Why is DBS India coughing money to save a failing Indian bank and not the govt of India?

Anon 2:10 pm posted this comment.

'India CECA News:

Is Singapore's DBS Being Forced by India to Inject Capital Into Troubled Indian Bank?....

Given the “ absence of any credible plan for infusion of capital ”, therefore, the amalgamation with DBS Bank India is necessary in the name of “(Indian) public interest and particularly in the interest of the (Indian)depositors,” RBI notes.

According to DBS, it will inject INR 2,500 crore ($463 million) into DBS Bank India if the scheme goes through. This will be fully funded from DBS’ existing resources.

“The proposed amalgamation will provide stability and better prospects to Lakshmi Vilas Bank’s depositors, customers and employees following a time of uncertainty,” says DBS. November 18, 2020 2:10 pm '

 

Below is from The Economic Times of India

'DBS is well-known for its culture of efficiency. We can keep our fingers crossed on how that will fit in with the culture of the old private sector bank, says R Gandhi, Former Deputy Governor, RBI.

It was expected that a public sector bank would step in down and save Lakshmi Vilas Bank NSE -19.94 %. The RBI has put out a draft amalgamation scheme with DBS India as the possible bank that will take over. Any comments on the choice of DBS India?
 

First of all, there has been a long standing expectation from the market and others that whenever there is a problem in a bank, the public sector should come to the rescue. It is good that the premise is gone. Whether the market likes this arrangement, whether it is a public sector or a private sector or a foreign bank that should not be the criteria. The bank which will be able to take over the failing bank and which can bring in additional capital should be the primary consideration. That has been demonstrated and that is good for the future. The normal expectation that a PSU bank should always come to the rescue whenever a bank fails is gone and that is a first. Number two, whether there will be a cultural fit or not is a natural question people will entertain because DBS is well-known for its culture of efficiency. We can keep our fingers crossed on how that will fit in with the culture of the old private sector bank but that would also have been factored in by DBS. This is a local bank now, it is a subsidiary of DBS, it is not DBS per se.'

 

A few pertinent questions. Why is DBS India bailing out a failing Indian bank. 2. What is it in for DBS? 3. Is DBS doing charity? 4. What is the return for the $463m paid? 5. Who is this $463m paid to? 6. In addition DBS India would have to pay the depositors what they deposited. How much would this be and is it in addition to the $463m? 7. What would be the full sum that DBS India would have to pay eventually? 8. Does DBS has a choice to say no? 9. Presumably the Singapore govt was consulted and agreed to it?

In the last sentence above in bold was added by me. What does it mean that DBS is a local bank now and not DBS per se? 

What is going on? Anyone able to clarify what is going on? Is DBS India now own by the Indian govt and the Indian govt can order DBS India, a bank owned by Singapore, to bail out failing Indian bank?

As an analogy, supposing a local Singapore bank is failing, can the Singapore govt order a foreign bank like an American or European bank to bail out the bank?

livemint.com reported this,

'The equity holders of Lakshmi Vilas Bank will find their value written down to nil. “On and from the Appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank, shall stand written off," the RBI said. The fact that the bank had a negative networth would mean that shareholders do not stand a chance to make money.

DBS India will pay depositors of Lakshmi Vilas Bank fully if they do not wish to continue to remain with the lender post merger. Employees too are expected to be swallowed completely by DBS Bank India without big layoffs.'

Is DBS India doing national service for India or is this a commercial decision whereby DBS will gain or benefit somewhat in the long run? Or is it money down the drain?

Is it Christmas in India?

Anon 2:53pm said, 'Effectively, the India government is getting a foreign investor to bail out a local financial institution which is in trouble - to protect Indian depositors - instead of using taxpayers' money as was done in Western countries.

Why not save Hyflux and protect the uncles and aunties minority shareholders who would have lost their life savings or a big chunk of their little savings?

Parti Liyani jailed for 6 months for stealing counterfeit watches and fashion accessories worth $300

180 For the above reasons, I find that more than a reasonable doubt exists as to whether May had in fact discarded these two counterfeit watches. I believe Parti’s evidence and find it more likely than not that she found the Vacheron Constantin watch and the Swatch watch in May’s trash. I do not believe May’s testimony that she had not discarded the two counterfeit watches that she had purchased. Accordingly, I overturn Parti’s conviction on the 3rd charge in relation to the theft of the two counterfeit watches.” (Justice Chan Seng Onn's judgement)

Ms Liyani was sentenced to 6 months imprisonment for allegedly stealing the two counterfeit watches together with a ring, earrings and some fashion accessories valued at the total sum of $300. She was acquitted on appeal.

