M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore account"

[Force 136]

SINGAPORE: Reform Party Secretary-General Kenneth Jeyaretnam is proceeding with his legal bid to stop Singapore's US$4-billion pledge to the International Monetary Fund.

His case was heard in the High Court chambers in a pre-trial conference on Tuesday morning.

In April, Singapore made the pledge to bolster the International Monetary Fund's war chest, as emerging economies responded to a request by IMF chief Christine Lagarde for at least US$400 billion in new money to draw a line under the euro zone debt crisis.

The loan will be part of the Official Foreign Reserves (OFR) held by the MAS.

Mr Jeyaretnam said he filed an application, in his private capacity as a citizen, for a quashing order on 6 July.

He contends that the loan violates the Constitution of Singapore under Article 144, as no prior approval for the pledge was sought in Parliament or from the president.

Among other things, Article 144 states that "no guarantee or loan shall be given or raised by the Government except under the authority of any resolution of Parliament with which the President concurs".

The Monetary Authority of Singapore had previously responded to the issue, stating that Article 144 "does not apply to lending by Government" but "prevents the Government from borrowing without the authority of Parliament and the President's concurrence".

Article 144 was enacted "to prevent a profligate Government from borrowing" to fund its spending and putting past reserves at risk.

State Counsel Aedit Abdullah has until August 1 to submit his responses, following which, Mr Jeyaretnam's counsels -- Louis Joseph and M Ravi -- have two weeks to respond.

The case will be heard again in chambers on August 21.

Following the Tuesday's hearing, lawyer M Ravi said he has instructed lawyers in New York to take out an injunction in the US courts to "freeze the IMF account in relation to the Singapore pledge".

- CNA/wm

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1213987/1/.html

 

[steffychun]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

If This lousy economics person hates the IMF, say it to their face. Loser.

 

[Confuseous]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Hmm, is this THE reason for Ravi to be labelled, before he can pull this one, brother to brother?

 

[jiangrenhua]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Can someone post the content of article 144?

 

[chorut]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Why are we contributing to IMF?

.....the without due process in parliament??

 

[GoldenDragon]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Why are we contributing to IMF?

Bro, our leaders believe they are a key player on the international stage - foreign affairs and world economy. How not to join in? Don't forget our leaders believe they are world class politicians.

 

[slotmania]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

your heading says M Ravi but the post is on Kenneth.

 

[Jumong]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Kenneth Jeyeratnam has balls !!! REAL BIG ONES ... unsinkingly big one !!!

 

[I_Hate_Pappies]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Bro, our leaders believe they are a key player on the international stage - foreign affairs and world economy. How not to join in? Don't forget our leaders believe they are world class politicians.

Yes, with heavy expense.

 

[apogee]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

How come his top lawyer brother is not acting for him?

 

[wMulew]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

How come his top lawyer brother is not acting for him?

Top lawyer brother knows he is a nutcase. The fact that KJ hired a fruitcake to represent him is proof that the brother did the right thing

 

[steffychun]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Can someone post the content of article 144?

From AGC chambers

http://statutes.agc.gov.sg/aol/sear...nal%20Documents;pNum=1;type=actsAll#pr144-he-.

IMF loan is necessary. Singapore pledged the least. Othe nations citizens are NOT complaining like KJ.

 

[steffychun]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Why are we contributing to IMF?

.....the without due process in parliament??

In a Westminster parliamentary system, that is not required. UK Parliament did not vote on the UK's pledge to the IMF

 

[Papsmearer]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

In a Westminster parliamentary system, that is not required. UK Parliament did not vote on the UK's pledge to the IMF

Don't be a retarded fucktard here. We have a westminster parliamentary system here, really? UK got a law that puts the Queen in charge of monitoring all national reserves of the country? Don't compare apples and oranges dumbshit.

 

[chorut]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

In a Westminster parliamentary system, that is not required. UK Parliament did not vote on the UK's pledge to the IMF

The important question is the money belongs to who? Under which section of our constitution does it allow MAS to give the go-ahead.

 

[Kinana]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Restriction on loans, guarantees, etc. 144. —(1) No guarantee or loan shall be given or raised by the Government —
(a) except under the authority of any resolution of Parliament with which the President concurs;
(b) under the authority of any law to which this paragraph applies unless the President concurs with the giving or raising of such guarantee or loan; or
(c) except under the authority of any other written law.
(2) The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament providing, directly or indirectly, for the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if, in the opinion of the President, the Bill is likely to draw on the reserves of the Government which were not accumulated by the Government during its current term of office.
(3) Clause (1) (b) shall apply to the following laws:
(a) the Asian Development Bank Act (Cap. 15);
(b) the Bretton Woods Agreements Act (Cap. 27);
(c) Deleted by Act 27/2008, wef 01/01/2009.
(d) the External Loans Act (Cap. 102);
(e) the Financial Procedure Act (Cap. 109);
(f) the International Development Association Act (Cap. 144A);
(g) the International Finance Corporation Act (Cap. 144);
(h) the Jurong Town Corporation Act (Cap. 150); and
(i) the Loans (International Banks) Act (Cap. 164).

 

[tonychat]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

Restriction on loans, guarantees, etc. 144. —(1) No guarantee or loan shall be given or raised by the Government —
(a) except under the authority of any resolution of Parliament with which the President concurs;
(b) under the authority of any law to which this paragraph applies unless the President concurs with the giving or raising of such guarantee or loan; or
(c) except under the authority of any other written law.
(2) The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament providing, directly or indirectly, for the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if, in the opinion of the President, the Bill is likely to draw on the reserves of the Government which were not accumulated by the Government during its current term of office.
(3) Clause (1) (b) shall apply to the following laws:
(a) the Asian Development Bank Act (Cap. 15);
(b) the Bretton Woods Agreements Act (Cap. 27);
(c) Deleted by Act 27/2008, wef 01/01/2009.
(d) the External Loans Act (Cap. 102);
(e) the Financial Procedure Act (Cap. 109);
(f) the International Development Association Act (Cap. 144A);
(g) the International Finance Corporation Act (Cap. 144);
(h) the Jurong Town Corporation Act (Cap. 150); and
(i) the Loans (International Banks) Act (Cap. 164).

why dun you go and fuck yourself

 

[Kinana]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

The injunction should be raised in the local court rather than the US court.
Why would the US want to prevent us from lending them money?

 

[ChaoPappyPoodle]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

In a Westminster parliamentary system, that is not required. UK Parliament did not vote on the UK's pledge to the IMF

Why don'y you go and west minister your mother puah chee bye! :oIo:

This is Singapore you pompous ingrate! :oIo:

 

[ChaoPappyPoodle]

Re: M Ravi take out an injunction in the US courts to "freeze the IMF/Singapore accou

The next set of issues to be brought against the PAPzis are their trade agreements that contain obligations by Singaporeans that the WTO will be able to see as unfair trade practices and hence nullify such agreements. The trade agreements signed by the PAPzis are a menace to Singaporean workers but offer opportunities to GLCs and businesses. THe end result is a workforce in Singapore that have suffered extremely under such diabolical trade agreements.

The PAPzis and their merry making days are numbered!