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AsiaOne
3 hours ago
- AsiaOne
Organised crime groups behind in-flight theft cases: Singapore Police Force, Singapore News
SINGAPORE - A spike in cabin theft cases in Asia has been blamed on members of organised crime groups, who catch short-transit flights - including trips to Singapore - to steal small items from passengers. Hong Kong has been one of the worst hit, with 169 cases of in-flight theft involving HK$4.32 million (S$700,000) in valuables recorded in the first 10 months of 2024 - a 75 per cent increase from the same period the previous year. In an interview with The Straits Times, Assistant Commissioner M Malathi, who is commander of the Airport Police Division (APD), said that in-flight theft cases are difficult to detect and investigate. She said syndicate members, who work in pairs to steal from unsuspecting passengers, often catch a flight out of Singapore soon after landing at Changi Airport. "They will only take some cash and maybe one or two cards. They won't take your whole wallet, because if they do, it is easier to notice," said AC Malathi, who added that the authorities have a short lead time before the suspects leave on an outbound flight. "A timely report is important for our officers to quickly track and trace the suspects and intercept them before they catch their next flight," she said, adding that passengers should always keep their valuables on them and remain vigilant. The International Air Transport Association (Iata), which represents about 300 airlines, had flagged concerns on June 3 after members indicated a spike in in-flight theft cases over the last 12 to 18 months. Many of the routes were in Asia. According to reports, Malaysia saw a significant increase in onboard theft cases, with the authorities receiving 146 reports in the first 10 months of 2024, compared with 88 in the previous year and 33 in 2022. The authorities in Vietnam reported that criminals often purchase last-minute tickets, avoid checked baggage, and switch between domestic and international flights and different carriers to avoid detection. Singapore Airlines (SIA) declined to share statistics and information regarding theft cases on board, but said the cabin crew are trained to be vigilant and alert the authorities of any suspicious behaviour on flights. "Should there be a suspected theft case, SIA and Scoot will assist the affected customer, and will co-operate fully with the authorities in their investigations," a spokesman for the SIA Group told The Straits Times. At its general meeting in India, Iata said that many of the theft cases appear to be organised from China. The police in Singapore declined to reveal where the syndicates operate from, but checks by ST showed that four out of five people who were charged in 2025 over cabin theft were Chinese nationals. AC Malathi said in-flight theft picked up around the time air travel started to recover after the Covid-19 pandemic. "We see more of these syndicates working as air travel picks up. Singapore is not the only location. This is happening worldwide," she said. Between January and May, three people were charged in Singapore for theft on board an aircraft. Only one person was charged in the same period in 2024. More recently, two Chinese nationals were arrested and charged in court on June 4 after being accused of stealing from passengers while on a flight from Kuala Lumpur to Singapore. [[nid:697688]] Liu Xitang, 35, and Wang Wei, 40, are accused of taking $169 in cash and two debit cards from another passenger. In May, Chinese national Zhang Kun, 51, pleaded guilty to stealing a credit card and more than $200 in cash from a passenger on a flight from Kuala Lumpur to Singapore in March. The Airport Division said it tries to identify potential syndicate members by looking out for a common trend of behaviour, including frequent travel and transit flights, often with just a two- or three-hour transit period. "We use data analytics in general to identify these people that could be of interest coming into Singapore, and to aid our investigation process," said AC Malathi, who added that criminals operate across all classes of travel. Another area of concern she flagged during the interview is shop theft in transit areas in Changi Airport, which saw 37 cases between January and May. There were a total of 109 cases in 2024, and 129 cases the year before. "These crimes are very opportunistic. Some travellers walk into the shops and take what they want and walk off. "Some of them get emboldened if they get away the first time," said AC Malathi. To help address it, the APD has used robots since 2023 to patrol the transit areas, as a way to beef up police presence. The robots are equipped with sensors and cameras that can capture footage and allow the public to communicate with officers. AC Malathi said a new patrol robot called Gibson, which will be equipped to transport an officer, will be launched later in 2025. More details on its latest fleet will be revealed at a later date. This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
4 hours ago
- Straits Times
Organised crime groups behind in-flight theft cases: Singapore Police Force
