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Category: Finance

  • MIL-OSI Asia-Pac: Acting SFST’s speech at Earth Forum 2025 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, at the Earth Forum 2025 today (April 22):
     
    Plato (Chairperson of Friends of the Earth (HK), Mr Plato Yip), King (Executive Director of the Financial Services Development Council (FSDC), Dr King Au), Dr Leng (Board Member of the International Sustainability Standards Board of the IFRS Foundation, Dr Bing Leng), Dr Guo (Chairman of the China Sustainable Investment Forum (China SIF), Dr Guo Peiyuan), distinguished guests, ladies and gentlemen,
     
         Good afternoon. It is my great honour and pleasure to join you today at the Earth Forum 2025, a gathering of visionaries committed to shaping a sustainable future. First of all, I would like to express my gratitude to Friends of the Earth, FSDC and China SIF for organising this pivotal event and to all of you for your unwavering dedication to advancing green finance.
     
         As Asia’s leading international financial centre, Hong Kong has also become Asia’s premier hub for green and sustainable finance. To align with the target of achieving carbon neutrality by 2050, Hong Kong has made significant commitments of its own. These targets are not merely aspirational; they are driving systemic reforms across various sectors, including energy, transportation, and finance.
     
         In 2024, the total green and sustainable debts issued in Hong Kong exceeded US$84 billion, among which the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, ranking first in the Asian market for seven consecutive years since 2018 and capturing around 45 per cent of the regional total. This accomplishment solidifies our position as the region’s premier platform for scaling climate-positive investments and also underscores our dedication to fostering a robust green finance ecosystem.
     
         Hong Kong’s status as a strategic nexus for green finance in Asia is central to advancing global sustainability objectives. As of the end of December last year, there are more than 220 ESG (environmental, social and governance) funds in Hong Kong authorised by our regulator, with assets under management (AUM) of around HK$1.2 trillion. This represents a remarkable increase of 136 per cent in the number of funds and a 15 per cent rise in AUM from just three years ago. These elements will solidify Hong Kong’s role as the gateway to sustainable finance in Asia.
     
         As an international financial centre, Hong Kong is uniquely positioned to mobilise the necessary capital for climate solutions while ensuring robust integrity within our financial markets. Hong Kong’s multifaceted approach encompasses policy frameworks, market infrastructure, innovation ecosystems, and cross-border collaboration. Our Government Sustainable Bond Programme stands as a testament to this transformation. Having raised HK$220 billion since 2019, including the groundbreaking tokenised bond charge, we’re not just starting green projects but creating new benchmarks for the market in different currencies and across different tenors. The recent expansion of the programme to include sustainable projects reflects our commitment to financing a broader range of climate solutions.
     
         As we navigate the complexities of climate change and strive for a sustainable future, transparency and robust governance remain fundamental to our approach. In December 2024, we launched a roadmap on sustainability disclosure in Hong Kong. The roadmap sets out Hong Kong’s approach to require publicly accountable entities (PAEs) to adopt the ISSB Standards (International Financial Reporting Standards – Sustainability Disclosure Standards). Assuming the role of the sustainability reporting standard setter in Hong Kong, the Hong Kong Institute of Certified Public Accountants (HKICPA) published in December 2024 following a public consultation the Hong Kong Sustainability Disclosure Standards (Hong Kong Standards) fully aligned with the ISSB Standards, with an effective date of August 1, 2025. All these ensure our regulatory framework remains aligned with international best practices while addressing the specific needs of the evolving markets.
     
         Our regulatory framework is fundamental to creating a robust and dynamic sustainable finance ecosystem. By establishing clear guidelines and standards, we can ensure that all stakeholders are aligned in their efforts towards sustainability. The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance in May 2024, aligns with the two mainstream taxonomies of the Mainland and the European Union (EU), and currently encompasses 12 economic activities under four sectors, namely power generation, transportation, construction, and water and waste management. It serves as a pivotal tool to raise awareness about green finance, promote common understanding of green activities, facilitate green finance flows, and provide a foundation for further applications. In its Phase 2 development, the Taxonomy will introduce transition activities and add new green activities to make it more usable and support the transition of the region.
     
         We recognise that developing green finance talent is vital for sustaining our leadership position. Our Pilot Green and Sustainable Finance Capacity Building Support Scheme has successfully approved over 6 400 applications with a total amount of reimbursement of about HK$35.8 million. As mentioned in the 2025-2026 Budget, we will extend the scheme to 2028 to continuously support local green finance talent training.
     
         Our progress reflects the Government’s commitment to not only human capital development but also technological innovation. The Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, launched by the Government in June last year, aims to nurture an advanced green fintech ecosystem by providing vital support for innovative projects. The Scheme facilitates the commercialisation of the solutions and the completion of the proof-of-concept stage, enabling wider adoption of green and sustainable fintech solutions with potential in the business landscape of Hong Kong. A total of 39 applicants involving 60 projects were approved, with a grant of HK$150,000 for each project. These initiatives are building the expertise required to sustain Hong Kong’s leadership in sustainable finance.
     
         Ladies and gentlemen, the transition to a sustainable future is both our greatest challenge and our most exciting opportunity. Hong Kong stands ready to play its part – as a financial hub, as an innovator and, most importantly, as your partner in this vital work. Looking ahead, we will leverage Hong Kong’s unique position as an international financial centre to connect capital with climate solutions. This strategic role positions Hong Kong to make significant contributions to global climate action through financial innovation.
     
         I look forward to today’s constructive dialogue and to our continued collaboration in translating these strategic initiatives into tangible outcomes that advance Hong Kong’s sustainable finance leadership. Let us work together to build a sustainable future.
     
         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments

    Source: European Investment Bank

    EIB

    • EIB Global commits $60 million to Climate Investment Strategy of LeapFrog Investments alongside World Bank Group’s International Finance Corporation on margins of Spring Meetings in Washington.
    • LeapFrog aims to deploy $500 million for green technologies in Africa and Asia.
    • Other partners include the World Bank Group’s International Finance Corporation, Singaporean investment firm Temasek and the Swiss Development Finance Institution

    The European Investment Bank is accelerating the use of green technologies in Africa and Asia with a $60 million pledge for private equity firm LeapFrog Investments (LeapFrog). The pledge by the EIB, financial arm of the European Union,  is for a LeapFrog Climate Investment Strategy that has also drawn support from the World Bank Group’s International Finance Corporation (IFC), Singapore headquartered global investment companyTemasek and the Swiss Development Finance Institution (SIFEM).

    LeapFrog aims to deploy $500 million under its Climate Investment Strategy to scale green tools and technologies for consumers in Africa and Asia. Millions of people are expected to have access to better and greener transport, energy, food and housing as a result of the initiative.

    EIB Group President Nadia Calviño said: “Today’s announcement is an example of public-private partnership at its best, and a strong statement on Europe’s climate leadership. At the EIB, we are staying the course and consolidating our role as The Climate Bank.”

    Consumers in South Asia, Southeast Asia and Africa account for 25% of global emissions of greenhouse gases, a figure set to rise to as much as 73% by 2030 without a green transition. Directing capital in these markets to actions that counter climate change is key to fostering long-term and sustainable economic growth.

    An initial investment under LeapFrog’s Climate Investment Strategy supports Battery Smart, India’s largest battery-as-a-service provider for two and three wheelers, providing riders with low-carbon mobility. Other sectors of interest include rooftop solar and clean cooking.

     “The world’s four billion  consumers in emerging markets constitute half of humanity – they have every right to rise but, without green tools and technologies, their total emissions will blow through the world’s carbon budget. This is also where the greatest opportunities lie — investing to support  a generational  transition for the majority of global consumers and producers. We are grateful to have the support of our longstanding partners EIB, IFC and Temasek in achieving this mission,” said Dr Andy Kuper, CEO and Founder of LeapFrog Investments.

    LeapFrog’s Climate Investment Strategy was recognised today at the World Bank Group and International Monetary Fund Spring Meetings by the heads of the EIB Group, LeapFrog and by IFC Vice-President of Industries Mohammed Gouled and Temasek CEO Dilhan Pillay.

    Background information

    About the European Investment Bank Group:

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here. 

    About LeapFrog Investments

    LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. Its companies deliver distinctive impact and robust returns, growing revenues on average 23% a year. LeapFrog companies now reach 537 million people with essential services in 37 countries. The firm has raised billions of dollars from global institutional investors, including a $500m commitment by Temasek to LeapFrog and its growth equity funds. LeapFrog has twice been ranked by Fortune as one of the top Companies to Change the World, alongside Apple and Novartis, and was named inaugural Pioneer in Impact by the FT and IFC at the Transformational Business Awards.

    For more information, go to: www.leapfroginvest.com.

    EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments
    EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments
    ©EIB
    Download original

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Ordinary people’s insurance funds and investments plundered for the needs of the EU’s war industry – E-001513/2025

    Source: European Parliament

    Question for written answer  E-001513/2025
    to the Commission
    Rule 144
    Kostas Papadakis (NI), Lefteris Nikolaou-Alavanos (NI)

    The question of who will be called upon to pay the EUR 800 billion for ReArm Europe has been answered through the formation of the ‘Savings and Investment Union’. Guided by the ‘Letta Report’ and the protocols of the EU’s war economy, a direction is being given to seize the EUR 33 trillion of private savings in the EU ‘to cover the strategic needs of the EU’, as well as the more than EUR 10 trillion in so-called low-yield deposit accounts, with an ‘emphasis on the supplementary pensions sector’.

    The Commission also announced ‘a review of existing EU pension legislation to increase participation in supplementary pensions’, i.e. the regulation introducing the ‘Pan-European Personal Pension Product’ and the related ‘IORP Directive’. The EU is also considering compulsory registration in capitalised pension funds, as is already the case in Greece, for example, with the Hellenic Auxiliary Pensions Defined Contributions Fund (TEKA), which siphons off contributions from insured persons.