I would like to know what Minister K Shanmugam has to say about Justice Chan Seng Onn’s acquittal of Ms Liyani on this charge.

As an ordinary person, I wonder why the prosecutor chose to proceed with the charge of theft of counterfeit watches.

Poor people may find it a thrill to possess a counterfeit watch but for the wealthy, well, maybe they too find it a thrill to do so. But why do the police and prosecutor bother to charge a poor domestic worker with stealing counterfeit watches?

Shouldn’t they consider saving the time of judges and defence counsel? Don’t they have a duty to save taxpayers’ money and act in the interest of the public?...

Teo Soh Lung 

Above is Teo Soh Lung's comment about the need to charge a maid for stealing counterfeit watches and fashion accessories worth $300. Parti was acquitted by Justice Chan from these charges on grounds of reasonable doubts as to whether the cheap fake items were discarded by the owner.

Teo Soh Lung questioned the need to waste the court's time on something so trivial. But some may say a crime is a crime, big or so does not matter. In this case there is the additional aspect of doubts raised by Justice Chan that the owner, very rich people, with high social status, discarding cheap counterfeits.

Oh, during the earlier trials, owner admitted buying fake from roadside vendor and watch expert also attested that the watches were fakes. Why didn't the owner of the fake watches withdraw the charges? Would it not be very embarrassing and petty to buy fake watches and accused a maid of stealing cheap and broken down fake watches?  Fake watches are practically worthless, broken fake watches?

Some may find it too harsh to jail Parti for 6 months over this $300 theft even if it is a proven fact.  Some may agree with Teo Soh Lung that this case should not go to court.

What do you think?

Below is a comment in Teo Soh Lung's article in the TRE that pointed to the deficiencies of this case with the district judge and the prosecutors coming under questions.

Realistically:

November 15, 2020 at 10:12 pm  (Quote)

There are lawyers and there are LAWYERS……….and of course there are idiots and there are idiots………….not knowing that they as lawyers AND idiots have been taken in by Law & Home Affairs Minister K Shanmugam in his so called Parliament Statement which I hv said was a FARCE.

I suggest sinkies who want to understand better the FAILURE of the judicial system in delivering justice go through Shanmugam’s Parliament Statement found on the Home Affairs Ministry website or the Parliamentary Reports.

The issue of TRAVESTY OF JUSTICE was NEVER dealt with……….the BASIS for High Court appeal judgment by Justice Chan for which Shanmugam had implied was deficient, was ACTUALLY in accordance with the Court of Appeal judgments which he had cited in his Parliament Statement [232] Mohamed Affandi bin Rosli v PP & anor [2019] 1 SLR 440 and [233]PP v GCK [2020] SCGA 2, the latter should have been Public Prosecutor v GCK and another matter [2020] SGCA 2, where at [12] of the summary of the judgment, inter alia, stated thus:

The principle of proof beyond a reasonable doubt could be conceptualised in two ways:

a. …..Once the court had identified the flaw internal to the Prosecution’s case, weaknesses in the Defence’s case could not ordinarily shore up what was lacking in the Prosecution’s case to begin with because the Prosecution had simply not been able to discharge its overall legal burden (at [134], [137], [142], [149(e)] and [149(f)]).

b. ….In order to find a reasonable doubt in the Prosecution’s case on the totality of the evidence, the court had to articulate the specific doubt that had arisen in the Prosecution’s case and ground it with reference to the evidence (at [143], [144], [147], [149(g)], [149(h)] and [149(j)]).
—
So the Minister toking cok about his Ministry & AGC’s investigation after the HC judgment bears NO impact on Justice Chan’s judgment.

I, for one, did not even harbour any notion that Liew Mun Leong had exerted any influence on the outcome of the case, nor, in my opinion, did SMU law Assoc Professor Eugene Tan (in the TODAY newspaper) nor Mr Harpreet Singh Nehal SC in the Straits Times…….nor I think most sinkies. I believe our common concern was the conduct of District Judge Olivia Low for failing to discharge her judicial duties FAITHFULLY, in contravention of her oath of office under the First Schedule of the State Courts Act………….as I hv posted, even the CJ has implicitly criticised Olivia Low in the CJ’s judgment allowing Ms Liyani’s application to have the two DPPs who prosecuted her to face a Disciplinary Tribunal.

