The Price of Gold Is Crashing. Here's Why
By Peter Coy
April 15, 2013
(Updates first paragraph with closing prices.)
A chart of the crashing price of gold looks like a wedding ring rolling off a table. Gold futures for June delivery closed at $1,361 an ounce on the Comex in New York today, a drop of more than $200 in two sessions. Gold’s fall of 13 percent since April 11 was the biggest two-session decline since 1980.
Why is gold plunging? The most important factor is that global inflation is falling, reducing gold’s value as a hedge against rising prices. Gold bugs who were betting on an outburst of inflation are scrambling to reverse their bets and exit their gold positions at any price.
For consumers struggling to make ends meet, it may seem hard to believe that inflation is falling. But the evidence is clear from JPMorgan Chase’s (JPM) global consumer price index, which covers more than 30 countries that collectively represent more than 90 percent of world economic output.
According to the JPMorgan index, global inflation peaked at 4 percent in 2011 and has fallen steadily since. Global prices in February were up only about 2.5 percent from a year earlier, the bank’s index says.
JPMorgan has two scenarios for what happens next. Its main one is based on a “bottom-up” collection of analysts’ forecasted price trends sector by sector around the world. That shows inflation rising very slightly from its current level for the rest of 2013. In contrast, JPMorgan’s “top-down” analysis, which is prepared by the banks’ economists and takes into account prices of commodity futures contracts, among other factors, shows inflation moving down closer to 2 percent in the second half of 2013.
The headline on JPMorgan’s report: “The slide in global inflation may not be over.”
Joseph Lupton, a senior global economist at JPMorgan Chase, said in an interview that the inflation decline is partly a matter of supply bottlenecks easing, which is a good thing, and demand growth slowing, which is not so good. Lupton said he’s not in the business of forecasting gold prices, which tend to be whipsawed by speculation more than other commodity prices are. Says Lupton: “Gold is an animal in and of itself.”
Last week Goldman Sachs (GS) warned that the retreat in gold was accelerating after the longest rally in nine decades.
“Anybody who did some buying before this big drop is probably in some pain,” Donald Selkin, who helps manage about $3 billion of assets as chief market strategist at National Securities Corp. in New York, told Bloomberg News. “The perception is that gold is not really needed as a safe haven. People are looking at the stock market, and they’re stunned, and there’s no inflation. So people are saying, ‘What do we need gold for?’”
- wong chee tat :)
Thursday, April 18, 2013
Law prof in sex-for-grades trial to be assessed at IMH
Law prof in sex-for-grades trial to be assessed at IMH
By Claire Huang
POSTED: 18 Apr 2013 1:11 PM
The law professor accused of corruption in the sex-for-grades trial will be going to the Institute of Mental Health (IMH) for assessment.
SINGAPORE: The law professor accused of corruption in the sex-for-grades trial will be going to the Institute of Mental Health (IMH) for assessment.
Tey Tsun Hang, 41, faces six allegations of obtaining gifts and sex from his former student Darinne Ko, in return for giving her better grades between May and July 2010.
On Thursday morning, Tey's lawyer made an application for his client to see a forensic psychiatrist at IMH to determine if he is fit to stand trial.
The move comes after Tey felt unwell on Wednesday and had to seek treatment at the National University Hospital.
There, he was diagnosed with acute hyperventilation and was referred to a forensic psychiatrist at IMH.
- CNA/xq
- wong chee tat :)
By Claire Huang
POSTED: 18 Apr 2013 1:11 PM
The law professor accused of corruption in the sex-for-grades trial will be going to the Institute of Mental Health (IMH) for assessment.
SINGAPORE: The law professor accused of corruption in the sex-for-grades trial will be going to the Institute of Mental Health (IMH) for assessment.
Tey Tsun Hang, 41, faces six allegations of obtaining gifts and sex from his former student Darinne Ko, in return for giving her better grades between May and July 2010.
On Thursday morning, Tey's lawyer made an application for his client to see a forensic psychiatrist at IMH to determine if he is fit to stand trial.
The move comes after Tey felt unwell on Wednesday and had to seek treatment at the National University Hospital.
There, he was diagnosed with acute hyperventilation and was referred to a forensic psychiatrist at IMH.
- CNA/xq
- wong chee tat :)
Not wrong to have relationship with student: law prof in sex-for-grades trial
Not wrong to have relationship with student: law prof in sex-for-grades trial
By Claire Huang
POSTED: 17 Apr 2013 11:12 PM
Tey Tsun Hang on Wednesday said he did not think it was wrong for him to have a relationship with a student.
