private sector players, enabling them to bid competitively—either independently, as joint ventures, or as consortia, under the umbrella of an Indian-registered company compliant with national the government had planned to adopt the special purpose vehicle route for the AMCA's development. Now, a shift towards an industry partnership model seems to be in motion. With private defence giants, such as L&T and Tata, emerging as key aerospace players, ADA believes this is the right time to empower the Indian private industry rather than continue to rely solely on the state-run Hindustan Aeronautics Limited (HAL).advertisement'We are very shortly coming out with expression of interest regarding the AMCA's development. Once finalised, the industry partner will be shortlisted for development, production and lifetime maintenance of the jet. The shortlisted partner does not have to invest in the development phase. They only have to invest in setting up a manufacturing infrastructure base,' said a key defence official privy to the AMCA week, the Pakistani government's social media account, in a list of diplomatic achievements credited to prime minister Shehbaz Sharif, said Islamabad had been offered '40 fifth-generation Shenyang J-35 stealth aircraft, Shaanxi KJ-500 Airborne Early Warning and Control (AEW&C), and HQ-19 air defence systems from China'. The post also said Azerbaijan and Pakistan had signed a $4.6 billion contract for the former to acquire 40 JF-17 fighter jets manufactured by the Pakistan Aeronautical observers claimed that while the KJ-500 is the latest airborne early warning aircraft design in Chinese service, serving with the People's Liberation Army Air Force (PLAAF), J-35 jets are also expected to be equipped with PL-17 air-to-air missiles (range of 400 km, making it one of the longest-range air-to-air missiles in the world).Scheduled to begin arriving by August this year, the deal for J-35 jets is reportedly being offered at half the price, with Pakistani pilots already undergoing training in China. The J-35 is currently being developed for both China's PLAAF and People's Liberation Army Navy Air Force (PLANAF), with the latter expected to introduce the type onto its carrier air Pakistan has shown keen interest in the Turkish KAAN fighter jet. It has been reported that representatives from multiple institutions gathered at the eighth meeting of the Pakistan-Turkey Industrial Expo in Pakistan earlier this year and finalised plans for a partnership between Ankara and Islamabad for the production of Turkiye's KAAN fighter defence minister Yasar Guler had at that time reportedly confirmed an agreement for Pakistan's official participation in the KAAN jet project. Meanwhile, Indonesia has signed a contract to procure 48 KAAN fighter jets from Turkiye at an estimated cost of $10 billion. Deliveries are expected to begin in 2026. This shifts Indonesia's focus from additional Rafale orders. Jakarta, in 2022, had signed an agreement with Dassault Aviation for 42 Rafale jets at $8.1 its procurement spree, Pakistan has increased its defence spending by more than 20 per cent—the most substantial hike in a decade. Presenting the annual federal budget on June 10, finance minister Muhammad Aurangzeb proposed an allocation of 2.55 trillion rupees ($9 billion) for the country's three armed services, amounting to 1.97 per cent of Pakistan's gross domestic product (GDP), up from 1.7 per cent in the previous Pakistan scrambles to modernise its air force, questions arise about the implications of these deals on regional security and the balance of power. Experts believe the timing of these deals is notable, coming on the heels of Operation Sindoor, which showcased India's military capabilities and exposed Pakistan's air defence vulnerabilities. As Pakistan seeks to bolster its air power, it remains to be seen whether these acquisitions will be enough to tip the scales in its favour or spark a new arms race in the to India Today Magazine

Rupee lags Asian peers despite dollar dip as FPIs pull out and oil rises
Rupee lags Asian peers despite dollar dip as FPIs pull out and oil rises

