In 2004, a catastrophic construction accident happened when a MRT tunnel collapsed. The tunnel supposed to be part of the Circle Line and Nicoll Highway. 4 workers were killed and 3 injured. All six lanes of the Nicoll Highway were heavily damaged. The partially built MRT was abandoned and shifted 100 meters from the original site. The Nicoll Highway MRT station is now located just few minutes’ … [Read more...]
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Most people do not realised the importance of financial planning until it is too late. These articles were specifically written to highlight the importance of financial planning.
Lawyer Johnny Cheo Chai Beng sued for not knowing how to prepare a will
A lawyer by name of Johnny Cheo Chai Beng did not know that two witnesses were required for a will. As a result, he was sued and ordered to compensate more than A$719,000 to the 18 children and grandchildren of an Indonesian businessman . An Indonesian businessman contacted Johnny Cheo Chai Beng by telephone on April 2006. They met within the same month at Citibank’s office at along Church … [Read more...]
Madam Pusparani, widow of killed Changi Airport worker, is now broke but no fault of hers
Reasons why Madam Pusparani lost the entire $1m and why is not her fault? By now everybody have read about the story of a widow named Madam Pusparani Mohan who lost the entire $1 million of money mostly from donors due to poor money management[1]. She was hit by the firestorm from social media which saw countless people cursing her for mismanaging the entire amount within just less than 2 … [Read more...]
Franklin Heng’s Rockwill Trustee multimillion dollar lawsuit for liposuction death
(This was originally published on 3 June 2014 but was updated 27 May 2015) First high profile death involving liposuction is Franklin Heng Botched plastic surgeries met its first death case in Singapore in 2009. The first death case was also a high profile case as it involved a high networth individual. 44-year-old Mr. Franklin Heng, the CEO of YTL Pacific Star REIT Management Ltd, died after … [Read more...]
POSB refused to allow daughter to empty father’s account
Daughter has to empty all of father's bank accounts to pay hospital bills In a complain letter written to the Straits Times on 1 April 2014, Ms. Ruth Wong wrote that it was a hassle to close her sick father’s POSB bank account. Apparently, Ms Wong’s father was so seriously ill, that all of his personal savings was required to be withdrawn to pay for the hospital bills. Using letters signed by her … [Read more...]
Refused kidney dialysis because got no money
I read from the newspaper in horror that Singapore has the fifth highest kidney failure rate in the world. What is even worse is that there are some kidney patients who refused treatment because they cannot afford to do so. The article published on 24 February 2014 by Straits Times entitled “Some kidney patients refuse treatment and choose to die” stated that Khoo Teck Puat Hospital had 24 … [Read more...]
72 years old Quek Hung Heong sues family for a problem occurred when he was 25
An individual sued his family members over a disputed property. Quek Hung Heong (QHH - the plaintiff) lays claim to the entire beneficial interest in the property in the lawsuit although the property was held under tenancy-in-common with the other 4 family members. The other 4 family members are his father, mother, an older brother and older sister. His father, mother and older brother have … [Read more...]
Father who did not have a Will drown in NUS leaving 3 and 6 years old children
In the news was a man who drown in NUS’ swimming pool. The incident happened in 2007 and the deceased left behind his wife and the young children aged 3 and 6. The deceased widow tried to sue for $1m but failed even after appealing. The written judgment for the appeal was dated 9 January 2014. It took 7 years for the widow and her family to come to a closure. It must have been so tiring. I … [Read more...]
The Tragic Liberalization of the CPF Investment Schemes
This is a very brief history of the CPF Investment Scheme. When the investment scheme was first introduced on 1 May 1986, it was known as the Approved Investment Scheme (AIS) which allowed CPF members to invest a portion of their CPF-OA above their minimum sum in stocks, unit trusts and gold. In Oct 1993, the AIS was renamed Basic Investment Scheme (BIS) and the Enhanced Investment Scheme … [Read more...]
4 young children lost both parents within 2 months and how the credit default swap can help
Recently, 4 young children - ages from three to 13 - lost both of their parents in just two months. The deaths of both of their parents were unrelated. According to the articles 4 kids lose mum to cancer, dad in crash and She's 13, and mum and dad to siblings, their mother Madam Wang Shu Rong died of colon cancer when she was just 29 years old. Two months later, their father Lim Guang Chin died … [Read more...]
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