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Singapore Law Watch
7 days ago
- Business
- Singapore Law Watch
Top lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61
Top lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61 Source: Business Times Article Date: 15 Jun 2025 Author: Tessa Oh The leading insolvency lawyer acted in high profile cases involving Hin Leong, Lehman Brothers and Swiber; leaves behind his wife and three daughters. Patrick Ang, the former managing partner of 'Big Four' law firm Rajah & Tann (R&T), has died at age 61. The law firm confirmed his death in a statement on Saturday (Jun 14). Ng Kim Beng, R&T managing partner, said: 'R&T has lost a celebrated lawyer, a selfless leader, and most of all, a cherished and deeply loved friend and colleague.' 'His sudden and unexpected passing leaves an immense void,' he added. Ang was a top insolvency lawyer with three decades of experience. He was best known for his handling of high-profile collapses including the likes of China Aviation Oil, Hin Leong, Lehman Brothers and Swiber. The top lawyer was also the first Singaporean and the fourth lawyer from Asia to be inducted into the American College of Bankruptcy, a global organisation for leading bankruptcy and insolvency practitioners. Ang became managing partner of R&T in 2019, taking over from Senior Counsel Lee Eng Beng. During his tenure, he led the law firm's decade-long regionalisation drive under Rajah & Tann Asia, a regional network of law firms spanning South-east Asia and beyond. His leadership was recognised with the Managing Partner of the Year award at the Asia Legal Business South-east Asia Law Awards in 2024 and 2025. Just earlier this year, Ang handed the reins over to Ng, an arbitration lawyer, while remaining vice-chairman of Rajah & Tann Asia. Ang is survived by his wife, Marina Chin, senior counsel and joint managing partner at Tan Kok Quan Partnership, as well as their three daughters. It is believed that he suffered from prostate cancer. Formidable legal mind In a tribute on Saturday morning, Minister for Law Edwin Tong called Ang a 'formidable legal mind' with an 'unwavering stout heart for Singapore'. 'In my earlier years of practice, we often found ourselves on opposite sides of the table in complex restructuring matters,' said Tong. 'Even then, I found it impossible not to respect him.' He added: 'Patrick had a remarkable way of thinking several steps ahead – calm, strategic, incisive. He approached even the most difficult negotiations with integrity and grace, and never stole a march with an unfair point.' Tong said Ang also helped with drafting Singapore's emergency Covid-19 (Temporary Measures) Bill and was recognised for his help with the Public Service Star (Covid-19) National Day Award. 'His passing is not only a profound loss to his firm, but also to the legal profession and to Singapore, which he served with quiet resolve, unwavering strength and deep purpose,' the minister said. In a LinkedIn post, the Law Society said: 'Patrick was not only an outstanding lawyer and respected leader, but also someone known for his grace, integrity and kindness. 'He earned the deep respect of all who had the privilege of working with him, and his passing is a profound loss to the legal profession.' Source: The Business Times © SPH Media Limited. Permission required for reproduction. Print
Yomiuri Shimbun
15-06-2025
- Business
- Yomiuri Shimbun
50 Years of Summits: Can G7 Countries Play Role in Ensuring Global Stability?
The Group of Seven advanced countries, which share values such as democracy and the rule of law, have taken the lead in shaping the international order. Disarray among the G7 countries could destabilize the world further. It is important to end the aggression and fighting that is spreading around the world. To that end, the G7 members must first unite. A G7 summit is scheduled to be held in Kananaskis, western Canada, from Sunday to Tuesday. This year, the group will mark 50 years since its first summit, at which the leaders of six countries — Japan, the United States and European nations — met in 1975. Canada was not included at that time. Initially, the agenda was how to deal with economic crises, such as the oil shock and currency issues. At Japan's suggestion, the G7 countries decided to hold a summit every year, and topics have widened from economic issues to also include politics and security. Fifty years ago, the member countries collectively accounted for 60% of the global gross domestic product, but with the rise of China and other countries, the figure currently stands at 40%. After the collapse of Lehman Brothers, the Group of 20 major economies began to play an active role. Many people have noted the decline in the G7's presence. However, the G20, which includes China, Russia and India as members, often faces conflicting national interests, so it is an insufficient framework for resolving issues. With the U.N. Security Council also falling into disarray, the G7 must play a role in restoring world peace and stability. A source of concern is the presence of U.S. President Donald Trump, who will be returning to the G7 