    In view of the above:

    • 1.What is the Commission’s position on the fact that, with the activation of the so-called EU ‘Savings and Investment Union’, the reserves of insurance funds and the deposits of working households are being sequestered and plundered, and the lifetime efforts of working people are being raided for the needs of the war industry?
    • 2.What is the Commission’s position on the fair demands of pensioners in Greece for the immediate return of all retroactive payments, based on the decisions of the Council of State, to all pensioners and not just those who appealed to the courts, as well as for the return of the 13th and 14th month pensions?

    Submitted: 12.4.2025

    Last updated: 22 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Water Sector Fund doubles in size with support from the Netherlands

    Source: European Investment Bank

    The European Investment Bank (EIB)’s Water Sector Fund has received a significant boost from the Dutch government with a €31 million contribution, doubling the fund’s size. This substantial commitment, provided through the Dutch state-owned development financier Invest International, will bolster the EIB’s capacity to provide technical and financial support for high-impact water investments in low and lower-middle-income countries.

    The new funding will be specifically used to enhance water security in Jordan through the Aqaba-Amman Water Desalination and Conveyance project.

    The Minister of Planning and International Cooperation, Zeina Toukan, commended the Dutch government, Invest International, and EIB’s Water Sector Fund for their support of this critical project as part of the Team Europe initiative on Green Economy. “This project will provide an important source of water and contribute to enhancing economic development in Jordan.”

    “We are proud to partner with the EIB in supporting the Aqaba-Amman Water Desalination and Conveyance project through the Water Sector Fund. This investment is vital for enhancing water security in Jordan and addressing water challenges, which have been exacerbated by regional conflicts and climate change. The investment demonstrates our commitment to addressing global challenges through innovation and collaboration,” said Ms. Petra Vernooij Invest International’s Director for Public Infrastructure.

    “This significant contribution from the Netherlands underscores our shared commitment to ensuring access to safe and sustainable water resources,” said EIB Vice-President Gelsomina Vigliotti. “The Water Sector Fund plays a crucial role in mobilising finance for essential projects, and this new funding will allow us to expand our impact in Jordan.”

    The Water Sector Fund, established by the EIB and the Dutch government, targets projects in regions where public authorities have limited resources to develop adequate water infrastructure. The fund’s technical assistance and advisory services support institutional skill development, project preparation, and innovative solutions, investment grants help to decrease the total funding needs for the promoter at given investment project costs. The Water Sector Fund provides financial instruments to leverage private and public investment in water, sanitation, and hygiene projects and is open to further contributions from donors seeking to promote a greater impact in this sector.

    This new €31 million contribution represents the fourth agreement between the EIB and the Netherlands to support the Water Sector Fund.

    The contribution is earmarked for the Aqaba-Amman Water Desalination and Conveyance project, Jordan’s largest water generation scheme. This project aims to address the country’s dire water scarcity by generating 300 million cubic meters of potable water per year. The project includes the development of seawater abstraction, desalination, and water conveyance infrastructure. The fund’s contribution will be disbursed as an investment grant, blended with a sovereign loan already agreed with the EIB and project financing expected to be finalised later this year.

    The Ministry for Planning and International Cooperation of Jordan and Dutch government announced the grant support for the Aqaba-Amman Water Desalination and Conveyance Project during a signature event in Amman. The funds will be channelled through the EIB’s Water Sector Fund.

    “Making additional, non-ground water available through desalination is crucial for water security,’ said Harry Verweij, Ambassador of the Kingdom of the Netherlands to Jordan. ‘The Netherlands is proud to partner with the EIB and Jordan in the Aqaba Amman Water Desalination and Conveyor Project. This will secure future supplies of drinking water, including for vulnerable communities, and support economic growth in the country.”

    The EIB is one of the world’s largest lenders to the water sector, providing over €33 billion for water investment over the last decade. The Water Sector Fund’s innovative financial structure has helped to mobilize additional funding from other investors to share risks and accelerate project development.

    In 2023, the fund supported its first private equity fund, the Water Access Acceleration Fund. The fund is currently active in sub-Saharan Africa, with projects in developing countries around the globe also eligible.

    The EIB is expected to sign a grant agreement with the Jordanian government for this project in the coming weeks.

    Background information

    About EIB Global

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world. 

    About the Water Sector Fund

    The Water Sector Fund was developed by the EIB and the Dutch government to support water projects in low and lower-middle income countries in support of the UN’s 6th Sustainable Development Goal “Clean Water and Sanitation”. The fund provides technical assistance, advisory services, and financial instruments.

    .willis@eib.org”>r.willis@eib.org, tel.: +352 43 79 82155 / Mobile:  +352 621 55 57 58
    Website: www.eib.org/press – Press Office: press@eib.org

    MIL OSI Europe News –

  • MIL-OSI Security: Walgreens Agrees to Pay up to $350 Million for Illegally Filling Unlawful Opioid Prescriptions and for Submitting False Claims to the Federal Government

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    WASHINGTON – The Justice Department, together with the Drug Enforcement Administration (DEA) and Department of Health and Human Services Office of Inspector General (HHS-OIG), today announced a $300 million settlement with Walgreens Boots Alliance, Walgreen Co. and various subsidiaries (collectively, Walgreens) to resolve allegations that the national chain pharmacy illegally filled millions of invalid prescriptions for opioids and other controlled substances in violation of the Controlled Substances Act (CSA) and then sought payment for many of those invalid prescriptions by Medicare and other federal healthcare programs in violation of the False Claims Act (FCA). The settlement amount is based on Walgreens’s ability to pay. Walgreens will owe the United States an additional $50 million if the company is sold, merged, or transferred prior to fiscal year 2032. 

    The government’s complaint, filed on Jan. 16 and amended April 18 in the U.S. District Court for the Northern District of Illinois, alleges that from approximately August 2012 through March 1, 2023, Walgreens, one of the nation’s largest pharmacy chains, knowingly filled millions of unlawful controlled substance prescriptions. These unlawful prescriptions included prescriptions for excessive quantities of opioids, opioid prescriptions filled significantly early, and prescriptions for the especially dangerous and abused combination of three drugs known as a “trinity.” Walgreens pharmacists allegedly filled these prescriptions despite clear “red flags” indicating a high likelihood that the prescriptions were invalid because they lacked a legitimate medical purpose or were not issued in the usual course of professional practice. 

    The complaint further alleges that Walgreens pressured its pharmacists to fill prescriptions quickly and without taking the time needed to confirm that each prescription was lawful. Walgreens’s compliance officials also allegedly ignored substantial evidence that its stores were dispensing unlawful prescriptions and even intentionally deprived its own pharmacists of crucial information, including by refusing to share internal data regarding prescribers with pharmacists and preventing pharmacists from warning one another about certain problematic prescribers.

    In light of Friday’s settlement, the United States has moved to dismiss its complaint. Walgreens will also move to dismiss a related declaratory judgment action filed in U.S. District Court for the Eastern District of Texas.

    “Pharmacies have a legal responsibility to prescribe controlled substances in a safe and professional manner, not dispense dangerous drugs just for profit,” said Attorney General Pamela Bondi.  “This Department of Justice is committed to ending the opioid crisis and holding bad actors accountable for their failure to protect patients from addiction.”

    “This settlement holds Walgreens accountable for failing to comply with its critical responsibility to prevent the diversion of opioids and other controlled substances,” said John J. Durham, United States Attorney for the Eastern District of New York.  “The settlement also underscores our Office’s continued commitment to ensure that all persons and businesses that fill controlled-substance prescriptions adhere to the requirements of the Controlled Substances Act that are designed to prevent highly addictive medications from being used for illegitimate purposes.”   

    “This settlement resolves allegations that, for years, Walgreens failed to meet its obligations when dispensing dangerous opioids and other drugs,” said Deputy Assistant Attorney General Michael Granston of the Justice Department’s Civil Division. “We will continue to hold accountable those entities and individuals whose actions contributed to the opioid crisis, whether through illegal prescribing, marketing, dispensing, or distributing activities.”

    In addition to the monetary payments announced today, Walgreens has entered into agreements with DEA and HHS-OIG to address its future obligations in dispensing controlled substances. Walgreens and DEA entered into a Memorandum of Agreement that requires the company to implement and maintain certain compliance measures for the next seven years. Walgreens must maintain policies and procedures requiring pharmacists to confirm the validity of controlled substance prescriptions prior to dispensing controlled substances, provide annual training to pharmacy employees regarding their legal obligations relating to controlled substances, verify that pharmacy staffing is sufficient to enable pharmacy employees to comply with those legal obligations, and maintain a system for blocking prescriptions from prescribers whom Walgreens becomes aware are writing illegitimate controlled substance prescriptions. Walgreens has also entered into a five-year Corporate Integrity Agreement with HHS-OIG, which further requires Walgreens to establish and maintain a compliance program that includes written policies and procedures, training, board oversight, and periodic reporting to HHS-OIG related to Walgreens’s dispensing of controlled substances. 

    The civil settlement resolves four cases brought under the qui tam, or whistleblower, provisions of the FCA by former Walgreens employees. The FCA authorizes whistleblowers to sue on behalf of the United States and receive a share of any recovery.  It also permits the United States to intervene and take over such lawsuits, as it did here. The relators will receive a 17.25% share of the government’s FCA recovery in this matter.

    The claims asserted against defendants are allegations only and there has been no determination of liability.

    The United States’ pursuit of this matter underscores the government’s commitment to combating health care fraud. One of the most powerful tools in this effort is the False Claims Act.  Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement can be reported to HHS, at 800-HHS-TIPS (800-447-8477).

