www.theasianstar.com Vol 22 - Issue 15
Saturday, May 14, 2022
David Singh sentenced to jail for Securities Act Offences
BC home sales plummet The Bank of Canada’s effort to tamp down on inflation is having its expected impact on B.C.’s housing marketing. The province posted 8,934 residential unit sales last month – down a whopping 34.9 per cent compared with the record sales seen in April 2021, according to Multiple Listing Services data provided by the B.C. Real Estate Association on Thursday. The sharp decline in sales isn’t translating to lower prices amid tight supply at this point.
The average sales price of a B.C. home jumped 12.9 per cent year over year to land at $1.065 million. Increases in Greater Vancouver home prices couldn’t quite match the momentum of the province as a whole, rising 10.7 per cent to land at $1.34 million. The South Peace region in the Interior was the only spot in the province to experience a decline in prices, falling 15.3 per cent to land at $259,831.
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Indian couple sue their son for Rs 5 crore ($1M) for failing to produce a grandchild after splashing all their savings on his lavish A retired Indian couple are taking their only son to court for more than or Rs 5 crore ($1M) as they claim his failure to produce a grandchild has caused them ‘mental agony’. Sajneev Prasad, 61, and wife Sadhana, 57, filed a petition against son Shrey Sagar and his wife Shubhangi, who married in 2016 and do not have any children. The marriage was arranged and they were even sent to Thailand for their honeymoon to produce an heir, Sajneev said. Shrey and Shubhangi must have a child within a year or pay up, the parents claim. Pilot Shrey was trained in the US at his parents’ considerable expense. He returned to India in 2007 as the recession caused an industry slowdown. Shrey has
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since worked as a pilot in India - and lives separately from Shubhangi, who also works. The mother and father gifted the couple an Audi worth £63,000 and paid for their luxurious wedding reception at a five-star hotel. They claim they’ve spent 25million rupees (£265,000) on their son since he was born. They now want the exact same amount back - and another 25million in damages. ‘We killed our dreams to raise him’, Sajneev said. ‘It is a dream of every parent to become a grandparent. We had been waiting for years to become grandparents. We had been trying to convince our son and his wife but they paid no heed to our demands. We are heartbroken that we will die without seeing [a] grandchild.’
The Ontario Securities Commission (OSC) announced that David Singh of Richmond Hill has been sentenced to three and a half years in jail and ordered to pay restitution of more than $4.8 million. Mr. Singh was sentenced on May 9, 2022, by Justice M. Greene in the Ontario Court of Justice in Toronto. Mr. Singh was convicted of charges under the Securities Act (Ontario) in the Ontario Court of Justice in Toronto on November 9, 2021, including one count of fraud, one count of trading
of securities without registration, and one count of trading in securities without a prospectus. “The sentence imposed today sends a strong message that individuals who deceive investors and misappropriate their funds will be held accountable for their misconduct,” said Jeff Kehoe, Director of Enforcement at the OSC. “We will relentlessly pursue prison sentences for individuals who commit crimes like these, which have a devastating impact on the lives of victims and their families.”
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Feds say travellers are partly to blame for huge delays at Canada’s Airports Canadian travellers are in part to blame for the ongoing long lines and delays at Canada’s biggest airports, according to the federal transport minister. Speaking on Wednesday, May 11, Omar Alghabra said staffing shortages at airports like Toronto Pearson and Vancouver Airport are not the main reason for holdups. Instead, he suggested that rusty travellers are causing delays at security checkpoints as they return to travel mode after several years of staying at home due to the COVID-19 pandemic. “Taking out the laptops, taking out the fluids — all that adds 10
seconds here, 15 seconds there,” he said. His comments come as multiple airports across the country are reporting extremely long wait times at checkin desks and at security checkpoints. Passengers have waited for hours and hours at a time to catch their flight, with some missing their planes due to the delays.
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India redraws Kashmir political constituencies ahead of elections Critics say India’s redrawn constituencies for the former state of Jammu and Kashmir give greater representation to the Muslim-majority region’s Hindu areas. The region has long been facing an antiContinued on page 2
Sri Lanka has no money and no government The prime minister and the cabinet are gone but the president clings on. FOR MORE than a month the antigovernment protesters camped along Galle Face, the seafront in the Sri Lankan capital of Colombo, had been mostly peaceful. They were demanding the departure of the president, Gotabaya Rajapaksa, and the prime minister, Mahinda Rajapaksa, his brother. There were
tents, stages for political plays, and singing. “Go home Gota!” their signs read, using the name by which the president is commonly known. He did not budge. Neither did the protesters. All that changed on May 9th when hundreds of government supporters descended on the camp at Galle Face and other protest sites in the city. Unmolested by police, they attacked the demonstrators and burnt down
their tents. Many had come straight from a meeting at the residence of the prime minister, who had hosted them in a bid to cling to his job. As anti-government protesters counter-attacked and the violence began to spiral out of control, the prime minister at last heeded calls to resign, in the process triggering the dissolution of his cabinet.
MANMOHAN SEKHON M.Sc., M.Phill Life and Health insurance Advisor
604-358-0590 Unit 252 - 8138, 128 St, Surrey, BC V3W 1R1 www.manmohansekhon.com