SINGAPORE: The law professor defending himself in a sex-for-grades corruption trial on Wednesday said he did not think it was wrong for him to have a relationship with a student.
Tey Tsun Hang, 41, is defending himself against six counts of corruptly obtaining gratification in the form of gifts and sex from his then-student Darinne Ko Wen Hui, 23, between May and July 2010 in return for lifting her grades.
Tey on Wednesday told the court that he did not see anything wrong with him continuing to teach Ms Ko, even though their relationship ended in late 2010.
He however admitted that he failed to declare the relationship and gifts to the National University of Singapore (NUS), as required by the university's code of conduct.
Lead prosecutor Andre Jumabhoy then charged that Tey tried to conceal the relationship and gifts from NUS so that he could continue teaching Ms Ko.
Tey denied this, saying that he tried to stop Ms Ko from enrolling in one of his courses after their relationship ended.
Ms Ko enrolled in a course taught by Tey in 2011.
Mr Jumabhoy pointed out that by that point time, Tey had already taught Ms Ko two other subjects.
"Two out of three courses isn't bad, is it Mr Tey?" said the prosecutor, to which Tey replied: "If you are saying I advantaged her in the two courses, the results show that she was not."
Another point of contention was the payment for gifts.
Ms Ko allegedly gave Tey a Frederic Chopin edition Mont Blanc pen, two CYC tailored shirts, and an iPod. She also paid for a group dinner hosted by Tey at an Italian restaurant. The items and dinner amounted to about S$2,415.
During the first tranche of the trial in January this year, Tey said he issued a cheque amounting to S$2,500 in July 2010 before Ms Ko left for an overseas study stint.
However when Ms Ko testified in January, she said no such cheque was given to her.
Tey then said that he made the cheque out to Ms Ko but she refused to accept it, leading him to pay her in cash.
Ms Ko however also denied receiving the cash.
On Wednesday, when asked if he found it odd that Ms Ko denied ever receiving the cheque and cash, Tey said his "heart sank" when he heard her answer.
Tey also told the court on Wednesday that he was aware and concerned that Ms Ko was earning only a small allowance from her internships and thus wanted to pay her back for the gifts she had bought, as well as the dinner for which she paid.
Tey said he did an estimate before the dinner took place as he wanted to reimburse Ms Ko before she left Singapore. Ms Ko was to leave the country on 3 August 2010.
This prompted the prosecution to ask why Tey did not pay for the Mont Blanc pen and the tailored shirts first; Mr Jumabhoy pointed out that by 15 June, 2010, Tey knew the cost of the pen but did not pay her.
Tey replied saying that it was because he did not want to sully their relationship by talking about money.
Mr Jumabhoy however pointed out that on 22 June 2010, while the pair was at the tailor's, Tey could have offered to pay for Ms Ko's shirts but he did not.
Tey explained that he had, at the back of his mind, wanted to pay Ms Ko back for the pen and shirts.
However he added that it was "not nice" to reimburse Ms Ko item by item so he decided to work out the cost of the dinner and issue a cheque for all the gifts.
Tey said he innocently thought to reimburse her in one sitting, which was why he made out the S$2,500 cheque to her.
Another point of contention in court on Wednesday was a revelation by the defence, who said that Ms Ko had asked for Tey to reimburse her S$1,000 upon returning from her overseas stint in 2011. Ms Ko did so after requests from her mother, said Tey.
This lead the prosecution to stress that it was the first time the court heard Ms Ko's mother wanted S$1,000 from Tey, and that it was very different from Ms Ko's court testimony.
Ms Ko had previously testified that Tey did not pay her for the gifts or dinner. The dinner was hosted by Tey but by late 2010 the pair had broken up.
Tey on Wednesday said he paid Ms Ko as he did not want "to quibble" over it.
This led Mr Jumabhoy to point out that Tey "should be aggrieved", adding that nowhere in his statements did Tey ever mention such an important point, which could clear him of the charges.
"But this is an important point!" said Mr Jumabhoy. "The basis for saying 'I'm not corrupt' is 'I have paid back every penny'.”
The prosecutor also pointed out that if Tey's account is accurate, the law professor had gone over and beyond by paying Ms Ko the S$1,000.
This lead Tey to explain again that he did not want to quibble over money.
The prosecution's case is that Tey never paid Ms Ko for any of the gifts nor the dinner.
Ms Ko was saddled with an unpaid bill for six months for a dinner hosted by Tey before she sought reimbursement in early 2011, said the prosecution.
Tey disagreed.
After lunch, the trial was adjourned for about an hour after it started as Tey was sick and had to see a doctor.
The trial continues.