    The United States is represented in this matter by attorneys from the Justice Department’s Civil Division Consumer Protection Branch (Assistant Director Amy DeLine and Trial Attorney Nicole Frazer) and Commercial Litigation Branch, Fraud Section (Assistant Director Natalie Waites and Trial Attorney Joshua Barron), as well as from the U.S. Attorneys’ Offices for the Northern District of Illinois (Assistant U.S. Attorney Valerie R. Raedy), Middle District of Florida (Chief of the Civil Division Randy Harwell and Assistant U.S. Attorney Carolyn Tapie), District of Maryland (Chief of the Civil Division Thomas Corcoran), Eastern District of New York (Assistant U.S. Attorney Elliot M. Schachner) and Eastern District of Virginia (Assistant U.S. Attorney John Beerbower). Fraud Section senior financial analyst Karen Sharp provided support for the matter.

    The DEA, HHS-OIG, Defense Criminal Investigative Service, Defense Health Agency (DHA), Office of Personnel Management (OPM), Department of Labor (DOL) Office of Inspector General, Department of Veterans Affairs (VA), Office of Inspector General, FBI Chicago Field Office, and the U.S. Attorneys’ Offices for the District of Colorado, Southern District of California, Eastern District of California, Northern District of California, Eastern District of Washington, Southern District of Alabama, Southern District of Illinois, Central District of Illinois, District of Arizona, Western District of Texas, Northern District of Texas, District of Puerto Rico, and Eastern District of Louisiana provided substantial assistance in the investigation.

    MIL Security OSI –

  • MIL-OSI: TMD Energy Limited Announces Closing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, MALAYSIA, April 22, 2025 (GLOBE NEWSWIRE) — TMD Energy Limited (the “Company”) (NYSE American: TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the closing of its previously announced initial public offering of 3,100,000 ordinary shares, par value US$0.0001 per share (the “Shares”) at a public offering price of US$3.25 per share to the public (the “Offering”), for a total of approximately US$10.08 million gross proceeds to the Company, before deducting underwriting discounts and offering expenses. The Shares began trading on the NYSE American on April 21, 2025, under the symbol “TMDE”.

    In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 465,000 Shares at the public offering price, less underwriting discounts, to cover the over-allotment option, if any.

    The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.

    Maxim Group LLC (“Maxim”) acted as sole book-running manager of the Offering. Loeb & Loeb LLP acted as legal counsel to the Company, and Pryor Cashman LLP acted as legal counsel to Maxim Group LLC in connection with the Offering.

    A registration statement on Form F-1, as amended (File No.: 333-283704) relating to the Offering was initially filed with the Securities and Exchange Commission (the “SEC”) on December 10, 2024 and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, United States of America or by email at syndicate@maximgrp.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation, or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About TMD Energy Limited

    TMD Energy Limited and its subsidiaries (“TMDEL Group”) are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessel chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels. For more information, please visit the Company’s website at: www.tmdel.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    TMD Energy Limited
    Email: corporate@tmdel.com

    WFS Investor Relations
    Email : services@wealthfsllc.com

    The MIL Network –

  • MIL-OSI: Incorta Introduces Intelligent Accounts Payable Agent for Google Cloud’s Agentspace, Supports New A2A Protocol for Cross-Agent Collaboration

    Source: GlobeNewswire (MIL-OSI)

    FOSTER CITY, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Incorta, the pioneering open data delivery platform, was featured in Google Next’s keynote, where it announced the launch of the Incorta AP Agent, an AI-powered solution that transforms accounts payable workflows with real-time operational insights and automation. Built for Google Cloud’s Agentspace, the Incorta AP Agent marks a major leap forward in finance modernization—combining natural language querying, ERP data integration, and intelligent automation to dramatically enhance control, compliance, and efficiency for enterprise AP teams.

    At the same time, Incorta is proud to be an early partner supporting Google Cloud’s newly introduced Agent-to-Agent (A2A) protocol, a first-of-its-kind open standard that enables AI agents to securely collaborate across enterprise systems and vendors.

    “Businesses today don’t just need better data, they need the ability to act on that data instantly,” said Osama Elkady, CEO and co-founder of Incorta. “With the AP Agent and support for A2A, we’re helping customers unlock the full potential of agentic AI, moving beyond dashboards into a future where enterprise workflows are truly intelligent, connected, and automated.”

    Meet the Incorta AP Agent: Smarter Finance Starts Here

    The Incorta AP Agent eliminates bottlenecks from fragmented systems and manual invoice processing by delivering direct access to ERP data through conversational AI. Finance teams can now detect errors instantly, automate compliance actions, and reclaim time for strategic initiatives.

    Key Benefits:

    • Real-Time Error Detection
      Identifies pricing discrepancies instantly using AI and ERP data.
    • Conversational Data Access
      Enables natural language queries without technical skills.
    • Enhanced Financial Control
      Automatically places invoice holds to enforce contract compliance.
    • Increased Operational Efficiency
      Frees AP teams from repetitive tasks, shifting focus to strategic initiatives.

    Under the hood, the Incorta AP Agent leverages Incorta’s Direct Data Mapping®, ensuring secure, source-identical data is always accessible, always current, and always analytics-ready.

    Scaling Intelligence Across the Enterprise with A2A

    To support broader enterprise automation, Incorta is also among the first partners backing Agent2Agent (A2A)—a new open protocol from Google Cloud that enables AI agents to securely communicate, coordinate, and collaborate, regardless of vendor or platform.

    A2A represents a shared industry vision for interoperable AI. By allowing agents to dynamically discover capabilities, share context, and delegate tasks, the protocol accelerates complex, multi-agent enterprise workflows.

    “Incorta is excited to support A2A and advance agent communication for customers, making the future of enterprise automation smarter, faster, and truly data-driven,” added Elkady.

    The combination of Incorta’s intelligent agents and A2A’s interoperability empowers customers to orchestrate smarter decision-making and automation across functions, starting with AP and expanding to procurement, finance, supply chain, and beyond.

    About Incorta

    Incorta is the first and only open data delivery platform that enables real-time analysis of live, detailed data across all systems of record—without the need for complex ETL processes. By enabling direct analysis on raw, source-identical data, Incorta provides faster, more accurate insights while removing barriers to exploration. With intuitive low-code/no-code tools, AI-powered querying through Nexus, and prebuilt business data applications, enterprise teams can quickly surface insights, break down technical roadblocks, and make smarter decisions without heavy engineering effort. For more information, please visit www.incorta.com.

    Media Relations Contact:

    Elizabeth Byington
    incorta@sparkpr.com 

    The MIL Network –

  • MIL-OSI USA: Congressman Sorensen Helps Introduce Bipartisan Bill to Support Local Law Enforcement Across the Country

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    The Bipartisan Bill Supports Small to Midsize Police Departments by Providing Resources to Improve Officer Recruitment, Retention, Mental Health, and Training

    Congressman Eric Sorensen (IL-17) helped introduce the bipartisan Invest to Protect to support small and midsize police departments with increased federal funding to recruit, train, and retain law enforcement officers. 

    “We need to make sure our law enforcement officers who put their lives on the line to serve our communities have the support they need to do their jobs,” said Congressman Sorensen. “This bipartisan legislation will give local police departments across the country a significant boost in funding to recruit, train, and retain officers during a time when many departments are struggling to fill their ranks.” 

    “At a time when law enforcement needs critical funding, the Invest to Protect Act will undeniably help departments across not only Illinois but our entire country bridge budgetary shortfalls in critical areas such as recruitment and training,” said Rock Island County Sheriff Darren Hart. “I applaud Congressman Sorensen for his continued efforts in the support our men and women in uniform.” 

    Congressman Sorensen has met with local police officers throughout Illinois’ 17th district and understands that too many departments are often working on strained budgets and lack the necessary equipment needed to adequately protect our neighborhoods. Just last year, he helped secure $200,000 for local police in Winnebago County to improve mental health and wellness services. He also announced $750,000 in federal funding to help the Town of Normal hire six law enforcement officers to increase community policing and crime prevention efforts. 

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Support measures for the self-employed – E-000441/2025(ASW)

    Source: European Parliament

    The Commission is committed to making life easier for small and medium-sized enterprises (SMEs). The economic sustainability of self-employed is part of this commitment .

    The 2020 SME Strategy for a sustainable and digital Europe[1] and the 2023 SME Relief package[2] set out a comprehensive approach for this support.

    However, EU initiatives are only complementary to Member States actions. The EU alone will not be able to support all EU’s self-employed whose financial situation has weakened.

    The Commission is committed to reducing administrative burden for SMEs by 35%[3]. To improve SMEs liquidity, the Commission proposed a revision of the late payment rules[4].

    The guarantee of the SME window of InvestEU[5] further improves liquidity of small companies by inter alia making loans for SMEs cheaper.

    Additional concrete support initiatives are the network of sustainability advisers for SMEs of the Enterprise Europe Network[6] and the Erasmus for Young Entrepreneurs network[7].

    The Commission also promotes entrepreneurship through the European Entrepreneurship Competence Framework (EntreComp).

    The Council Recommendation[8] on access to social protection for workers and the self-employed[9], encourages Member States to extend access for the self-employed to social protection branches such as unemployment benefits, family-related benefits or benefits related to accidents at work and occupational diseases (see also the Council conclusions on social protection for the self-employed[10]).

    The Commission is aware of the growing housing problem affecting large parts of EU society. That is why the first-ever Commissioner for Housing, Mr Dan Jorgensen, was appointed and a European Affordable Housing Plan will be proposed in 2026.

