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

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


Former transport minister S. Iswaran walks as he appears at the Supreme Court in Singapore October 3, 2024.

Edgar Su | 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 centered 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 totaled 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.

Stephen Roach: Markets in danger of being whipsawed with geopolitical conflict, rising unemployment



Source

U.S. stocks are at record highs, but the outlook for the world’s largest economy is no clearer
World

U.S. stocks are at record highs, but the outlook for the world’s largest economy is no clearer

Traders work at the New York Stock Exchange on June 18, 2025. NYSE U.S. stocks have strongly rebounded after a rough start to the year, even as the outlook for the world’s largest economy and its interest rates remains as uncertain as ever. Economic modeling is “very difficult” right now because “things are changing constantly,” […]

Read More
German inflation unexpectedly falls to 2% in June, hitting ECB’s target
World

German inflation unexpectedly falls to 2% in June, hitting ECB’s target

Janine Kraft, store manager of the Tante Enso store in Wörlitz, Germany, sorts goods onto the shelves. Picture Alliance | Picture Alliance | Getty Images Germany’s annual inflation rate unexpectedly eased to 2% in June, bringing Europe’s largest economy in line with the European Central Bank’s target, preliminary data from statistics office Destatis showed Monday. […]

Read More
Treasury yields tick lower as Trump’s spending bill in focus
World

Treasury yields tick lower as Trump’s spending bill in focus

U.S. Treasury yields moved lower as investors monitored whether the Senate would pass President Donald Trump’s divisive spending bill over the next few hours. At 3:59 a.m. ET, the benchmark yield was 2 basis points lower at 4.257%, and the 30-year yield moved 3 basis points lower to 4.814%. Meanwhile, the  2-year yield was little changed […]

Read More