XM does not provide services to residents of the United States of America.

Singapore's disgraced former transport minister jailed for 12 months in landmark case



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 1-Singapore's disgraced former transport minister jailed for 12 months in landmark case</title></head><body>

Corruption allegations rare in Singapore government

Iswaran pleaded guilty to receiving gifts, obstructing justice

Ex-minister to start jail time on Monday

Recasts after sentencing

By Xinghui Kok

SINGAPORE, Oct 3 (Reuters) -A Singapore court on Thursday sentenced a former minister to 12 months in prison for obstructing justice and receiving more than $300,000 worth of gifts, in the first jailing of an ex-cabinet member in a city-state known for clean governance.

S. Iswaran, who was a cabinet member for 13 years and has held the trade, communications and transport portfolios, had pleaded guilty to four counts of improperly receiving gifts and one of obstructing justice.

The court said Iswaran, 62, would be allowed to remain on bail for the next few days and begin his jail term on Monday.

The case has shocked Singapore, which prides itself on having a well-paid and efficient bureaucracy as well as strong and squeaky clean governance. It was among the world's top five least corrupt countries last year, according to Transparency International's corruption perception index.

The last corruption case involving a Singaporean minister was in 1986, when its national development minister was investigated for alleged bribery but died before any charges were filed in court.

The investigation caused a stir in the Asian financial hub and centred on allegations Iswaran while transport minister accepted lavish gifts from businessmen that included tickets to English Premier League soccer matches, the Singapore Formula 1 Grand Prix, London musicals and a ride on a private jet.

The value of those totalled more than $400,000 Singapore dollars, the prosecution said. Iswaran resigned as transport minister after less than three years in the job when he was first charged in January.

Iswaran had initially said he was innocent and would fight to clear his name but pleaded guilty to the five charges put before the court, two of which were initially corruption-related but were amended to charges of receiving gifts.

The prosecution had initially charged him with 35 offences but proceeded with only five.

($1 = 1.2877 Singapore dollars)



Editing by Martin Petty

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.