Latest news with #IPB
South China Morning Post
3 days ago
- Business
- South China Morning Post
Citibank says more rich people from mainland, Southeast Asia look to invest in Hong Kong
A growing number of affluent people from mainland China and Southeast Asia are looking to park their money in Hong Kong because it is a global centre for wealth management, according to Janus Wu, head of international personal banking (IPB) at Citibank (Hong Kong). Advertisement Wu said in the first quarter, Citibank's high-net-worth international personal banking clients surged 13 per cent from a year earlier while its assets under management rose 16 per cent. The bank's Citigold account requires a minimum investment of HK$1.5 million (US$192,308) and offers global customers multicurrency investment advice and products across markets. Affluent customers from the mainland made up around 70 per cent of Citibank's international personal banking client base, with the Greater Bay Area continuing to be a key source of new clients, Wu said. Clients from other parts of Asia accounted for more than 20 per cent of the IPB's client base. The bank recorded client growth of 7 per cent from the United Arab Emirates and also saw significant increases in client numbers from Thailand, Malaysia and the Philippines in the first quarter from a year earlier, he said. Advertisement 'The bank's IPB segment recorded robust growth in customers from both the mainland and Southeast Asian markets as more high-net-worth, cross-border clients are seeking diversified asset allocation solutions,' Wu said. Investors tend to be conservative and favour stability when choosing investment products amid market volatility, he said.
Time of India
10-05-2025
- Business
- Time of India
Denotifying farmland for casino illegal: MLA and CADA member
Panaji: A member of the Command Area Development Authority (CADA) for the Tillari irrigation project has said that state govt made an illegal decision to denotify 3.3 lakh sqm of irrigation land at Dhargalim for a casino firm, and it will not withstand scrutiny in court. The CADA member and Aldona MLA Carlos Alvares Ferreira said that six months ago, the CADA notified these as command areas. 'I am surprised and shocked to see a news report in TOI that about 3.3 lakh square metres of land at Dhargal, Pernem , is sought to be gifted to a casino company called Delta Corp Ltd to set up their gaming zone over there by converting CADA land,' Ferreira said. 'The land is for an irrigation project, by govt, which has blessed this (the denotification) in a totally fraudulent and illegal manner.' Operation Sindoor Pak drones enter Indian airspace, explosions heard just hours after truce deal Sirens, explosions in border districts after Pak breaks deal: What we know so far 'What happened to ceasefire?' J&K CM after explosions heard across Srinagar The Command Area Development Act was enacted with the intention to protect lands of farmers and provide irrigation facilities. That is how a lot of tracts were given the facility of irrigation and were classified as CADA land for the purpose of providing them water to sustain agriculture. 'On the one hand, govt has brought out a policy for agriculture which says that CADA land should not be converted,' Ferreira said. 'On the other hand, govt is with one stroke of the pen gifting away CADA land by purportedly denotifying it for the purposes of a casino.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo He added, 'First and foremost, I want to say that notified CADA land is pursuant to a scheme. There is a procedure under the Act where a scheme is prepared, land is identified, and then the scheme is notified for objections.' After objections are received, he said, the CADA board approves the scheme with or without modifications. 'I am a member of the CADA board, and at the last CADA meeting at which I was present, I ensured that we took up this notification approval, and I made sure that the board approved the entire scheme,' Ferreira said. 'Therefore, pursuant to the board resolution, the area was notified in terms of the Act.' Ferreira, a senior advocate, said, 'Now, what I have learnt is this company applies to the Investment Promotion Board (IPB), and the IPB makes a proposal to govt, and the cabinet takes a decision to denotify the land.' He added, 'The first thing I want to point out is that when there is an Act, whether passed by Parliament or a state assembly, when there is an enactment, there is a law. When there is a law, you have to do it in accordance with that law.' The law required the preparation of a scheme, a notification for objections, and then consideration by the board, he said, adding that once the board considers it, it gets notified as an approved scheme. 'The cabinet has no power to override the CADA board constituted under a statute. The cabinet, however supreme it may be under its executive prerogative, cannot override statutory powers given to an authority under an Act,' a senior advocate said. 'Therefore, the decision of the cabinet, being taken in total ignorance or bypassing of the CADA board, is totally illegal and will not stand the test when scrutinised by a court of law. ' Ferreira said, 'I think this is wrong. This is proof that govt wants to sell lands, actually gift away lands, to casinos and to all these people who want to develop in real estate and who are trying to finish Goa.' He added, 'BJP, which once stood against casinos and said it will remove them, is encouraging casinos.' Referring to the cabinet decision to waive Rs 5 crore for the company, a senior advocate said, 'I call upon govt and BJP to explain who has pocketed this money. I am sure somebody took this money when you are giving this waiver.' Further, he said, 'Definitely, if not all, 50% or more profit might have gone into somebody's pocket. This is a corrupt act and an illegal act.'