Business Standard

time4 hours ago

  • Business Standard

Rupee lags Asian peers despite dollar dip as FPIs pull out and oil rises

Despite a broad-based weakening of the US dollar, the Indian rupee has underperformed its Asian peers and remained one of the worst-performing currencies in the region. The weakness in the local currency is primarily attributed to persistent foreign portfolio investor (FPI) outflows from debt, muted equity market activity, and lacklustre foreign direct investment (FDI) inflows in recent months. 'Despite broader dollar weakness globally, this trend has not reflected in the USD/INR pair,' said V R C Reddy, head of treasury at Karur Vysya Bank. 'Over the past month, the rupee has largely hovered around the 85.50 mark. While most other Asian currencies have gained modestly—between 1 and 2 per cent—during this period, the rupee has remained under pressure. The sustained FPI outflows from the debt segment, coupled with subdued equity market participation in June and weak FDI inflows in recent months, have added to the rupee's woes,' he added. In June so far, foreign investors have net sold ₹5,402 crore worth of domestic equities and ₹13,848 crore of debt. The rupee has depreciated by approximately 0.6 per cent in June, placing it among the poorest-performing Asian currencies for the month. In the calendar year to date, the domestic currency has depreciated by 0.5 per cent against the greenback, while in the current financial year it has weakened by 0.7 per cent. On Friday, the rupee depreciated sharply to settle below the 86-per-dollar mark—a two-month low since April 9—on the back of a surge in crude oil prices driven by escalating tensions in West Asia. 'The Indian rupee has witnessed a significant depreciation against the US dollar and is among the worst-performing currencies in Asia,' said Dilip Parmar, senior research analyst, HDFC Securities. 'This sharp fall can be attributed to heavy foreign fund withdrawals, an overall risk-off sentiment in the markets, soaring global crude prices, and the US dollar's renewed strength as a safe-haven currency following Israel's military action against Iran,' he added. Meanwhile, the Dollar Index has seen a pronounced decline. As of June 15, it had fallen nearly 10 per cent since the beginning of the year, touching its lowest level in more than three years. On June 12, the index hit an intraday low of 97.61—its weakest level since 2022. It settled at 98.31 on Friday. The index measures the strength of the greenback against a basket of six major currencies. The decline in the dollar is largely driven by concerns over the US economic outlook, uncertainties around trade policy, and growing expectations of interest rate cuts by the Federal Reserve. Market analysts suggest that the greenback could face continued downward pressure in the coming months.

Income Tax: Today is the deadline to pay first instalment of advance tax. Check details
Income Tax: Today is the deadline to pay first instalment of advance tax. Check details

Mint

time7 hours ago

  • Mint

Income Tax: Today is the deadline to pay first instalment of advance tax. Check details

Last date to pay first instalment of advance tax is June 15 i.e., today. This is mandatory for taxpayers who require an audit under section 44Ab. Income Tax department has shared a post reminding taxpayers about the same. 'First instalment of advance tax for FY 2025–26 is due by June 15, 2025. Plan Smart. Pay Advance Tax,' reads the post on X. Failing to pay advance tax is alright so long as the taxpayer files their income tax return by July 31 next year (deadline for this year is Sept 15) and clear their income tax liability along with interest which accrues on account of non payment of advance tax. Advance tax must be paid in four instalments. The first instalment has to be paid by June 15 when the 15 percent of tax liability must be cleared. The other deadlines to pay advance tax are September 15, December 15 and March 15. Taxpayers must clear a minimum of 15 percent of their tax liability by June 15; 45 percent by Sept 15; 75 percent by December 15 and 100 percent by March 15. The table below describes this information in a tabulated form. Date Tax payable (%) June 15 15 Sept 15 45 Dec 15 75 March 15 100 When you do not pay advance tax, you are meant to pay interest at the rate of 1 percent per month. Under section 234C of Income Tax (I-T) Act, taxpayers accrue interest on outstanding tax which accrues at the rate of 1 percent a year annum for tax liability. Payment of advance tax is vital to avoid payment of this 1 percent which obviously becomes 12 percent by the end of the year. Advance tax should be paid by anyone who is a salaried professional or freelancer or business owner with tax liability of ₹ 10,000 or more. Visit here for all personal finance updates

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store