Syndicate members, who work in pairs to steal from unsuspecting passengers, often catch a flight out of Singapore soon after landing at Changi Airport. PHOTO ILLUSTRATION: PIXABAY SINGAPORE - A spike in cabin theft cases in Asia has been blamed on members of organised crime groups, who catch short-transit flights – including trips to Singapore – to steal small items from passengers. Hong Kong has been one of the worst hit, with 169 cases of in-flight theft involving HK$4.32 million ($700,000) in valuables recorded in the first 10 months of 2024 – a 75 per cent increase from the same period the previous year. In an interview with The Straits Times, Assistant Commissioner M Malathi, who is commander of the Airport Police Division (APD), said that in-flight theft cases are difficult to detect and investigate. She said syndicate members, who work in pairs to steal from unsuspecting passengers, often catch a flight out of Singapore soon after landing at Changi Airport. 'They will only take some cash and maybe one or two cards. They won't take your whole wallet, because if they do, it is easier to notice,' said AC Malathi, who added that the authorities have a short lead time before the suspects leave on an outbound flight. 'A timely report is important for our officers to quickly track and trace the suspects and intercept them before they catch their next flight,' she said, adding that passengers should always keep their valuables on them and remain vigilant. The International Air Transport Association (Iata), which represents about 300 airlines, had flagged concerns on June 3 after members indicated a spike in in-flight theft cases over the last 12 to 18 months. Many of the routes were in Asia. According to reports, Malaysia saw a significant increase in onboard theft cases, with the authorities receiving 146 reports in the first 10 months of 2024, compared with 88 in the previous year and 33 in 2022. The authorities in Vietnam reported that criminals often purchase last-minute tickets, avoid checked baggage, and switch between domestic and international flights and different carriers to avoid detection. Singapore Airlines (SIA) declined to share statistics and information regarding theft cases on board, but said the cabin crew are trained to be vigilant and alert the authorities of any suspicious behaviour on flights. 'Should there be a suspected theft case, SIA and Scoot will assist the affected customer, and will cooperate fully with the authorities in their investigations,' a spokesman for the SIA Group told The Straits Times. At its general meeting in India, Iata said that many of the theft cases appear to be organised from China. The police in Singapore declined to reveal where the syndicates operate from, but checks by ST showed that four out of five people who were charged in 2025 over cabin theft were Chinese nationals. AC Malathi said in-flight theft picked up around the time air travel started to recover after the Covid-19 pandemic. 'We see more of these syndicates working as air travel picks up. Singapore is not the only location. This is happening worldwide,' she said. Between January and May, three people were charged in Singapore for theft on board an aircraft. Only one person was charged in the same period in 2024. More recently, two Chinese nationals were arrested and charged in court on June 4 after being accused of stealing from passengers while on a flight from Kuala Lumpur to Singapore. Liu Xitang, 35, and Wang Wei, 40, are accused of taking $169 in cash and two debit cards from another passenger. In May, Chinese national Zhang Kun, 51, pleaded guilty to stealing a credit card and more than $200 in cash from a passenger on a flight from Kuala Lumpur to Singapore in March. The Airport Division said it tries to identify potential syndicate members by looking out for a common trend of behaviour, including frequent travel and transit flights, often with just a two- or three-hour transit period. 'We use data analytics in general to identify these people that could be of interest coming into Singapore, and to aid our investigation process,' said AC Malathi, who added that criminals operate across all classes of travel. AC Malathi, who is commander of the APD, said in-flight theft cases are difficult to detect and investigate. PHOTO: LIANHE ZAOBAO Another area of concern she flagged during the interview is shop theft in transit areas in Changi Airport, which saw 37 cases between January and May. There were a total of 109 cases in 2024, and 129 cases the year before. 'These crimes are very opportunistic. Some travellers walk into the shops and take what they want and walk off. 'Some of them get emboldened if they get away the first time,' said AC Malathi. To help address it, the APD has used robots since 2023 to patrol the transit areas, as a way to beef up police presence. The robots are equipped with sensors and cameras that can capture footage and allow the public to communicate with officers. AC Malathi said a new patrol robot called Gibson, which will be equipped to transport an officer, will be launched later in 2025. More details on its latest fleet will be revealed at a later date. Join ST's WhatsApp Channel and get the latest news and must-reads.