    • [1]  COM/2020/103 final, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52020DC0103
    • [2] Ibid. footnote 1.
    • [3] First omnibus proposal, forthcoming, February 2025.
    • [4] https://single-market-economy.ec.europa.eu/publications/proposal-regulation-combating-late-payment-commercial-transactions_en
    • [5] https://single-market-economy.ec.europa.eu/access-finance/investeu/investeu-fund-sme-window_en
    • [6] https://een.ec.europa.eu/about-enterprise-europe-network/advice-support/sustainability
    • [7] https://www.erasmus-entrepreneurs.eu/
    • [8] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=oj:JOC_2019_387_R_0001
    • [9] See also Report from the Commission to the Council on the implementation of the Council Recommendation on access to social protection for workers and the self-employed, 2023: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023DC0043
    • [10] https://data.consilium.europa.eu/doc/document/ST-13934-2023-INIT/en/pdf
    Last updated: 22 April 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: India’s Aviation Revolution

    Source: Government of India

    Ministry of Civil Aviation

    India’s Aviation Revolution

    From Regional Runways to Global Routes

    Posted On: 22 APR 2025 6:19PM by PIB Delhi

     

    “Among the fastest-growing sectors in Bharat’s economy, aviation is one of them. We are connecting our people, culture, and prosperity through this sector. With 4 billion people, a rapidly growing middle class, and the resulting increase in demand, this is a significant driving force for the sector’s development.”

     

    Prime Minister, Shri Narendra Modi

    Summary

     

    • Parliament passed the Protection of Interest in Aircraft Objects Bill, 2025, aligning India’s aviation leasing laws with global standards to reduce leasing costs.
    • The Bharatiya Vayuyan Adhiniyam 2024 modernized India’s aviation sector, replacing the colonial-era Aircraft Act from 1934.
    • India’s domestic air passenger traffic reached a historic milestone, surpassing 5 lakh passengers in a single day in 2024.
    • Entering its 9th year, the UDAN scheme has successfully operationalized 619 routes and 88 airports, with plans to expand to 120 additional destinations.
    • UDAN Yatri Cafés launched at Kolkata and Chennai Airports, providing passengers with affordable, quality food.
    • Rapid aviation infrastructure expansion continued, with significant progress in operationalizing Greenfield airports and upgrading existing facilities nationwide.

     

     

    Under the visionary leadership of Prime Minister Shri Narendra Modi, the Ministry of Civil Aviation has ushered in an era of transformative growth and innovation in India’s aviation sector. Driven by groundbreaking legislative reforms, extensive infrastructure expansion, and an unwavering commitment to connectivity, safety, and sustainability, the Ministry has achieved landmark milestones, positioning India among the world’s leading aviation markets. This article outlines the Ministry’s strategic initiatives and key accomplishments, reflecting a robust aviation ecosystem poised to support India’s ambitions of becoming a developed nation by 2047—Viksit Bharat @2047. The following sections highlight the key pillars of this transformation—legislation, infrastructure, inclusivity, sustainability, and global integration—underscoring India’s emergence as a capable aviation powerhouse.

     

    Legislative Reforms Driving Systemic Transformation

    • Protection of Interest in Aircraft Objects Bill, 2025 – This pivotal legislation, steered through Parliament by Civil Aviation Minister Shri Ram Mohan Naidu and passed in April 2025, aligns India’s aircraft leasing and financing framework with international standards set by the Cape Town Convention, 2001. By addressing gaps in legal enforcement, the Bill is strategically designed to reduce aircraft leasing costs for Indian carriers, which were previously 8-10% higher than in other nations. This is expected to boost investor confidence in India’s burgeoning aviation market significantly. The intended impact of the Bill includes reduced risk premiums, lower interest rates, and lease costs for passengers and shippers. It also aims for better contract enforceability and repossession certainty, fostering the growth of domestic leasing hubs.
    • Bharatiya Vayuyan Adhiniyam 2024 – This landmark Act was passed by both houses of Parliament in 2024 and came into force on 1st January 2025. It represents a significant step in modernising India’s aviation sector by re-enacting and updating the colonial-era Aircraft Act, 1934. The Adhiniyam aims to foster indigenous manufacturing under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, align regulations with international conventions such as the Chicago Convention and the International Civil Aviation Organization (ICAO), and streamline regulatory processes by simplifying license issuance. It also removes redundancies and introduces provisions for appeals.

    Infrastructure Expansion: Building the Future of Indian Aviation

    • Foundation Laid for New Terminal Capacity: Significant infrastructure development is underway, including the laying of foundations for new terminals at key locations such as Varanasi, Agra, Darbhanga, and Bagdogra.
    • Operationalisation of Greenfield Airports: Since 2014, 12 Greenfield Airports have been operationalised out of 21 ‘in-principle’ approved airports. These include Durgapur, Shirdi, Kannur, Pakyong, Kalaburagi, Orvakal (Kurnool), Sindhudurg, Kushinagar, Itanagar (Hollongi), Mopa, Shivamogga, and Rajkot (Hirasar). Furthermore, development at Noida (Jewar) and Navi Mumbai International Airports is progressing rapidly, with operationalisation targeted for the first quarter of FY 2025-26. The government has set an ambitious target of developing 50 more airports in the next 5 years and connecting 120 new destinations in the next 10 years.
    • Significant Capital Expenditure in Airport Infrastructure: A substantial CAPEX of over ₹ 91,000 crore is planned for airport infrastructure development under the National Infrastructure Pipeline (NIP) during FY 2019-20 to FY 2024-25, with approximately ₹ 82,600 crores already spent by November 2024.

     

    RCS–UDAN: Democratising Air Travel and Boosting Regional Growth

    • RCS-UDAN Connecting India: The Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN), now in its 9th year since its launch in October 2016, has operationalised 619 routes and connected 88 airports across the country. This scheme embodies the government’s commitment to affordable air travel and promoting balanced regional development.
    • Expansion of Regional Connectivity: In 2024 alone, 102 new RCS routes were launched, including 20 in the North Eastern States. The scheme has facilitated affordable air travel for 1.5 crore passengers, and it aims to extend this to 4 crore more in the next decade through a revamped UDAN initiative to add 120 new destinations. The scheme also prioritises connecting remote, hilly, and aspirational districts, including the North Eastern region, through support for helipads and smaller airports.
    • Affordable Food at Airports with UDAN Yatri Café: The UDAN Yatri Café initiative, aligned with the Hon’ble Prime Minister’s vision of democratising air travel, was launched to provide affordable and quality airport food options. Cafés have been inaugurated at Kolkata’s Netaji Subhas Chandra Bose International Airport and Chennai Airport, offering tea for ₹10 and samosas for ₹20. The Kolkata café has seen significant success, leading to the nationwide expansion of the initiative.

     

    Skyrocketing Passenger Traffic Reflects Sectoral Momentum

    • Exponential Growth in Domestic Passengers: In 2024, domestic air passenger traffic more than doubled to 22 crore 81 lakh, a remarkable increase from the 10 crore 38 lakh passengers recorded in the 65 years preceding 2014. Domestic air passenger traffic grew by 5.9% in the January-November period of 2024 compared to the same period in 2023, crossing the milestone of 5 lakh passengers in a single day for the first time on November 17, 2024.

     

    • Strong Growth in International Traffic: International routes also experienced substantial growth, with 64.5 million passengers carried between January and November 2024, marking an 11.4% increase.
    • India Emerges as a Top Global Aviation Market: The total number of air passengers annually has exceeded 350 million, firmly establishing India as the third-largest aviation market globally. Over the past decade, domestic air passenger traffic has grown 10-12% annually.

     

    Safety, Technology, and Seamless Travel

    • State-of-the-Art DFDR & CVR Laboratory Inaugurated: A significant stride towards enhancing aviation safety was the inauguration of the advanced Digital Flight Data Recorder and Cockpit Voice Recorder (DFDR & CVR) Laboratory at the Aircraft Accident Investigation Bureau (AAIB) in New Delhi. This ₹9 crore facility will significantly improve the effectiveness of identifying the root causes of incidents and ensuring accountability, thereby contributing to a safer aviation ecosystem. The Hindustan Aeronautics Limited (HAL) supported the establishment of this crucial lab.
    • Expansion of Digi Yatra for Seamless Travel: Digi Yatra services to 24 airports have significantly enhanced passenger convenience and security. This initiative provides a seamless, contactless travel experience for passengers. Over 80 lakh users have downloaded the app, and more than 4 crore journeys have been completed using the Digi Yatra facility.
    • Guidelines Launched for Seaplane Operations: The Guidelines for Seaplane Operations in India were launched on 22nd August 2024 to enhance regional connectivity further. These guidelines prioritise safety and security and aim to facilitate the commencement of seaplane operations across the country. UDAN Round 5.5 includes invitations for bids for seaplane operations from over 50 water bodies.

     

    Sustainability and Capacity Building: Preparing for Tomorrow

    • Driving Green Energy Adoption at Airports: The Ministry actively promotes sustainable aviation, with around 80 airports now operating on 100% green energy. The aspiration is to transition over 100 airports to renewable energy sources. Bengaluru Airport has achieved the highest Carbon Accreditation Level 5 by Airports Council International (ACI), while Delhi, Mumbai, and Hyderabad airports have achieved Level 4+ accreditation, becoming carbon neutral. Chennai Airport also operates entirely on green energy and houses a 1.5 MW solar power plant.
    • Addressing the Growing Demand for Pilots: Recognizing the increasing need for trained pilots, estimated at 30,000 to 34,000 in the next 10-15 years, the Ministry is actively working on expanding the number of Flight Training Organizations (FTOs) and the annual issuance of commercial pilot licenses.
    • Aviation Career Guidance for Students: To nurture future talent, Civil Aviation Minister Shri Ram Mohan Naidu launched a ‘Career Guidance Programme in Aviation’ for school students at the Indian Aviation Academy. The programme aims to inspire and educate students about diverse career opportunities within the sector. The Minister highlighted the significant demand for pilots and the government’s commitment to developing domestic talent.