summits. At one point, Trump leaned toward Russia, which has continued its aggression against Ukraine. He was involved in ceasefire talks, but his attempt did not go as intended. Recently, he has begun to distance the United States from Russia. European and other countries have condemned Israel's attacks that have caused many casualties in the Palestinian territory of the Gaza Strip, but the United States has continued to provide military support to Israel. In addition, Israel would not have been able to conduct airstrikes on Iran if the Trump administration had opposed them. Although a rift has widened between the United States and European and other countries, it is unlikely to be possible to resolve various conflicts without the involvement of the United States, which has overwhelming military power. Washington's high tariff policy is also causing discord within the G7. Canada, which currently holds the G7 presidency, reportedly intends to forgo issuing a leaders' joint statement, which typically summarizes the outcomes of the summit, and instead plans to compile separate documents of agreement on individual issues such as the economy and security. This approach appears to be aimed at allowing the G7 countries to reach agreements as much as possible by seeking common ground with the United States on individual issues. It is difficult to say that the administration of Prime Minister Shigeru Ishiba has been actively engaged with providing support to Ukraine and resolving conflicts in the Middle East. At the G7 summit, Ishiba should make clear Japan's stance to contribute to restoring peace. (From The Yomiuri Shimbun, June 15, 2025)
Mint
12-06-2025
- Business
- Mint
The six best films about financial turmoil
Finance is not an obvious subject for dramatists. Interest rates, term sheets, mark-to-market accounting: these are phrases to make the average viewer's eyes glaze over. But when markets plunge—dragging down Main Street along with Wall Street—screenwriters' interest surges. Perhaps viewers can expect some terrific films about the tariff-induced chaos in years to come. Until then, here are the best films made about financial turmoil. The financial crisis of 2007-09 was decidedly serious, but this film—about a group of outsiders and hustlers who bet on the housing bubble bursting, and hence foresaw the crisis—is very funny. (It is adapted from a book of the same name by Michael Lewis.) Various celebrities make cameos to explain financial concepts directly to viewers, while Steve Carell, Christian Bale (pictured below) and a frighteningly tanned and venal Ryan Gosling play three of the men who profit from the crisis. This film is morally complex and gripping; it informs and outrages. This documentary is about financiers who ended up in prison because they thought they were cleverer than everyone else. Greedy and hubristic, Enron's executives used dodgy accounting and aggressive PR tactics to make their energy-trading firm seem more profitable than it was. Investors lost billions and the top executives were convicted of fraud, though the boss, Kenneth Lay, died shortly before his sentencing. Based on an equally enjoyable book by Bethany McLean and Peter Elkind. The Joad family, kicked off their land in Oklahoma during the Great Depression, head west to California to make a better life. The story could easily have been leaden, but Henry Fonda's spiky lead performance as Tom Joad, and the extraordinary cinematography of Gregg Toland (who also filmed 'Citizen Kane'), make it a work of art. John Steinbeck's novel is an American masterpiece; this film is better. A young analyst at an investment bank finds out that the firm is overexposed to risky mortgage-backed securities. This film (pictured below), set in 2008, focuses on the next 24 hours, as the firm sells everything and panic spreads across Wall Street. The ensemble cast is terrific, in particular Paul Bettany as a shark with a well-hidden heart of gold. But watch it for its portrayal of the rituals and culture of high finance: how people dress and defer to superiors, what they talk about outside the office and how they cut each other's throats. Another film about the crisis of 2007-09, this time about the headliners. After the collapse of Lehman Brothers, Hank Paulson, America's treasury secretary (William Hurt), Ben Bernanke, the chair of the Federal Reserve (Paul Giamatti), and the leaders of the biggest banks gather. They negotiate the Troubled Asset Relief Programme, the government's purchase of bad assets from banks to unfreeze credit. The script is instructive—characters explain things to each other for the viewer's benefit—so you'll finish the film having learned something as well as having been entertained. Leonardo DiCaprio plays Jordan Belfort, a smooth-talking huckster who, in real life, made millions in penny-stock scams before going to prison. Martin Scorsese may have intended to make a morality tale about the dangers of filthy lucre, but Belfort and his buddies are clearly having more fun than the honest lawmen who eventually do them in. Jonah Hill offers a grotesque supporting performance aided by a gargantuan set of false teeth.