Neither of the legal issues pertaining to District Judge Olivia Low nor the 2 DPPs was dealt with in Shanmugam’s Parliament Statement………a point NOT raised by the wayang party’s MP, PSP’s NCMPs nor the white monkeys…..at least I have not read of it.

The 5 Big Unexpectations on China by the West

 Professor Martin Jacques in his recent lecture talked about the western expectations of China that led to its rise in the short span of 40 years from poverty to world supremacy. There were two assumptions that the West made and expected of China. It was too poor and backward to catch up with America and the West in economic well being and everything. Secondly, if China were to become richer and more successful, it would become more democratic or be like the Americans. Both turned out to be false and by 2014 China's economy was already bigger than the Americans on parity purchasing power terms and also, China is still China and not an inch closer to the American democratic system. The Americans regard the latter as bad and China's rise must be put to and end. But it is not going to be easy and not going the American and western way.

The disappointments were manifested in 5 big 'unexpectations' in the West. For years and decades, the Americans have been singing their favourite song written by a Gordon Chang, claimed to be a Chinese but looked like a Japanese and hating everything Chinese, that China is about to implode and collapse, broken up and become a failed state. This sad story did not happen and China is growing stronger and stronger by the day. But this Japanese looking Chinese is still a hot favourite to be invited to badmouth  China even after his silly expectation of China failed to materialise. He is still hoping that it will, one day.

The next unexpectation of the West, according to Martin Jacques, is that China would suffer a financial crisis. It did not, it was America and the West that was hit by the financial crisis and some went bankrupt, with some gone and some teethering to topple over in Europe.

Another unexpectation is political crisis. It did not happen in China but in the West. The American manipulated mass protests on the streets of Hong Kong is now history. The mass protests are now daily occurrence in many American cities and in some European cities and getting worse by the day. And the biggest political crisis, expecting and hoping for Xi Jinping and his CCP to be toppled turned into a rude shock when Xi has extended his leadership for life while the CCP is getting more than 90 per cent support from the Chinese people. On the other hand, America is sunk into a political crisis that threatens to break up the United States into a Disunited States with Trump claiming that the American democratic election process is flawed, corrupted, easily rigged and cannot be trusted. Trump is now planning to conduct a coup against president elect Biden. The political crisis in the US is now an international joke.

And then came Covid19, a virus planted in China and China was expected to crumbled with millions of Chinese dead by the pandemic. The unexpectation, the virus left China after being effectively curbed and controlled and flew over to Europe and the USA, ravaging every city and state and with the number of infections and deaths on top of the world and growing and growing rapidly, unstoppable.

And the trade war launched by Trump to cripple China's economy is turning out to become another painful unexpectation for the Americans. China's economy is as good as back on its feet and growing, back to normal. The American economy and the economies of the West are still under lockdown and in negative territory. How come, how can?  Did not Trump said he won?

The rise of China is unstoppable. The decline and fall of the West, especially America, is the final unexpectation that they did not see coming, refuse to see it coming, in a numb state of denial.

Another Group Of Traitors Revealed Their Hands!

Hong Kong's pro-Western, anti-China, anti-Government, pretentious pro-Democracy Lawmakers, instead of helping the HK Parliament to make good, patriotic, pro-national and pro-locals' laws, have deliberately resigned en masse, all 15 out of 19 of them (4 others have already been disqualified and dismissed as undesirable anti-national elements out to sabotage national unity and progress).

They openly held a press conference in Hong Kong yesterday (12 Nov) in order to continue their ulterior motive of blemishing, demonising and damaging the good names of the Local HK Government and the Central Chinese Government.

This group of traitors have been trained, groomed, financed and directed by anti-China Westerners to pretend to fight for independence, but actually to cecede the island to Britain or USA. They have been at this traitorous game for the past four years, since the staunchly anti-China Donald Trump came into power as the US President on 20 Jan 2017.

These traitors of the Chinese people have just resigned en masse, after the expulsion of four of the members of their Cecessionist Gang.

The mass resignation of these Western stooges, who have managed to infiltrate into the HK Parliament as lawmakers, has raised fresh questions about their loyalty to Hong-Kong and to China, exposing their hidden motive of becoming Hong-Kong's lawmakers.