     

    Additional Milestones in Aviation Growth

     

    • Maintenance, Repair & Overhaul (MRO): A uniform 5% Integrated Goods and Services Tax (IGST) rate has been introduced for aircraft parts to promote India as a competitive global MRO hub.
    • Gender Inclusion: India boasts 13–18% of women pilots, which ranks among the highest globally. The Directorate General of Civil Aviation (DGCA) targets 25% representation of women in all aviation roles by 2025.
    • International Recognition: The 2nd Asia-Pacific Ministerial Conference on Civil Aviation was successfully hosted in New Delhi, culminating in the Delhi Declaration.
    • Air Cargo Infrastructure: Cargo handling capacity reached 8 million MT in FY24, growing at 10 %+ annually with a new focus on warehousing for perishables and streamlined customs protocols.

    Charting the Path to Viksit Bharat @2047

    The Ministry of Civil Aviation remains resolutely committed to positioning India as a global aviation leader, driving transformative change through visionary policies, world-class infrastructure, and inclusive, sustainable growth. As India continues to break records in passenger traffic, expand regional connectivity, and modernise aviation frameworks, the nation is firmly set on an upward trajectory toward becoming a vibrant global aviation hub. These concerted efforts enhance travel experiences for millions and bolster economic prosperity, strengthen national integration, and empower India to confidently soar towards its vision of becoming a developed nation—Viksit Bharat @2047.

    References

    Click here to see PDF.

    *****

    Santosh Kumar / Sheetal Angral/ Vatsla Srivastava

    (Release ID: 2123537)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Source: Government of India

    Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Regulatory reforms, cost reflective tariff

    Financial restructuring of DISCOMs to improve efficiency and quality  of operation

    Reducing cost of Generation is essential to improving viability of Utilities

    Posted On: 22 APR 2025 7:49PM by PIB Delhi

    Union Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso Naik, chaired the 4th meeting of Group of Ministers constituted for addressing issues related to viability of electricity distribution utilities in Vijayawada today.

    Shri A. K Sharma, Energy Minister, Uttar Pradesh, Shri Gottipati Ravi Kumar, Energy Minister, Andhra Pradesh, Shri Hiralal Nagar, Minster of State for Energy, Rajasthan and Smt. Meghana Sakore Bordikar, Minister of State for Energy, Maharashtra as members of the Group attended the meeting. The meeting was also attended by senior representatives from All India DISCOM Association (AIDA), senior officials from Central Government, State Governments, State Power Utilities of Member States and Power Finance Corporation (PFC) Ltd.

    Union Minister of State in his opening address welcomed Energy Ministers from the member States and thanked Energy Minister, Andhra Pradesh, for hosting the meeting. He highlighted about the deliberations held during the first three meetings of GoM regarding challenges being faced by the distribution utilities and stressed upon the need for regulatory reforms. He also mentioned about the key actionable items identified by GoM till the last held meeting including the steps that needs to be taken by the Central and the State Governments for improving efficiency of utilities.

    Hon’ble Minister highlighted about the collective responsibilities of State Governments and Regulatory Commissions for making distribution sector sustainable.

    In his address, Energy Minister, Andhra Pradesh thanked the Union Minister of State for having the 4th meeting of the Group of Ministers in Vijayawada.

    All India DISCOMs Association (AIDA), as a special invitee, also made a presentation on the subject. It was mentioned that SERCs need to comply with Tariff Policy and Rules while finalising the Tariff petitions of the Utilities. It was also mentioned that there is a need for having a comprehensive review of the tariff policy which is in sync with the present requirements and challenges of the Utilities and its consumers.

    Joint Secretary (Distribution), Ministry of Power, GoI made a presentation highlighting key areas of intervention. He presented the key parameters reflecting the present financial status of the utilities of the member States, and major regulatory disallowances in their tariff/true-up orders. It was also presented that the annual revenue increase of most of the utilities is not commensurate with the increase in debt being taken by them. The presentation also highlighted the action plan proposed to reduce the outstanding debts and losses of the distribution utilities.

    The key points of discussions included role that the State Governments may play for ensuring cost reflective tariff, in ensuring timely payment of subsidies and Government department dues, expediting works ongoing under Revamped Distribution Sector Scheme including the smart metering works, increasing the use of Artificial Intelligence and Data Analytics to improve power purchase optimisation and demand forecasting, etc. The States also requested support of GoI in reforming its distribution sector through measures like distribution franchisee/privatization/ introduction of parallel licensee, etc.

    It was emphasised by the Member States that the Group of Ministers may be continued beyond submission of the final report, and on a rotation basis States may be invited to brainstorm on the issues affecting the power sector as a whole. It was proposed to hold a dedicated session on measure for reducing Power Purchase costs by inviting all the stakeholders.

    The Group of Ministers reiterated its commitment and expressed resolve to take necessary measures for improving the financial viability of distribution utilities.

    ****

    SK

    (Release ID: 2123583) Visitor Counter : 53

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India hosts inaugural Capacity Building Programme for Central Asian Republics on combating terrorism financing

    Source: Government of India

    India hosts inaugural Capacity Building Programme for Central Asian Republics on combating terrorism financing

    Senior experts from five Central Asian countries of Uzbekistan, Turkmenistan, Kazakhstan, Tajikistan, and Kyrgyzstan participated in knowledge exchange

    Posted On: 22 APR 2025 7:38PM by PIB Delhi

    The Department of Revenue (DoR), in collaboration with the Ministry of External Affairs (MEA) and the National Security Council Secretariat (NSCS), successfully organised the first-ever Capacity Building Programme for Central Asian Republics (CARs) on ‘Countering the Financing of Terrorism (CFT) through Cryptocurrencies, Crowdfunding, and Non-Profit Organisations’. The two-day programme was held on 21st-22nd April, 2025.

     

    Bringing together senior experts from five Central Asian countries — Uzbekistan, Turkmenistan, Kazakhstan, Tajikistan, and Kyrgyzstan — the programme served as a platform for knowledge exchange and regional cooperation in tackling terrorism financing. Participants benefited from a series of sessions led by Indian authorities, including representatives from the Financial Action Task Force (FATF) Cell of the Department of Revenue, Ministry of Home Affairs, the National Investigation Agency (NIA), and the Financial Intelligence Unit – India (FIU-IND). Additionally, an expert from the Eurasian Group (EAG), a FATF-style regional body (FSRB), contributed valuable insights on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, with a focus on the non-profit and virtual asset sectors.

    Customised to the specific needs of the Central Asian region, the programme aimed to build technical capacity and deepen understanding of emerging terrorism financing risks. Through interactive discussions, case studies, and the sharing of operational best practices, the initiative fostered a collaborative approach to addressing key challenges.

    Technical sessions explored a broad range of issues, including the use of financial intelligence in terrorism-related investigations, the growing threat posed by the misuse of Virtual Asset Service Providers (VASPs), and the exploitation of crowdfunding platforms. Additional discussions covered the financing of radicalization and the abuse of Non-Profit Organizations (NPOs) for terrorist purposes.

    This initiative marks a significant step forward in strengthening regional cooperation and resilience against terrorism financing, reflecting India’s commitment to global counterterrorism efforts.

    ****

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    (Release ID: 2123579) Visitor Counter : 114

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Florida Inmate Sentenced To Federal Prison For Mailing Threats To Prosecutor And Judge

    Source: Office of United States Attorneys

    Jacksonville, Florida – U.S. District Judge Brian J. Davis today sentenced Taylor Ryan Hill (27, Jacksonville) to 30 months in federal prison for mailing threatening communications. The court also ordered Hill to serve the sentence consecutive to a state prison sentence imposed in 2021 for first degree murder (two counts), attempted murder, armed robbery, and possession of a firearm by a convicted felon. Hill pleaded guilty in this latest case on December 3, 2024.

    According to court documents, Hill was an inmate serving his state sentence at Hardee Correctional Institution in Bowling Green. On February 12, 2024, Hill mailed a threatening letter to the Assistant State Attorney in Clay County who had prosecuted Hill for his underlying murder convictions. The letter threatened to have that prosecutor, as well as the judge who sentenced him, killed. The letter was signed “Taylor Ryan Hill” and was mailed in an envelope with a return address of Taylor Hill, his inmate number, and an address at Hardee Correctional.

    This case was investigated by the Federal Bureau of Investigation in cooperation with the Office of the State Attorney for the Fourth Judicial Circuit. It was prosecuted by Assistant United States Attorneys Rachel Lasry and Michael J. Coolican.

    MIL Security OSI –

  • MIL-OSI Security: Longmeadow Man Pleads Guilty to $19 Million Loan Fraud Conspiracy

    Source: Office of United States Attorneys

    Defendant forged lease agreements and provided fraudulent rent rolls for properties in Massachusetts and Connecticut to defraud lenders

    BOSTON – A Longmeadow man has pleaded guilty in federal court in Springfield, Mass., to a scheme to defraud commercial lenders by providing false and fraudulent rent rolls and forged lease agreements for properties located in Springfield, Mass.; East Longmeadow, Mass.; and Enfield, Conn.

    Louis R. Masaschi, 59 pleaded guilty to one count of conspiracy to committed wire fraud; two counts of wire fraud; and one count of aggravated identity theft. U.S. District Court Judge Mark G. Mastroianni scheduled sentencing for July 23, 2025. In April 2023, Masaschi was indicted by a federal grand jury along with his wife and alleged co-conspirator Jeanette Norman.

    According to court documents, Masaschi and Norman were partners in dozens of limited liability companies, including LL Realty Developers, LLC, through which they owned primarily commercial and some residential property in Western Massachusetts, Connecticut and elsewhere. Masaschi, and allegedly Norman, conspired with each other and others to fraudulently obtain loans for their companies from financial institutions and commercial lenders by providing materially false, fictitious and fraudulent financial information – including false rent rolls and forged lease agreements. After receiving the loans Masaschi, and allegedly Norman, made some or no payments and ultimately defaulted on the loans, causing substantial losses to the financial institutions and commercial lenders.

    According to Masaschi’s plea agreement, between May 2016 and November 2018, Masaschi fraudulently obtained or sought to obtain approximately $60,123,000 in loans and caused a total loss of $19,305,473.  

    Jeanette Norman has pleaded not guilty and is pending trial in October 2025.