- CNA/jc
- wong chee tat :)
By Claire Huang
POSTED: 17 Apr 2013 11:12 PM
Tey Tsun Hang on Wednesday said he did not think it was wrong for him to have a relationship with a student.
SINGAPORE: The law professor defending himself in a sex-for-grades corruption trial on Wednesday said he did not think it was wrong for him to have a relationship with a student.
Tey Tsun Hang, 41, is defending himself against six counts of corruptly obtaining gratification in the form of gifts and sex from his then-student Darinne Ko Wen Hui, 23, between May and July 2010 in return for lifting her grades.
Tey on Wednesday told the court that he did not see anything wrong with him continuing to teach Ms Ko, even though their relationship ended in late 2010.
He however admitted that he failed to declare the relationship and gifts to the National University of Singapore (NUS), as required by the university's code of conduct.
Lead prosecutor Andre Jumabhoy then charged that Tey tried to conceal the relationship and gifts from NUS so that he could continue teaching Ms Ko.
Tey denied this, saying that he tried to stop Ms Ko from enrolling in one of his courses after their relationship ended.
Ms Ko enrolled in a course taught by Tey in 2011.
Mr Jumabhoy pointed out that by that point time, Tey had already taught Ms Ko two other subjects.
"Two out of three courses isn't bad, is it Mr Tey?" said the prosecutor, to which Tey replied: "If you are saying I advantaged her in the two courses, the results show that she was not."
Another point of contention was the payment for gifts.
Ms Ko allegedly gave Tey a Frederic Chopin edition Mont Blanc pen, two CYC tailored shirts, and an iPod. She also paid for a group dinner hosted by Tey at an Italian restaurant. The items and dinner amounted to about S$2,415.
During the first tranche of the trial in January this year, Tey said he issued a cheque amounting to S$2,500 in July 2010 before Ms Ko left for an overseas study stint.
However when Ms Ko testified in January, she said no such cheque was given to her.
Tey then said that he made the cheque out to Ms Ko but she refused to accept it, leading him to pay her in cash.
Ms Ko however also denied receiving the cash.
On Wednesday, when asked if he found it odd that Ms Ko denied ever receiving the cheque and cash, Tey said his "heart sank" when he heard her answer.
Tey also told the court on Wednesday that he was aware and concerned that Ms Ko was earning only a small allowance from her internships and thus wanted to pay her back for the gifts she had bought, as well as the dinner for which she paid.
Tey said he did an estimate before the dinner took place as he wanted to reimburse Ms Ko before she left Singapore. Ms Ko was to leave the country on 3 August 2010.
This prompted the prosecution to ask why Tey did not pay for the Mont Blanc pen and the tailored shirts first; Mr Jumabhoy pointed out that by 15 June, 2010, Tey knew the cost of the pen but did not pay her.
Tey replied saying that it was because he did not want to sully their relationship by talking about money.
Mr Jumabhoy however pointed out that on 22 June 2010, while the pair was at the tailor's, Tey could have offered to pay for Ms Ko's shirts but he did not.
Tey explained that he had, at the back of his mind, wanted to pay Ms Ko back for the pen and shirts.
However he added that it was "not nice" to reimburse Ms Ko item by item so he decided to work out the cost of the dinner and issue a cheque for all the gifts.
Tey said he innocently thought to reimburse her in one sitting, which was why he made out the S$2,500 cheque to her.
Another point of contention in court on Wednesday was a revelation by the defence, who said that Ms Ko had asked for Tey to reimburse her S$1,000 upon returning from her overseas stint in 2011. Ms Ko did so after requests from her mother, said Tey.
This lead the prosecution to stress that it was the first time the court heard Ms Ko's mother wanted S$1,000 from Tey, and that it was very different from Ms Ko's court testimony.
Ms Ko had previously testified that Tey did not pay her for the gifts or dinner. The dinner was hosted by Tey but by late 2010 the pair had broken up.
Tey on Wednesday said he paid Ms Ko as he did not want "to quibble" over it.
This led Mr Jumabhoy to point out that Tey "should be aggrieved", adding that nowhere in his statements did Tey ever mention such an important point, which could clear him of the charges.
"But this is an important point!" said Mr Jumabhoy. "The basis for saying 'I'm not corrupt' is 'I have paid back every penny'.”
The prosecutor also pointed out that if Tey's account is accurate, the law professor had gone over and beyond by paying Ms Ko the S$1,000.
This lead Tey to explain again that he did not want to quibble over money.
The prosecution's case is that Tey never paid Ms Ko for any of the gifts nor the dinner.
Ms Ko was saddled with an unpaid bill for six months for a dinner hosted by Tey before she sought reimbursement in early 2011, said the prosecution.