India.com
06-06-2025
- Business
- India.com
Ex RCB owner Vijay Mallya makes SHOCKING claim on Kingfisher issue: ‘Reached out to then…,
Head of the defunct Kingfisher Airlines, Vijay Mallya, who is facing trial for alleged fraud and money laundering of Rs 9,000 crore first time opened up about all the controversies in a podcast with Raj Shamani. The full episode of around 4 hours was released on Thursday wherein Mallya spoke about various things including the downfall of Kingfisher Airlines. He attributed its collapse largely to the 2008 global financial crisis. While talking about Kingfisher Airlines he said, 'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he said. He added that the crisis had impacted many sectors like aviation and said, 'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit.' He also mentioned his efforts to save Kingfisher and shared that he approached then-Finance Minister Pranab Mukherjee. 'I went to Shri Pranab Mukherjee… and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he said. 'I was told not to downsize. You continue, banks will support you. That is how it all started. King Fisher Airlines has been forced to suspend all of its flights. King Fisher Airlines has been struggling. At the time when you asked loan, the company was not doing that great,' He added.
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Business Standard
06-06-2025
- Business
- Business Standard
'I'm not a chor, I didn't run': Vijay Mallya defends himself after 9 years
Fugitive businessman Vijay Mallya, facing fraud and money laundering charges worth ₹9,000 crore, has opened up for the first time in nine years about the fall of Kingfisher Airlines, the allegations against him, and his life in exile. Speaking on a podcast hosted by YouTuber Raj Shamani, Mallya issued a rare public apology to his former employees, while firmly denying any wrongdoing. Global financial crisis led to Kingfisher's downfall, says Mallya Mallya began by revisiting the collapse of Kingfisher Airlines, blaming the 2008 global financial crisis for triggering a chain of events that led to the airline's downfall. 'So agreed then it worked in your favour till 2008. What happened then? Simple. You ever heard of Lehman Brothers? You ever heard of the global financial crisis, right? Did it not impact India? Of course, it did,' he said. 'Every sector was hit. The money stopped. It got dry. The value of the Indian rupee also took a hit,' he added, pointing to broader economic distress that severely impacted aviation and other capital-heavy industries. 'Was told not to downsize': Mallya blames government for loan spiral Launched in 2005, Kingfisher Airlines quickly became known for its premium service and lavish branding. However, as economic conditions deteriorated, Mallya claimed he approached then Finance Minister Pranab Mukherjee with a downsizing plan to save the company. 'I went to Shri Pranab Mukherjee… and said I have a problem. Kingfisher Airlines needs to downsize, cut the number of aircraft, and lay off employees, as I can't afford to operate under these depressed economic circumstances,' he recalled. Mallya claimed his proposal was turned down. 'I was told not to downsize. You continue, banks will support you. That is how it all started,' he said. 'Kingfisher Airlines has been forced to suspend all of its flights. Kingfisher Airlines has been struggling. At the time when you asked for a loan, the company was not doing that great,' he added. 'I take full responsibility': Mallya issues rare apology to staff In a widely circulated clip from the podcast, Shamani asked Mallya what he would say to the former Kingfisher employees who lost their jobs and still hold resentment. Mallya responded with an apology. 'I would say I am deeply sorry for what happened to them. I would say that I am deeply sorry that some of them didn't get paid their salaries. I have no excuses to offer. I take full responsibility,' he said. He further claimed that funds meant for employees were blocked. 'The court had the money. I filed a petition to pay employees' dues. The banks and court rejected it,' Mallya alleged. — Vijay Mallya (@TheVijayMallya) June 5, 2025 'Call me a fugitive, not a thief': Mallya rejects 'chor' label Mallya also pushed back strongly against the public perception of him as a criminal. 'Call me a fugitive for not going to India post-March [2016]. I didn't run away, I flew out of India on a pre-scheduled visit. Fair enough, I did not return for reasons that I consider are valid,' he said. 'So if you want to call me a fugitive, go ahead. But where is the 'chor' [thief] coming from? Where is the 'chori' [theft]?' he asked. Mallya claims banks recovered more than what he owed Now residing in the UK since 2016, Mallya is fighting extradition to India. He has repeatedly maintained that Indian banks have already recovered more than what he allegedly owed. Earlier this year, in a submission to the Karnataka High Court, Mallya claimed that the ₹6,200 crore owed to Indian banks has been 'recovered multiple times over.' He also demanded a comprehensive accounting of all recoveries from himself, United Breweries Holdings Limited (UBHL), and related entities, which are now under liquidation. May return if assured a fair trial, says Mallya Asked whether he would consider returning to India, Mallya stated, 'If I have a fair assurance of a fair trial and dignified existence in India, I will think about it seriously.' In the same podcast, Mallya also spoke about founding IPL team Royal Challengers Bengaluru, the media's portrayal of him, and his isolation in exile. 'For those who are interested,' Mallya posted on X, 'I have spoken for the first time in nine years on this podcast. I want to say sorry to employees of Kingfisher Airlines and also to set the record straight with facts and the truth.'