    The charge of conspiracy to committed wire fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss. The charges of wire fraud each provide for a sentence of up to 30 years in prison, three years of supervised release and a fine of up to $1,000,000 or twice the gross gain or loss.  Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney Steven H. Breslow of the Springfield Branch Office is prosecuting the case.  

    The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.  
     

    MIL Security OSI –

  • MIL-OSI USA: Guatemalan alien illegally residing in the United States and convicted of sexual battery indicted for fraudulently obtaining custody of an unaccompanied alien child in the United States, following ICE, joint law enforcement partner investigation

    Source: US Immigration and Customs Enforcement

    WASHINGTON — A federal grand jury indicted an illegal alien, April 17, for his alleged role in smuggling an unaccompanied alien child to the United States and for allegedly submitting a sponsorship application with false statements to the Department of Health and Human Services’ Office of Refugee Resettlement to gain custody of the minor after she entered the United States, following a U.S. Immigration and Customs Enforcement, FBI, investigation.

    “This case is a testament to ICE’s commitment to hold predators accountable for the harm they inflict on children,” said ICE acting Director Todd Lyons. “We are making every effort to ensure the safety of children released to sponsors across the United States. This is vital work and through their victim centered approach, ICE Homeland Security Investigations special agents are perfectly positioned to uncover any similar crimes by predatory sponsors.”

    “The prior administration’s border policies created an environment that enabled human trafficking and allowed bad actors to take advantage of at-risk children,” said Attorney General Pamela Bondi. “We are committed to protecting children from the scourge of human trafficking and will not rest until we deliver justice for those who suffered during the border crisis.”

    According to the indictment, Juan Tiul Xi, 26, a Guatemalan national illegally residing in Cleveland, illegally entered the United States in 2023. Thereafter, Tiul Xi allegedly encouraged and induced a 14-year-old Guatemalan girl to illegally enter the United States and to use the identity of Tiul Xi’s sister as her alias. As a UAC, the Guatemalan girl was placed in the care and custody of ORR. As alleged, Tiul Xi then falsely stated on documents submitted to ORR when he applied to sponsor and obtain custody of the girl that he was the UAC’s brother and that her alias was her actual name. ORR relied on Tiul Xi’s alleged false statements when, on or about Sept. 5, 2023, ORR released the UAC to Tiul Xi’s care.

    Tiul Xi is charged with one count of encouraging or inducing illegal entry for financial gain, one count of making a false, fictitious, or fraudulent statement, and one count of aggravated identity theft. If convicted, he faces a maximum penalty of 10 years in prison on the illegal entry count, a maximum penalty of five years in prison on the false statement count, and a mandatory consecutive penalty of two years in prison on the aggravated identity theft count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    “The Office of Refugee Resettlement is committed to continuing vital policy changes that promote the safety and welfare of unaccompanied alien children related into the Unites States,” said ORR Acting Director Angie M. Salazar. “We have significantly increased sponsor vetting with the wellbeing of the child at the core of our process. We hope that our commitment is evident by our collaboration with law enforcement to right previous wrongs and help bring these crimes to light.”

    The indictment is the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security, has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by HRSP and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, DEA, and other partners. To date, JTFA’s work has resulted in more than 360 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 325 U.S. convictions; more than 270 significant jail sentences imposed; and forfeitures of substantial assets.

    The ICE HSI and FBI Cleveland field offices are jointly investigating with assistance from HSI’s Attaché team in Guatemala. Additionally, HSI’s Center for Countering Human Trafficking in Washington, D.C. and ORR have provided valuable assistance.

    Senior Trial Attorney Christian Levesque of the Criminal Division’s Human Rights and Special Prosecutions Section, Joint Task Force Alpha detailee/Trial Attorney Spencer M. Perry of the Criminal Division’s Fraud Section, and Acting U.S. Attorney Carol Skutnik and Criminal Division Chief Michael L. Collyer for the Northern District of Ohio are prosecuting the case, with assistance from HRSP Analyst/Latin America Specialist Joanna Crandall.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and other transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Project Safe Neighborhood.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    Individuals across the world can report suspicious criminal activity to the ICE Tip Line at 866-DHS-2-ICE, 24 hours a day, seven days a week. Highly trained specialists take reports from both the public and law enforcement agencies on more than 400 laws enforced by ICE.

    MIL OSI USA News –

  • MIL-OSI USA: REP. LAUREN BOEBERT CALLS ON DOGE & USDOT TO REEVALUATE FEDERAL FUNDING OF FRONT RANGE PASSENGER RAIL

    Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

    WASHINGTON D.C.– In a letter to U.S. Department of Transportation Secretary Sean Duffy and Chair of the Department of Government Efficiency (DOGE) initiative Elon Musk, Congresswoman Lauren Boebert (CO-04) called for a reevaluation of the federal funds currently scheduled to go towards construction of the Front Range Passenger Rail. Lawmakers and constituents from Douglas County and across the 4th Congressional District have expressed serious concerns over the current plans and the potentially billions in federal taxpayer funding that could go towards the project, which many in Douglas County do not believe is necessary and would harm their quality of life.

    The full letter can be read HERE.

    “As I continue to hear from leaders and constituents across Douglas County, it’s clear there are serious concerns with the Front Range Passenger Rail proposal that will harm our community’s quality of life and cost hundreds of millions in state and federal funds,” said Congresswoman Boebert. “Our nation owes more than $36 trillion in debt, and we simply cannot afford spending resources on projects that will not benefit most Coloradans. It’s imperative that DOGE and USDOT reevaluate the importance of this project before we spend another dollar.”

    “I commend Congresswoman Boebert for her work on transportation,” said State Senator John Carson, District 30 (Highlands Ranch). “The Front Range Passenger Rail project should not be a funding priority for the federal government or any level of government. There are far better uses of scarce transportation tax dollars. Those dollars should instead go to repairing our decaying roadways and improving highway safety.”

    “Douglas County shouldn’t be forced to bankroll a train we didn’t ask for,” said State Representative Max Brooks, District 45 (Castle Rock). “It’s outrageous for the state to keep nickel-and-diming our residents for projects that ignore local priorities. I fully support efforts to reevaluate and halt unnecessary spending on the Front Range Passenger Rail, which Castle Rock neither wants nor needs.“

    “The last thing our federal tax dollars should be going to is the Front Range Passenger Rail, which nobody in Douglas County has asked for or needs,” said State Representative Brandi Bradley, District 39 (Lone Tree). “We want help with our roads in Colorado, not another one of Governor Polis’ progressive pet projects. It’s time to reprioritize where every single one of our federal tax dollars is going and we need to make sure none of them go towards a train running down the heart of the Front Range.”

    “Colorado does not need—and cannot afford—a Front Range passenger rail system,” said State Representative Anthony Hartsook, District 44 (Parker). “What we truly need is improved road infrastructure that allows our residents to get to work and school more quickly and cost-effectively. Investing in better roads would reduce traffic congestion, and in turn cut down on pollution. I oppose placing an additional tax burden on hardworking Coloradans to fund an expensive rail project that fails to meet their daily transportation needs or help them achieve their goals.”

    MIL OSI USA News –

  • MIL-OSI Security: Mexican National Admits to Reentry Charge

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – Apolinar Armando Lopez-Gutierrez, age 38, of Mexico, has admitted to reentry of a removed alien.

    According to court documents and statements made in court, a stabbing investigation in Tennessee led officials to Lopez-Gutierrez, who was believed to be friends with the stabbing suspect. Lopez-Gutierrez was found living and working in Sutton, West Virginia. He was previously removed from the United States in April of 2024.

    Lopez-Gutierrez is facing up to two years in federal prison.  A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorney Andrew Cogar is prosecuting the case on behalf of the government.

    The Department of Homeland Security Investigations and the United States Marshals Service investigated.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    U.S. Magistrate Judge Michael John Aloi presided.

    MIL Security OSI –

  • MIL-OSI Security: Court Sentences Mobile County Man to 15 years Imprisonment for Methamphetamine Trafficking

    Source: Office of United States Attorneys

    MOBILE, AL – On April 22, 2025, United States District Court Judge William H. Steele sentenced John Rodney Weeks III to 180 months imprisonment for Conspiracy to Traffic Methamphetamine. Documents filed with the Court established that between February 2024 and March 2024, the Mobile County Sheriff’s Office (MCSO) used a confidential informant to make five controlled buys of methamphetamine from Weeks. On March 27, 2024, the MCSO executed a search warrant at Weeks’ residence in Mobile County and seized approximately 62 grams of methamphetamine, digital scales for weighing drugs, approximately $720.00 in US currency that were drug proceeds and ledger notes used to keep records of monies owed for drugs. Because Weeks had a prior federal methamphetamine trafficking conviction in 2005 the United States filed a Sentencing Enhancement which required the 15 year mandatory minimum sentence under Title 21 USC §841 (b)(1)(A).

    The case was investigated by the Department of Homeland Security, Homeland Security Investigations and the Mobile County Sherriff’s Office, Narcotics Unit. The case was prosecuted by Assistant United States Attorney George F. May.

    MIL Security OSI –

  • MIL-OSI Security: Jacksonville Man Indicted For Wire Fraud, Identity Theft, And Lying To Obtain U.S. Citizenship

    Source: Office of United States Attorneys

    Jacksonville, Florida – United States Attorney Gregory W. Kehoe announces the return of an indictment charging Oladapo Olalekan Fadugba (40, Jacksonville) with wire fraud, aggravated identity theft, and making a false statement related to naturalization. If convicted on all counts, Fadugba faces a maximum penalty of 27 years in federal prison. The indictment also notifies Fadugba that the United States is seeking an order of forfeiture in the amount of $400,000, which represents the approximate proceeds of the charged criminal conduct.