Tey disagreed.
After lunch, the trial was adjourned for about an hour after it started as Tey was sick and had to see a doctor.
The trial continues.
- CNA/jc
- wong chee tat :)
Law prof in sex-for-grades trial says relationship was "loving and affectionate"
Law prof in sex-for-grades trial says relationship was "loving and affectionate"
By Claire Huang
POSTED: 16 Apr 2013 6:25 PM
UPDATED: 17 Apr 2013 1:27 AM
The law professor defending himself in a sex-for-grades corruption trial took the stand for a second day in court.
SINGAPORE: The law professor defending himself in a sex-for-grades corruption trial on Tuesday told the court that the relationship between him and his former student was “loving and affectionate”.
Tey Tsun Hang, 41, is defending himself against six counts of corruptly obtaining gratification in the form of gifts and sex from his then-student Darinne Ko Wen Hui, 23, between May and July 2010 in return for lifting her grades.
Tey on Tuesday disagreed with the prosecution's case that the gifts in question were corruptly received, and denied showing Ms Ko that he could influence her academic and professional career.
Lead prosecutor Andre Jumabhoy said Tey, in an attempt to impress upon Ms Ko the influence he had, called her up on 31 May 2010 and provided her with confidential information of her class ranking before the results were made public.
Tey however disagreed, saying that the information did not have an impact on Ms Ko. He said that he did not have a need to impress her then as they were already in a relationship.
He also pointed out that Ms Ko signed off an email dated 1 June 2010 with "Love, Darinne".
Going through the list of gifts Ms Ko showered on the accused, Mr Jumabhoy pointed out that Ms Ko was 21 years old at that time, while Tey had a good income.
Tey rebutted, saying that this was why he did not need the gifts.
He stressed that the gifts, including a Mont Blanc pen and tailored shirts, were Ms Ko's way of showing affection and love.
The prosecution also sought to show that the love and affection Tey had repeated during the trial was not mutual.
Pointing to their email correspondences, Mr Jumabhoy said Ms Ko was very affectionate using words like "dearest" or "hi baby".
However this, he said, was a stark contrast to Tey's emails which lacked such affectionate terms.
Mr Jumabhoy then cited an email sent by Tey to Ms Ko about the Frederic Chopin edition Mont Blanc pen she had given him as an example, pointing out that Tey had copied and pasted information of the composer in his reply to Ms Ko.
This prompted the prosecutor to remark that the email was not going to tug at heart strings.
Hearing this Tey laughed, saying that the information was included in the email for Ms Ko to understand the background of Frederic Chopin.
Tey added that while he was not affectionate in the email, he had been in phone conversations with Ms Ko.
Earlier in the day Tey corrected parts of his statements made at the Corrupt Practices Investigation Bureau (CPIB), denying that he ever made certain points.
For example, Tey said in the statements that Ms Ko did not deserve to pass one of her papers marked by him.
However on Tuesday, Tey said he never made such a statement.
He pointed out that Ms Ko was on the Dean's List during her first year at the National University of Singapore’s Law Faculty. Tey said Ms Ko was not on the Dean's List in 2010 when they were dating.
He also reiterated that his relationship with Ms Ko was without corrupt intent.
The trial continues.
- CNA/jc
- wong chee tat :)
By Claire Huang
POSTED: 16 Apr 2013 6:25 PM
UPDATED: 17 Apr 2013 1:27 AM
The law professor defending himself in a sex-for-grades corruption trial took the stand for a second day in court.
SINGAPORE: The law professor defending himself in a sex-for-grades corruption trial on Tuesday told the court that the relationship between him and his former student was “loving and affectionate”.
Tey Tsun Hang, 41, is defending himself against six counts of corruptly obtaining gratification in the form of gifts and sex from his then-student Darinne Ko Wen Hui, 23, between May and July 2010 in return for lifting her grades.
Tey on Tuesday disagreed with the prosecution's case that the gifts in question were corruptly received, and denied showing Ms Ko that he could influence her academic and professional career.
Lead prosecutor Andre Jumabhoy said Tey, in an attempt to impress upon Ms Ko the influence he had, called her up on 31 May 2010 and provided her with confidential information of her class ranking before the results were made public.
Tey however disagreed, saying that the information did not have an impact on Ms Ko. He said that he did not have a need to impress her then as they were already in a relationship.
He also pointed out that Ms Ko signed off an email dated 1 June 2010 with "Love, Darinne".
Going through the list of gifts Ms Ko showered on the accused, Mr Jumabhoy pointed out that Ms Ko was 21 years old at that time, while Tey had a good income.
Tey rebutted, saying that this was why he did not need the gifts.