BusinessToday
5 hours ago
- Business
- BusinessToday
Hang Seng Ends Slightly Lower As Investors Lock In Gains After Recent Rally
The Hong Kong stock market edged lower on June 27, snapping a multi-day winning streak, as investors opted to take profits following a strong mid-week rally that pushed the Hang Seng Index to its highest level in over three months. The Hang Seng Index slipped 0.2% to close at 24,284, easing from June 25's peak of 24,475, its strongest finish since March. Despite the slight pullback, the index remains up for the week, buoyed by optimism surrounding regional economic resilience and continued demand in technology and financial sectors. Profit-taking emerged across several key sectors, with healthcare and biotech names such as Wuxi Biologics and Innovent Biologics among the notable laggards. Meanwhile, investor caution resurfaced amid renewed scrutiny of global interest rate trends and geopolitical developments. On the upside, Hong Kong's robust IPO pipeline continued to generate interest. According to exchange data, 31 IPOs have raised over HK$88 billion so far in 2025, already outpacing the full-year tally for 2024, underscoring renewed capital market confidence. Market sentiment remains cautiously constructive, supported by expectations that China will roll out further policy support and by speculation that the US Federal Reserve could ease rates later this year, and both factors that have helped lift investor risk appetite in Asia. Looking ahead, market participants will closely monitor upcoming economic data from China and the US, which could shape short-term direction as the Hang Seng consolidates near key resistance levels. Related
Reuters
17 hours ago
- Business
- Reuters
Breakingviews - Richard Li redefines IPO success
HONG KONG, June 26 (Reuters Breakingviews) - Richard Li is nothing if not relentless. The tycoon's pan-Asian insurer FWD is going public after multiple false starts. A $6.2 billion, opens new tab market capitalisation is less than half what Li once targeted. But there are plenty of silver linings. When founder and controlling shareholder Li first tried to list his company in New York in 2021, the group aimed for a valuation of up to $15 billion, sources told Reuters. When that floundered, FWD instead tried for a Hong Kong debut in 2022, but rocky markets thwarted a further two attempts there. FWD's world changed dramatically in the interim. Its closest peers, Asia-focused insurers Prudential (PRU.L), opens new tab and AIA ( opens new tab, have shed around a fifth and a third of their value since 2021 as China's economy stalled, leaving Hong Kong's market in a slump. FWD shifted to steadier growth after an action-packed decade of acquisitions. Its operating profit after tax still outpaces its older, larger rivals, climbing 29% last year to $463 million, while AIA and Pru each managed about 7%. But the value of new business – a measure of estimated future profits from policies sold – rose 14% last year, compared with 28% in 2021. That makes today's $6.2 billion price tag pretty punchy. At HK$38 per share, the pan-Asian insurer is worth 1.1 times its embedded value in 2024 – roughly in the middle of Pru's 0.9 multiple and the 1.4 times sported by AIA. The deal stands out in other ways too. If FWD exercises its overallotment option to hit around $510 million in proceeds, it would be level with Mixue's ( opens new tab $511 million capital raise in February, the city's largest IPO so far this year. True, it's far below the $3 billion targeted in New York. However, Li was able to drum up some $1.8 billion through pre-IPO private funding rounds in 2021 and 2022, making up some of the difference. And in some respects the IPO is testing the waters: the company is only selling a small slug of stock – less than 10% – and no existing shareholders are cashing out. That means Li and fellow owners can still hold out hope that public markets may at some point bump up FWD's value. For now, a successful deal is being redefined as one that can get done at all. Follow Katrina Hamlin on Bluesky, opens new tab and Linkedin, opens new tab.
Yahoo
18 hours ago
- Business
- Yahoo
FWD Group targets $442m in Hong Kong IPO
Insurer FWD Group, backed by billionaire Richard Li, has announced plans to raise HK$3.47bn through an initial public offering (IPO) in Hong Kong. According to a regulatory filing, the pan-Asian insurer will offer 91.3 million shares priced at HK$38 each, valuing the company at HK$48.298bn. Mubadala Capital, a subsidiary of Abu Dhabi's sovereign wealth fund, has committed to purchasing $150m worth of FWD shares in the IPO. Additionally, a subsidiary of Japanese life insurer T&D Holdings will acquire $100m of the stock, as outlined in the filings. FWD Group plans to use the net proceeds to strengthen its capital position, reduce debt and support operational growth, including enhancements to its digital infrastructure. Trading of FWD Group shares is scheduled to commence on 7 July 2025 under the stock code 1828, with shares traded in board lots of 100. Morgan Stanley Asia and Goldman Sachs (Asia) are acting as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers for the offering. This marks FWD Group's third attempt at a public listing. A planned New York IPO in 2021, targeting $2–3bn, was abandoned due to delays in securing US regulatory approval, with scrutiny over the company's connections to mainland China. A subsequent Hong Kong IPO attempt in 2022 was deferred due to unstable global financial markets. FWD Group CEO and executive director Huynh Thanh Phong said: 'FWD Group has come a long way since we founded the company in Hong Kong in 2013, with a mission of moving the life insurance industry in a new direction – centred around the unique needs of customers, leveraging the latest technology. 'Today, across our ten markets in Asia, we are focused on sustainable growth and value creation by changing the way people feel about insurance for the better. We are doing this by designing compelling products and leveraging our tech-enabled distribution, as well as our distinctive brand, to meet the protection and savings needs of the region's rapidly expanding middle classes and high-net-worth individuals.' "FWD Group targets $442m in Hong Kong IPO " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