The future of the territory's well-being and stability has now been shakened and threatened by this small group of traitors, who have disguised themselves as the true and sincere dissenting voices of the Hong-Kong people.

"We owe a display of solidarity with our colleagues who were ousted. We need to protest against what could be the ultimate Beijing crackdown on Hong Kong - to silence the last bit of dissent in the city," said Ms Claudia Mo, one of the 15 Western stooges who announced the walkout on Wednesday.

"They're lining us up to oust us bit by bit. What's the point of staying on like this, thinking will I be ousted today or not?" Ms Mo added.

Hong Kong has witnessed a rapid erosion of its economy, security and global financial status since these treacherous Western puppets started to create disturbances, disruptions, chaos, riots and violence under the direction and instructions of Western Powers that have been secretly and openly instigating, encouraging, supporting and financing them.

They intend to turn Hong-Kong into a lawless city so that they can do whatever bidding their Western Masters instruct them to do. That is why they are very much against any law that they deemed disadvantageous to their treacherous cause of helping Western Powers to seize Hong-Kong and put them up as the defacto Hong-Kong Governor and Representatives of the Western Powers.

China and the Chinese people must, once and for all, eliminate and destroy these traitors, in order to stop them from creating further havoc to the lives of peaceful and patriotic commoners in Hong-Kong and neighbouring cities. They should not be allowed to infiltrate the HK Parliament ever again.

It would be stupid and careless to let them continue along the same destructive path again and again. Four years of unrest and destruction is long enough. In fact, much too long already. Serious damages have already occurred again and again. The costs are immeasurable.

The time has come to take a strong stand and carry out deterent actions so as to convey a distinct, unmistakable and definitive strong message to all these traitors and perpetrators of chaos and instability in Hong-Kong and elsewhere within China.

No decent government should allow or, worst still, facilitate the growth of Traitors within the ranks.

PS: First posted on November 13, 2020 9:15 pm. Reposted here for the benefit of those who asked whether the 4 HK lawmakers are traitors or not.

SSO - 16th November, 2020.

Traitors, Traitors Everywhere; Not A Country Can Be Spare'd

 

Introduction

Traitors are public enemies number one because they are the most cunning, slimy, vicious, unscrupulous and dangerous, and they can create the most harm to their motherland, to their people.

Traitors are like cancerous cells that exist in our body stealthily to devour and convert all the good cells into cancerous cells and grow to enormous size and power, and then together they finally caused the self-destruction and demise of our body.

Traitors existed since time immemorial. They exist in every country and every corner of the world. They can be found in our own families, in private enterprises as well as in government ministries, departments and agencies.

Main Objective of Traitors

The main objective of most traitors is to sell out their families, companies, organisations or countries for selfish purposes - money, sex, status, power or vengeance.

Some of them have been discovered, identified, caught and duly punished.

Some of them, though identified but are still free to do havoc to their own families, companies, organisations, countries and countrymen because the masses are either powerless or so disunited to be able to bring them to task.

However, many of them have not been identified nor discovered because they are able to hide behind the laws and inside the organisations from which they operate. These are usually people working as double-agents or even triple-agents.

Traitors Must Be Exposed

All traitors of their countries and of their people must be identified and singled out, and publicly shamed and forced to quit any position of power and political office they may be holding. They must also be banned from holding any government or private appointments where they can assert influence on the future of the country.

How To Deal With Traitors

The best way to deal with traitors is either by public execution or jail for life.

The latest example of a traitor uncovered:

The Headline

Nagorno-Karabakh: Armenian Protesters Urge 'Traitor' PM To Quit

Armenian citizens are protesting against the decision of their government to allow foreign invaders to keep several huge states the invaders have captured and are calling for the Armenia's Prime Minister, Nikol Pashinyan, to quit after he signed a peace deal with Azerbaijan, to end the fighting over Nagorno-Karabakh.

Under the Russian-brokered deal, the Armenian PM allowed Azerbaijan to keep the areas it has invaded and captured in the recent conflict.

Conclusion

Capitulation to foreign invaders (or investors) is a direct indication of a weak leader with a traitorous character. It is tantamount to selling out your people and your country to foreigners. It is inexcusable and unpardonable.

P/S: Once a traitor, forever a traitor, down to the descendants. It is in their DNA!

SSO

Posted on behalf of SSO