He stressed that the gifts, including a Mont Blanc pen and tailored shirts, were Ms Ko's way of showing affection and love.
The prosecution also sought to show that the love and affection Tey had repeated during the trial was not mutual.
Pointing to their email correspondences, Mr Jumabhoy said Ms Ko was very affectionate using words like "dearest" or "hi baby".
However this, he said, was a stark contrast to Tey's emails which lacked such affectionate terms.
Mr Jumabhoy then cited an email sent by Tey to Ms Ko about the Frederic Chopin edition Mont Blanc pen she had given him as an example, pointing out that Tey had copied and pasted information of the composer in his reply to Ms Ko.
This prompted the prosecutor to remark that the email was not going to tug at heart strings.
Hearing this Tey laughed, saying that the information was included in the email for Ms Ko to understand the background of Frederic Chopin.
Tey added that while he was not affectionate in the email, he had been in phone conversations with Ms Ko.
Earlier in the day Tey corrected parts of his statements made at the Corrupt Practices Investigation Bureau (CPIB), denying that he ever made certain points.
For example, Tey said in the statements that Ms Ko did not deserve to pass one of her papers marked by him.
However on Tuesday, Tey said he never made such a statement.
He pointed out that Ms Ko was on the Dean's List during her first year at the National University of Singapore’s Law Faculty. Tey said Ms Ko was not on the Dean's List in 2010 when they were dating.
He also reiterated that his relationship with Ms Ko was without corrupt intent.
The trial continues.
- CNA/jc
- wong chee tat :)
Law prof in sex-for-grades trial disputes recorded CPIB statement
Law prof in sex-for-grades trial disputes recorded CPIB statement
By Claire Huang
POSTED: 12 Apr 2013 4:52 PM
SINGAPORE: The law professor accused of corruptly obtaining gifts and sex from a former student on Friday continued to take issue with words and phrases in his statement recorded by the Corrupt Practices Investigation Bureau (CPIB).
Tey Tsun Hang, 41, faces six allegations that he obtained gifts and sex from his former student, 23-year-old Darinne Ko, in return for giving her better grades between May and July 2010.
On Friday morning, Tey said he could not have used the words "corrupt intent" in the statement recorded by CPIB's Deputy Director Teng Khee Fatt, much less volunteer the definition of those words, "so he could be nailed on the wall".
"So are you seriously proposing a person under interrogation would want to volunteer to you, to describe to you in great detail, detailed meaning ‘of corrupt intent’ so he could be nailed on the wall?" said Tey.
Mr Teng replied Tey had used the words "with corrupt intent" in his previous statements and he was trying to find out from Tey what he had meant by it.
But Tey argued that Mr Teng had given "the most ludicrous proposition for a person under interrogation and psychoactive medication to volunteer the minute definition exercise of ‘corrupt intent’, so as to help himself be nailed on the wall". Mr Teng repeated that Tey had told him so.
Tey also accused Mr Teng of typing some paragraphs himself but the witness said that "was exactly what Professor Tey had told me" to do.
Tey, a former district judge, said throughout on Thursday and Friday Mr Teng's "linguistic expressions" used in court "are similarly manifested in all three statements" he had recorded on 17, 18 and 24 May 2012. Mr Teng disagreed.
A phrase raised during the hearing was described by Tey as "downright nonsensical" - "Bad faiths mean wrong conscientious".
Mr Teng again said it was what Tey had wanted to put in the statement.
In an earlier statement, Tey had said he had given better grades to Ms Ko for two papers, in Personal Property Law as well as Equity and Trust.
In his later statement recorded by Mr Teng, he was allowed to retract that point.
On Friday, Tey said it was because by then, Mr Teng had already received information from the National University of Singapore that the alteration of grades in those two modules "had no basis whatsoever".
Mr Teng explained that Tey was "trying to confuse" him by telling him that he changed Ms Ko's grades at first and saying he did not later.
Later in the day, Tey applied to recall prosecution witness Darinne Ko but was turned down by Chief District Judge Tan Siong Thye.
The prosecution had also asked to review the evidence over the weekend, so that it can decide whether to close its case by Monday morning.
Once the prosecution wraps up its case, the defence's case will start.
- CNA/xq
- wong chee tat :)
By Claire Huang
POSTED: 12 Apr 2013 4:52 PM
SINGAPORE: The law professor accused of corruptly obtaining gifts and sex from a former student on Friday continued to take issue with words and phrases in his statement recorded by the Corrupt Practices Investigation Bureau (CPIB).
Tey Tsun Hang, 41, faces six allegations that he obtained gifts and sex from his former student, 23-year-old Darinne Ko, in return for giving her better grades between May and July 2010.
