‘6 aircraft engine shutdown incidents so far': says Centre
As per data shared by minister of state for civil aviation Murlidhar Mohol with the Rajya Sabha, there have been two incidents of engine shutdown, in IndiGo and SpiceJet, while Air India and Alliance Air had one such incident each. There have been three incidents of May Day Call, including the London Gatwick-bound flight that crashed on June 12.
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Mint
an hour ago
- Mint
Do Kwon Pleads Guilty to Fraud Over $40 Billion Terra Collapse
(Bloomberg) -- Terraform Labs Pte. co-founder Do Kwon pleaded guilty to charges in a US fraud prosecution tied to the $40 billion collapse of the TerraUSD stablecoin in 2022. Kwon pleaded guilty to conspiracy and wire fraud under an agreement with prosecutors at a hearing in New York on Tuesday. The 33-year-old, dressed in a yellow prison jumpsuit, also agreed to forfeit $19.3 million and some properties as part of the plea deal. 'I knowingly agreed with others to defraud, and did in fact defraud, purchasers of cryptocurrencies issued by my company, Terraform Labs,' Kwon said, reading from a statement. 'What I did was wrong and I want to apologize for my conduct. I take full responsibility.' Kwon was charged in both South Korea and the US in connection with the implosion of Singapore-based Terraform's TerraUSD, which shook the crypto world in the spring of 2022 and helped trigger the meltdown of cryptocurrency exchange FTX. The guilty plea averts a trial set for next year before US District Judge Paul Engelmayer. He was charged in 2023 and was extradited to the US in January, after spending almost two years in Montenegro, where he'd been arrested and convicted of using a phony passport while a fugitive from charges in his native South Korea. US prosecutors said the longest sentence they will seek under the plea deal is 12 years. The maximum US sentences are five years for the conspiracy count and 20 years for the wire fraud charge. Sentencing is scheduled for Dec. 11. He had faced nine charges under the indictment. After he serves half of his sentence, the US will support Kwon spending the remainder of his prison term in South Korea, if he abides by the terms of his plea deal and qualifies under transfer program. Kwon had been a fugitive from the South Korean charges for months when he and Terraform's former chief financial officer were caught with fake passports in March 2023 trying to board a Dubai-bound private jet at the airport in Montenegro's capital, Podgorica. Terraform and Kwon, who owned 92% of the company, were found liable for civil fraud in a 2024 suit by the US Securities and Exchange Commission. A jury in New York, at the end of a two-week trial, determined that Kwon and Terraform misled investors — a dismal sign for the former crypto mogul's chances of beating criminal charges. The jury found that Terraform and Kwon falsely claimed that Chai, a popular Korean payment application, was using Terraform's blockchain technology to make transactions. The jurors also found investors were misled about the stability of the stablecoin, which Kwon and Terraform claimed was algorithmically pegged to the US dollar. Terraform and Kwon later agreed to pay $4.47 billion and to wind down the firm, in a deal to resolve the case. The case is US v. Kwon, 23-cr-0151, US District Court, Southern District of New York (Manhattan). (Adds plea starting in first paragraph, sentence possibility in sixth.) More stories like this are available on
New Indian Express
an hour ago
- New Indian Express
170.4 acres of Kolkata port land encroached: Centre
KOLKATA: A huge amount of land owned by the Syama Prasad Mookerjee Port (SMP) in Kolkata is under illegal encroachment, the Parliament was informed on Tuesday. Replying to a question of BJP Rajya Sabha MP Samik Bhattacharya, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said that 706 encroachers are currently occupying 170.4 acres of precious land belonging to the Kolkata Dock System of SMP, Kolkata. The Ministry also indicated that SMP is incurring a financial loss due to the encroachment. Later, Bhattacharya, who is also West Bengal BJP president, claimed that it is not possible to remove this encroachment due to the non-cooperation of the state administration. He sought from the minister details regarding the purpose of the lands owned by SMP, how much land is encroached, how many encroachers are there, and what is the annual income of the port. In response, Sonowal said that 421 acres of land are being used in the 'custom bound area'. There are 4,122 acres of land outside it. And 170.4 acres of land have been encroached upon by 706 encroachers. The Minister informed the Rajya Sabha that SMP has generated revenue amounting to Rs 2994.54 crore over the last five years. In a bid to enhance land monetisation and optimise asset utilisation, SMP Kolkata has implemented several strategic initiatives like development of warehousing facilities, ship repair services, riverside development and more.
New Indian Express
an hour ago
- New Indian Express
Centre tables insolvency amendment bill, seeks to introduce creditor-initiated process
The Centre on Tuesday tabled the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 in the Lok Sabha. The objective of the bill is to insert certain new provisions for effective implementation of the code. The amendments aim to reduce delays, maximise value for all stakeholders, and improve governance of all processes under the code. 'They seek to modify existing provisions to better align with the overall objectives of the Code and to introduce new provisions that follow global best practices for resolving insolvency,' as per the statement of objects and reasons of the bill. The bill introduces the concept of creditor-initiated insolvency resolution with an out-of-court initiation mechanism for genuine business failures to facilitate a faster and more cost-effective process. The bill also introduces provisions for group insolvency and cross-border insolvency. 'The cross-border insolvency framework seeks to lay the foundation for protecting stakeholder interests in domestic and foreign proceedings, promoting investor confidence and aligning domestic practices with international best practices,' according to the statement of objects and reasons of the bill.