    According to the indictment, beginning on October 30, 2020, and ending no later than July 11, 2023, Fadugba had more than $690,000 of Department of Veterans Affairs funds, intended for reimbursement to a large local healthcare provider, transferred to his own personal bank accounts. Fadugba then wrote himself, or businesses associated with him, checks that were then transferred to other bank accounts owned by him. It is alleged that to procure the transfers, Fadugba used the identification of another individual.

    The indictment further alleges that Fadugba, a naturalized U.S. citizen from Nigeria, made a false statement under oath during his naturalization proceeding.  Fadugba allegedly falsely stated he had not committed any crime or offense for which he had not been arrested.

    An indictment is merely a formal charge that the defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case was investigated by the Department of Veterans Affairs – Office of Inspector General, and Homeland Security Investigations, with assistance from the U.S. Treasury Office of Inspector General and the U.S. Secret Service. It will be prosecuted by Assistant United States Attorney Rachel Lasry.

    MIL Security OSI –

  • MIL-OSI Security: Lawton-Area Trio Sentenced to Serve More Than 12 Years Collectively in Federal Prison for Health Care Fraud

    Source: Office of United States Attorneys

    Defendants Ordered to Pay Nearly $2.7 Million in Restitution Collectively

    OKLAHOMA CITY – JIMMIE MATHEWS, 41, NATHAN MATHEWS, 42, and AMBER DELGER, 55, all of the Lawton area, have been sentenced for their roles in a conspiracy to commit health care fraud, announced U.S. Attorney Robert J. Troester.

    The defendants were each charged in May 2024, with Delger being charged by Information with conspiring to commit health care fraud, and both Jimmie and Nathan charged by a 16-count federal grand jury Indictment with conspiring to commit health care fraud and fifteen counts of health care fraud. Beginning in 2016, Nathan owned Emerald Lane Therapy Services (Emerald Lane) in Lawton, a massage therapy provider. Delger was a subsequent co-owner of the company. Nathan and Jimmie also owned a separate massage therapy provider, Stars & Stripes Therapy (Stars & Stripes), which opened its doors in Lawton in January 2020. Both businesses purportedly treated TRICARE beneficiaries, submitted claims to the Defense Health Agency (DHA), and received payments from DHA for those services.

    According to public record, beginning in January 2018, the defendants conspired together to submit false and fraudulent claims to TRICARE for services that were never rendered. Court documents allege that after TRICARE beneficiaries visited either of the businesses, the defendants would schedule multiple appointments for the beneficiaries many months in advance. If the beneficiary couldn’t make the appointments, or stopped coming altogether, the defendants would nonetheless continue to bill TRICARE as if the beneficiaries had received care. Additionally, Emerald Lane billed TRICARE using the National Provider Identity (NPI) number of an occupational therapist long after the therapist had stopped working for the business. In total, Emerald Lane and Stars & Stripes billed more than $7 million to TRICARE and received nearly $3 million in reimbursement.

    In October 2024, Jimmie and Nathan pleaded guilty to conspiring to commit health care fraud. Previously, on June 17, 2024, Delger pleaded guilty to the same.

    “Through their fraudulent conduct, these defendants exploited programs intended to provide critical benefits to our nation’s military, veterans, and their families” said U.S. Attorney Robert J. Troester. “Through vigorous investigation and prosecution, we will continue to protect taxpayer funded institutions and ensure that TRICARE dollars are protected and properly allocated to help those who serve.”

    “The Defense Criminal Investigative Service (DCIS) is committed to ensuring TRICARE, the U.S. Military healthcare program, is not subjected to fraudulent schemes that expose beneficiaries to harm and waste valuable tax dollars,” said Acting Special Agent in Charge Chad Gosch of the Department of Defense Office of Inspector General, DCIS Southwest Field Office.  “These sentencings demonstrate our tireless pursuit to investigate individuals that seek to enrich themselves at the expense of this valuable program.”  

    Last week, U.S. District Judge Jodi W. Dishman sentenced both Nathan and Jimmie. Nathan was sentenced to serve 87 months in federal prison, followed by two years of supervised release, and ordered to pay $1,410,255.66 in restitution. Jimmie was sentenced to serve 42 months in federal prison, followed by three years of supervised release, and ordered to pay $632,026.43 in restitution. Delger was previously sentenced on January 31, 2025, to serve 26 months in federal prison, followed by two years of supervised release, and ordered to pay $653,269.00. In announcing the sentences, Judge Dishman described the fraud scheme as egregious and far reaching in its scope, duration, and impact. Judge Dishman further noted that the public needs to know that health care fraud is not acceptable, will not be tolerated, and will result in prosecution and punishment.

    This case is the result of an investigation by the Defense Criminal Investigative Service of the United States Department of Defense. Assistant U.S. Attorney D.H. Dilbeck prosecuted the case.

    Reference is made to public filings for additional information.

    MIL Security OSI –

  • MIL-OSI: Results of ING’s 2025 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Results of ING’s 2025 Annual General Meeting

    The Annual General Meeting (AGM) of ING Groep N.V. was held today in Amsterdam.

    The AGM adopted all agenda items, including the annual accounts for 2024, discharge of the members of the Executive Board and the Supervisory Board and the dividend for 2024.

    The AGM also approved the reappointment of Steven van Rijswijk and Ljiljana Čortan to the Executive Board. Stuart Graham and Petri Hofsté were appointed to the Supervisory Board and Margarete Haase and Lodewijk Hijmans van den Bergh were reappointed to the Supervisory Board.

    Note for editors
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news X feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    Press enquiries Investor enquiries
    Raymond Vermeulen ING Group Investor Relations
    +31 20 576 6369 +31 20 576 6396
    Raymond.Vermeulen@ing.com Investor.Relations@ing.com

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Third Quarter Reporting Date

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., April 22, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the third quarter of fiscal 2025 after market close on May 6, 2025.

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on May 6, 2025. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2003797). A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

    CONTACTS:   Anthony G. Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509) 927-5345   (206) 729-3625

     

    The MIL Network –

  • MIL-OSI USA: Congresswoman Stefanik Attends Chobani’s Groundbreaking Ceremony Following $1.2 Billion Investment into Rome New York

    Source: United States House of Representatives – Congresswoman Elise Stefanik (21st District of New York)

    Congresswoman Stefanik Attends Chobani’s Groundbreaking Ceremony Following $1.2 Billion Investment into Rome New York | Press Releases | Congresswoman Elise Stefanik

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    MIL OSI USA News –

  • MIL-OSI USA: Walnut Consumption Curbs Inflammation and Colon Cancer Risk

    Source: US State of Connecticut

    There are new findings out about the benefits of eating walnuts. Results from a UConn School of Medicine clinical trial on the cover of the April edition of the journal Cancer Prevention Research show walnuts improve systemic inflammation while also reducing colon cancer risk.

    Why walnuts?

    Walnuts (Photo by California Walnut Commission).

    Ellagitannins, plant-derived polyphenol compounds found in walnuts, are shown to be metabolized exclusively by the gut microbiome into a wide range of anti-inflammatory molecules called urolithins. These urolithins are associated with very potent anti-inflammatory properties and may even inhibit cancer.

    “Ellagitannins in the walnut are importantly providing the anti-inflammatory and anti-cancer properties that we’re seeing in patients in our clinical trial research, particularly the gut’s conversion of ellagitannins to a potent anti-inflammatory agent, urolithin A,” reports Daniel W. Rosenberg, Ph.D. and his multidisciplinary team of researchers at the UConn School of Medicine.

    Rosenberg serves as the HealthNet Chair in Cancer Biology and is an Investigator in the Center for Molecular Oncology. He has studied walnut properties for more than a decade and has researched the connection between walnut consumption and its anti-inflammatory properties.

    The UConn research team’s clinical trial findings show that high levels of urolithin A formation by the gut microbiome from walnut consumption has a positive impact on reducing inflammatory markers across blood, urine, and fecal samples, and may even positively affect the immune cells within colon polyps.

    For the clinical trial, patients between the ages of 40 to 65 years and at an elevated risk for colon cancer, were referred for the study from the Division of Gastroenterology at UConn Health, the University of Connecticut’s academic medical center. Each of the 39 enrolled study participants were screened by the clinical research team at UConn John Dempsey Hospital and asked to complete an NIH Food Frequency Questionnaire for analysis by Ock Chun Ph.D., a nutritional epidemiologist in the College of Agriculture, Health and Natural Resources at UConn Storrs. Patients were asked to avoid all ellagitannin-containing foods and beverages for a week to set their urolithin levels at or close to zero before they began consuming ellagitannin-rich walnuts as part of their closely monitored diet. At the end of the three-week study, all participants received a high-definition colonoscopy performed by Drs. John Birk and Haleh Vaziri.

    Among the key findings, the researchers found that elevated urolithin A levels in the urine of patients correlated with the serum levels of peptide YY, an interesting protein that has been associated with inhibition of colorectal cancer. Reduced levels of several inflammation markers present in the blood were also found, especially in obese patients that had the greatest capacity to form urolithins by their gut microbiome.

    UConn School of Medicine’s walnut clinical trial study findings are highlighted on the cover of Cancer Prevention Research this April 2025.

    Rosenberg also used high-dimensional spatial imaging technology that allowed UConn researchers to develop a detailed view of the direct cellular interactions present inside colon polyps that were removed during colonoscopy at the end of the walnut study. This cutting-edge advanced imaging technology revealed that patients with high levels of urolithin A formation following walnut consumption was directly associated with reduced levels of several important proteins that are often present in polyps, showing for the first time how walnut ingestion may directly enhance colon health.

    The research team also discovered that the protein vimentin, often associated with more advanced forms of colon cancer, was greatly reduced inside polyp tissues obtained from patients who had also formed the highest levels of urolithin A by their gut microbiome.

    These important new research findings build upon the earlier work of Dr. Masako Nakanishi, an assistant professor in the Rosenberg Lab, who showed in several earlier publications that walnuts had beneficial and anti-cancer effects in the colons of cancer-prone mice, key findings that prompted the current clinical trial.