On Friday morning, Tey said he could not have used the words "corrupt intent" in the statement recorded by CPIB's Deputy Director Teng Khee Fatt, much less volunteer the definition of those words, "so he could be nailed on the wall".
"So are you seriously proposing a person under interrogation would want to volunteer to you, to describe to you in great detail, detailed meaning ‘of corrupt intent’ so he could be nailed on the wall?" said Tey.
Mr Teng replied Tey had used the words "with corrupt intent" in his previous statements and he was trying to find out from Tey what he had meant by it.
But Tey argued that Mr Teng had given "the most ludicrous proposition for a person under interrogation and psychoactive medication to volunteer the minute definition exercise of ‘corrupt intent’, so as to help himself be nailed on the wall". Mr Teng repeated that Tey had told him so.
Tey also accused Mr Teng of typing some paragraphs himself but the witness said that "was exactly what Professor Tey had told me" to do.
Tey, a former district judge, said throughout on Thursday and Friday Mr Teng's "linguistic expressions" used in court "are similarly manifested in all three statements" he had recorded on 17, 18 and 24 May 2012. Mr Teng disagreed.
A phrase raised during the hearing was described by Tey as "downright nonsensical" - "Bad faiths mean wrong conscientious".
Mr Teng again said it was what Tey had wanted to put in the statement.
In an earlier statement, Tey had said he had given better grades to Ms Ko for two papers, in Personal Property Law as well as Equity and Trust.
In his later statement recorded by Mr Teng, he was allowed to retract that point.
On Friday, Tey said it was because by then, Mr Teng had already received information from the National University of Singapore that the alteration of grades in those two modules "had no basis whatsoever".
Mr Teng explained that Tey was "trying to confuse" him by telling him that he changed Ms Ko's grades at first and saying he did not later.
Later in the day, Tey applied to recall prosecution witness Darinne Ko but was turned down by Chief District Judge Tan Siong Thye.
The prosecution had also asked to review the evidence over the weekend, so that it can decide whether to close its case by Monday morning.
Once the prosecution wraps up its case, the defence's case will start.
- CNA/xq
- wong chee tat :)
Law prof in sex-for-grades trial says he was "in love" with former student
Law prof in sex-for-grades trial says he was "in love" with former student
By Claire Huang
POSTED: 15 Apr 2013 3:04 PM
UPDATED: 16 Apr 2013 12:02 AM
The law professor accused of corruption in the sex-for-grades trial said he loved his former student and that he never wanted to take advantage of her.
SINGAPORE: The law professor accused of corruption in a sex-for-grades trial said he loved his former student and that he never wanted to take advantage of her.
Tey Tsun Hang, 41, faces six allegations that he corruptly obtained gifts and sex from 23-year-old Darinne Ko, in return for lifting her grades between May and July 2010.
Taking the witness stand in his own defence on Monday, Tey recounted his relationship with Ms Ko, saying he was in love with her.
He added that she would address him as "dearest dinosaur" and gave him an iPod filled with songs they listened to together.
Describing Ms Ko as "charming", "vivacious" and "an intellect", Tey also told the court they would send each other poems - hers in English and his in Mandarin - as a declaration of their love for one another.
Tey also went through the list of gifts Ms Ko showered on him, which included among other things, a Montblanc pen, CYC tailored shirts and an iPod.
Tey also gave an explanation of his cheque book entries that were mentioned in court in January this year.
The court had heard then that Tey had paid Ms Ko for those gifts as well as for the dinner at Garibaldi's. The bill for that dinner was dated 21 July 2010.
Tey said he had issued a cheque for S$2,500 in July 2010 before Ms Ko left for an overseas study stint.
Back in January 2013, he said the amount is slightly more than the value of the gifts mentioned in the first four charges.
But in January this year, Ms Ko said no such cheque was given to her.
Tey said he made the cheque out to Ms Ko but she refused to accept it.
Tey said he paid her in cash after that.
At that time, lead prosecutor Mr Andre Jumabhoy pointed out that the cheque was dated early July 2010 while the dinner bill was dated 21 July.
So Mr Jumabhoy said Tey is purporting to pay for a dinner even before it had taken place.
But on Monday, Tey explained that Ms Ko had been arranging for the Garibaldi dinner weeks before the actual appointment as all nine attendees had different schedules. And because it was arranged weeks before, Tey said he had a rough idea of the cost of the dinner.
By then, Tey said he also found out from a friend, the cost of the Montblanc pen.
He said he added the costs of the dinner, pen and other gifts and wrote a cheque amounting to S$2,500 to Ms Ko for the items to reimburse her.
