Credit Suisse sues REI Agro in Singapore over alleged loan fraud
Credit Suisse Group sued REI Agro Ltd. in Singapore claiming the Indian basmati rice producer and 16 related companies conspired to get loans for non-existent trades of the staple. REI Agro founders Sandip and Sanjay Jhunjhunwala used a web of sham rice-trading companies in Singapore and Hong Kong to support a 2012 US$115.5 million (S$154.50 […]
Singapore LNG gets S$1.11b term loan
To refinance some of the government loans used to fund the development and construction of the initial phases of the liquefied natural gas (LNG) terminal located on Jurong Island, Singapore LNG (SLNG) announced on Thursday that it has secured a S$1.11 billion term loan facility. The lenders are Citibank, DBS, Mizuho, Oversea-Chinese Banking Corp and Bank […]
Non-performing mortgage loan risks to persist in banks
NON-performing mortgage loan risks will persist for Singapore banks this year, albeit with a shift from defaults by foreigners on luxury homes to those by locals on suburban homes. Banks remain safe, nevertheless. Maybank Kim Eng analyst Ng Wee Siang, in a report this week, said that high-end apartment prices may have fallen sharply, but […]
More homeowners look to refinance loans as SIBOR inches up
SINGAPORE: More homeowners who took housing loans from banks are now looking for refinancing options. Loan specialists said they have been getting more inquiries since the recent spike in SIBOR (Singapore Interbank Offered Rate). Homeowners – whose mortgages are tied to SIBOR – are now facing higher monthly payments. One of those affected is 30-year-old […]
Moneylending curbs proposed, loan and interest rate caps suggested
SINGAPORE: A committee tasked to review moneylending regulations wants to limit the amount of money a person can borrow from licensed moneylenders, and to simplify the costs involved, especially for late payments. At a panel discussion on Monday (Nov 3), it suggested a loan cap of four times the borrower’s monthly income, interest rates to be […]