Tey said that prosecution's point about him being able to foretell the cost of a dinner in the future was a "hurtful supposition".
Later in the day, another key defence argument was brought up.
Tey told the court that under the National University of Singapore's robust marking system, a "collaborative effort" is needed to enter marks into the university’s examination system.
Tey explained that marks are entered into the examination system by an administrative manager and any changes to a student's grades require the approval of the Vice-Dean.
Tey said academic professors have no access to the system.
He also mentioned another of the university's precautions, which was the anonymous marking of papers.
The court heard that Ms Ko was ranked in the 82nd percentile for the subject "Equity and Trusts", and that that was before she and Tey started a relationship.
By the time she took the subject "Personal Property Law", which was also taught by Tey, Ms Ko's ranking went down to the "60 something percentile".
That was when they started going out.
When it came to her directed research paper much later, Ms Ko's percentile dropped even further - "to (the) 32nd or 33rd percentile".
Looking miserable, Tey added that their relationship right from the beginning was "pure, mutual and romantic", free of corrupt intent.
He said that he tried to explain this to the Corrupt Practices Investigation Bureau's (CPIB) investigating officers but they refused to listen as they had "tunnel vision".
The move for Tey to testify follows the wrap of the prosecution's case on Monday morning.
The defence has to lay out its case now.
- CNA/ck/jc
- wong chee tat :)
By Claire Huang
POSTED: 15 Apr 2013 3:04 PM
UPDATED: 16 Apr 2013 12:02 AM
The law professor accused of corruption in the sex-for-grades trial said he loved his former student and that he never wanted to take advantage of her.
SINGAPORE: The law professor accused of corruption in a sex-for-grades trial said he loved his former student and that he never wanted to take advantage of her.
Tey Tsun Hang, 41, faces six allegations that he corruptly obtained gifts and sex from 23-year-old Darinne Ko, in return for lifting her grades between May and July 2010.
Taking the witness stand in his own defence on Monday, Tey recounted his relationship with Ms Ko, saying he was in love with her.
He added that she would address him as "dearest dinosaur" and gave him an iPod filled with songs they listened to together.
Describing Ms Ko as "charming", "vivacious" and "an intellect", Tey also told the court they would send each other poems - hers in English and his in Mandarin - as a declaration of their love for one another.
Tey also went through the list of gifts Ms Ko showered on him, which included among other things, a Montblanc pen, CYC tailored shirts and an iPod.
Tey also gave an explanation of his cheque book entries that were mentioned in court in January this year.
The court had heard then that Tey had paid Ms Ko for those gifts as well as for the dinner at Garibaldi's. The bill for that dinner was dated 21 July 2010.
Tey said he had issued a cheque for S$2,500 in July 2010 before Ms Ko left for an overseas study stint.
Back in January 2013, he said the amount is slightly more than the value of the gifts mentioned in the first four charges.
But in January this year, Ms Ko said no such cheque was given to her.
Tey said he made the cheque out to Ms Ko but she refused to accept it.
Tey said he paid her in cash after that.
At that time, lead prosecutor Mr Andre Jumabhoy pointed out that the cheque was dated early July 2010 while the dinner bill was dated 21 July.
So Mr Jumabhoy said Tey is purporting to pay for a dinner even before it had taken place.
But on Monday, Tey explained that Ms Ko had been arranging for the Garibaldi dinner weeks before the actual appointment as all nine attendees had different schedules. And because it was arranged weeks before, Tey said he had a rough idea of the cost of the dinner.
By then, Tey said he also found out from a friend, the cost of the Montblanc pen.
He said he added the costs of the dinner, pen and other gifts and wrote a cheque amounting to S$2,500 to Ms Ko for the items to reimburse her.
Tey said that prosecution's point about him being able to foretell the cost of a dinner in the future was a "hurtful supposition".
Later in the day, another key defence argument was brought up.
Tey told the court that under the National University of Singapore's robust marking system, a "collaborative effort" is needed to enter marks into the university’s examination system.
Tey explained that marks are entered into the examination system by an administrative manager and any changes to a student's grades require the approval of the Vice-Dean.
Tey said academic professors have no access to the system.
He also mentioned another of the university's precautions, which was the anonymous marking of papers.
The court heard that Ms Ko was ranked in the 82nd percentile for the subject "Equity and Trusts", and that that was before she and Tey started a relationship.
By the time she took the subject "Personal Property Law", which was also taught by Tey, Ms Ko's ranking went down to the "60 something percentile".
That was when they started going out.
When it came to her directed research paper much later, Ms Ko's percentile dropped even further - "to (the) 32nd or 33rd percentile".
Looking miserable, Tey added that their relationship right from the beginning was "pure, mutual and romantic", free of corrupt intent.
He said that he tried to explain this to the Corrupt Practices Investigation Bureau's (CPIB) investigating officers but they refused to listen as they had "tunnel vision".
The move for Tey to testify follows the wrap of the prosecution's case on Monday morning.
The defence has to lay out its case now.
- CNA/ck/jc
- wong chee tat :)
AGC demands apology from websites over verdict backlash
AGC demands apology from websites over verdict backlash
POSTED: 18 Apr 2013 6:15 PM
Singapore's Attorney-General Chambers (AGC) has issued a take-down letter and demanded an apology from several websites over posts which it said cast doubt on the judiciary's integrity.
SINGAPORE: The Attorney-General Chambers (AGC) has issued take-down letters and demanded apologies from several websites over posts which it said cast doubt on the judiciary's integrity in a case involving a China national.
The websites and Facebook pages involved had suggested that a Singapore court had been lenient to Yuan Zhenghua, 31, who hijacked a taxi last year and crashed it into the driveway of Changi Airport's budget terminal, killing a Malaysian airport worker.
Yuan, a technician, was sentenced by a district court to 25 months in jail Monday.
Singaporeans took to Internet websites and Facebook pages to criticise the verdict, prompting the AGC to issue letters asking for an apology and that the postings be taken down.
A spokesman for the AGC said the online comments and postings had accused the court of bias in favour of the China national.
"These comments include allegations that the courts did not wish to offend the People's Republic of China, that Singaporeans would get heavier sentences in comparison, that the judge lacked integrity, and that leniency was shown," the spokesman said.
"These and similar comments pose a real risk that public confidence in the administration of justice would be undermined."
The spokesman added that the online comments ignored the fact that the court took into account Yuan's "psychotic disorder" in its decision.
The AGC also stressed that editors, administrators and moderators of websites have the responsibility to ensure that comments and posts on their sites are not contemptuous.
While the AGC did not identify the websites involved, the administrators of Facebook page "EDMW loves Singapore" put up an apology for committing an "act of contempt of court" in its posts about Yuan and said it had taken them down.
The government says attacks on the judiciary will undermine public confidence in the institution.
In July last year, the AGC also sent a letter to prominent Singaporean blogger Alex Au after he alleged in a post that the city-state's courts are biased in favour of the well-connected.
In 2010, a Singapore court jailed British author Alan Shadrake for six weeks for publishing a book critical of the city-state's administration of the death penalty.
- AFP/CNA/jc
- wong chee tat :)
POSTED: 18 Apr 2013 6:15 PM
Singapore's Attorney-General Chambers (AGC) has issued a take-down letter and demanded an apology from several websites over posts which it said cast doubt on the judiciary's integrity.
SINGAPORE: The Attorney-General Chambers (AGC) has issued take-down letters and demanded apologies from several websites over posts which it said cast doubt on the judiciary's integrity in a case involving a China national.
The websites and Facebook pages involved had suggested that a Singapore court had been lenient to Yuan Zhenghua, 31, who hijacked a taxi last year and crashed it into the driveway of Changi Airport's budget terminal, killing a Malaysian airport worker.
Yuan, a technician, was sentenced by a district court to 25 months in jail Monday.
Singaporeans took to Internet websites and Facebook pages to criticise the verdict, prompting the AGC to issue letters asking for an apology and that the postings be taken down.
A spokesman for the AGC said the online comments and postings had accused the court of bias in favour of the China national.
"These comments include allegations that the courts did not wish to offend the People's Republic of China, that Singaporeans would get heavier sentences in comparison, that the judge lacked integrity, and that leniency was shown," the spokesman said.
"These and similar comments pose a real risk that public confidence in the administration of justice would be undermined."
The spokesman added that the online comments ignored the fact that the court took into account Yuan's "psychotic disorder" in its decision.
The AGC also stressed that editors, administrators and moderators of websites have the responsibility to ensure that comments and posts on their sites are not contemptuous.
While the AGC did not identify the websites involved, the administrators of Facebook page "EDMW loves Singapore" put up an apology for committing an "act of contempt of court" in its posts about Yuan and said it had taken them down.
The government says attacks on the judiciary will undermine public confidence in the institution.
In July last year, the AGC also sent a letter to prominent Singaporean blogger Alex Au after he alleged in a post that the city-state's courts are biased in favour of the well-connected.
In 2010, a Singapore court jailed British author Alan Shadrake for six weeks for publishing a book critical of the city-state's administration of the death penalty.
- AFP/CNA/jc
- wong chee tat :)
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