    “Urolithin A has a very positive influence on inflammation and maybe even cancer prevention,” says Rosenberg. “Our study proves that dietary supplementation with walnuts can boost the general population’s urolithin levels in those people with the right microbiome, while significantly reducing several inflammatory markers, especially in obese patients.”

    Rosenberg concludes, “Our study provides strong rationale for dietary inclusion of walnut ellagitannins for cancer prevention. Nutrients from walnuts can contribute to reduced cancer risk. There are many potential benefits one can get from eating walnuts, with so little downside risk, that just grabbing a handful every day is really something that you can easily do for your long-term health benefit.”

    This research is supported by generous awards from the American Institute for Cancer Research, the California Walnut Commission, and the National Cancer Institute.

    MIL OSI USA News –

  • MIL-OSI Canada: Saskatchewan’s Building Construction Growth Leads Among Provinces

    Source: Government of Canada regional news

    Released on April 22, 2025

    Province Ranks First for Investment in Building Construction 

    Today, Statistics Canada numbers show an increase of 29.9 per cent in February 2025 compared to February 2024 for building construction investment in the province. This places Saskatchewan first among the provinces for year-over-year growth.

    “These numbers reflect Saskatchewan’s strong economy, and continued growth in capital investment as more people are choosing to build and grow their families here in our province,” Trade and Export Development Minister Warren Kaeding said. “Whether they are building new housing, new infrastructure, or new businesses, they are investing in the future of Saskatchewan.”

    Investment in building construction is calculated based on the total spending value on building construction within the province. 

    Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.77 billion, or 2.3 per cent from 2022. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

    For more information visit: InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: 18-Year-Old Man Who Led Law Enforcement on Dangerous High-Speed Chase Sentenced to 12 Years in Prison

    Source: Office of United States Attorneys

    Yakima, Washington – Acting United States Attorney Richard R. Barker announced that United States District Judge Mary K. Dimke sentenced Angel Omar Zuniga-Soriano, age 18, to 144 months in prison on one count of Felon in Possession of a Firearm. Judge Dimke also imposed 3 years of supervised release.

    According to court documents and information presented at the sentencing hearing, on June 29, 2024, Zuniga-Soriano, who is involved with the Sureno street gang, was driving a vehicle matching the description of a vehicle used in a robbery earlier that same day in Wapato, Washington. When a police officer in Toppenish, Washington, spotted the vehicle, he activated his overhead lights and attempted to stop the vehicle. Instead, Zuniga-Soriano sped-off and led police on a high-speed chase. Zuniga-Soriano drove on the busy interstate between Toppenish, Sunnyside, and Zillah at speeds of more than 100 miles per hour. During the pursuit, Zuniga-Soriano fired one bullet out of the driver’s side window.

    Ultimately, Zuniga-Soriano pulled into a convenience store parking lot in Zillah, attempting to drive thru the lot.  In an effort to reduce risk to the public, a law enforcement officer then rammed his police vehicle into the vehicle Zuniga-Soriano was driving. As a result, the sergeant driving the police vehicle was injured.

    Even still, Zuniga-Soriano was undeterred.  He took off running, throwing a Glock pistol into a nearby yard.  After a lengthy foot pursuit, law enforcement tackled Zuniga-Soriano in a nearby field.  When the Glock pistol was recovered, law enforcement observed that the gun had a “Glock switch,” which is a modification that attaches to the rear of a Glock handgun and is designed to convert it from semi-automatic firearm into an automatic machine gun.

    Zuniga-Soriano subsequently provided a recorded statement to law enforcement.  Zuniga-Soriano stated that he used to be a “demonic demon” and explained that he used to try to drown puppies in his toilet.  He further advised that he tries to stay away from certain people; otherwise, he ends up falling back to his old ways and “my demonic self comes into me.” Zuniga-Soriano explained that he was not actual a gang member, but was a gang associate.  When asked about the instant case, Zuniga-Soriano stated he had ingested marijuana, blacked out, and could only recall part of what had happened.

    In that same interview, Zuniga-Soriano attempted to claim that he was not actually firing at law enforcement.  Rather, according to Zuniga-Soriano, he was going to commit suicide during the pursuit.  He claimed that he put the gun to his head, but dropped it, which caused the gun to discharge.  When the detective advised Zuniga-Soriano that a Glock firearm does not discharge when you drop it, Zuniga-Soriano recanted and then claimed that he tried to take the gun apart during the pursuit, which caused it to discharge.

    Ultimately, an extended firearm magazine was recovered from inside the vehicle Zuniga-Soriano was driving.  Law enforcement subsequently test-fired the Glock firearm and discovered that it was capable of firing multiple rounds by a single trigger press.

    At the sentencing hearing, Judge Dimke pointed out that despite Zuniga-Soriano only being 18 years of age this was his third firearm conviction.  Judge Dimke also explained that she took into account the dangerousness of the instant offense in pronouncing the twelve-year sentence.

    “The seriousness and nature of this offense cannot be understated,” Acting U.S. Attorney Rich Barker said.  “I am grateful for the courage of the brave law enforcement officers, who ensured Mr. Zuniga-Soriano would not escape apprehension that day.  Obviously firing a gun from a vehicle is extremely dangerous.  However, attempting to elude police officers at such high rates of speed on public roadways presents an equally dangerous risk to our citizens.  Had it not been for a sergeant with the Toppenish Police Department, who put his own life at risk to immediately stop the pursuit, innocent lives of motorists and their families could have been tragically lost.  I also am grateful for Assistant United States Attorney Tom Hanlon’s excellent work on this case. For decades, AUSA Hanlon has dedicated his career to seeking justice and handling many of the most challenging and significant cases within our Yakima office.” 

    “It is amazing that more people were not injured, or worse, by Mr. Zuniga-Soriano’s reckless actions.” said W. Mike Herrington, Special Agent in Charge of the FBI’s Seattle field office. “It is clear from his blatant disregard for the welfare of innocent people that the community will be safer with him behind bars. I commend the brave actions of our partners who were able to bring him into custody despite his irresponsible and dangerous attempts to evade accountability.”

    Based on severity of the Zuniga-Soriano’s actions, and due to the nature of the type of firearm utilized in the offense, the Southeast Washington Safe Streets Task Force was contacted.  The Southeast Washington Safe Streets Task Force consists of law enforcement officers from the Federal Bureau of Investigation, the United States Border Patrol, the Yakima County Sheriff’s Office, and the Toppenish Police Department.  Along with the Safe Streets Task Force, the case was investigated by the Toppenish Police Department, the Yakima County Sheriff’s Office, the Yakama Nation Police Department, the Granger Police Department, the Wapato Police Department, the Washington State Patrol, the Zillah Police Department, and the Federal Bureau of Investigation. The was prosecuted by Assistant United States Attorney and Yakima Branch Manager Thomas J. Hanlon.

    Case 1:24-cr-02069-MKD

    MIL Security OSI –

  • MIL-OSI: Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2024 and Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2024 and the three months ended March 31, 2025.

      Year ended December 31 3 months ended March 31
      2024 2023 2025 2024
      $000 $000 $000 $000
             
    Revenue 5,710 5,322 522 614
             
    Income before taxes 4,854 4,592 339 261
             
             
             

    Michael Gardiner, Chairman and CEO stated that as at March 31, 2025, the Company’s assets totaled $60.3 million compared to $63.9 million as at December 31, 2024. These assets as at March 31, 2025 included $13.2 million of marketable securities, $35.6 million in a private investment and $11.5 million of cash and cash equivalents.

    During the year ended December 31, 2024, the Company realized $397,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $53,000 on the sale of investments during the year ended December 31, 2023. During the three months ended March 31, 2025, the Company realized capital gains on the sale of investments of $61,000 and unrealized gains on investments of $182,000.

    During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.        

    The Company announces that a semi-annual eligible dividend of $0.225 per share on the Company’s 9% First Preference Shares has been declared payable on September 15, 2025 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 2, 2025.

    Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI Security: FBI Chicago Announces Increased Reward for Information Leading to Arrest & Conviction of Joseph “Troubles” Matos

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    CHICAGO—Douglas S. DePodesta, special agent-in-charge of the Chicago Division of the Federal Bureau of Investigation (FBI), announced today a reward increase for information leading to the arrest and conviction of Joseph “Troubles” Matos.

    Matos is wanted in connection with the shooting death of National Guard member Chrys Carvajal. On July 3, 2021, it is alleged that Matos and a fellow gang member shot and killed Carvajal when he was walking to his car following a party. Matos is believed to be a member of the Milwaukee Kings street gang, a criminal organization whose members and associates have engaged in narcotics trafficking and committed acts of violence, including murder and assault, to acquire and preserve the gang’s perceived territory on the North Side of Chicago, Illinois.

    On May 14, 2024, an arrest warrant was issued for Matos in the United States District Court, Northern District of Illinois, Eastern Division, Chicago, Illinois, after he was charged with murder-in-aid of racketeering and murder through the use of a firearm. Previously, the FBI Chicago Field Office offered a reward of up to $10,000 for information from the public. The FBI is now offering a reward of up to $25,000 for tips leading to the arrest and conviction of Matos.

    Matos should be considered armed and dangerous, and members of the public are asked not to approach him directly.

    Anyone with information, even anonymously, is strongly encouraged to call 1-800-CALL-FBI or submit a tip at tips.fbi.gov.

    Additional resources:

    MIL Security OSI –

  • MIL-OSI: CLIK Announces Acquisition of Remaining 75% Equity Interest in Leading Nursing Care Competitor, Solidifying Market Leadership and Expanding Revenue Base

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, April 22, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), a leading provider of human resources (“HR”) solutions in Hong Kong specializing in Seniors Nursing Care, Logistics, and Professional HR services, is pleased to announce the acquisition of the remaining 75% equity interest in a prominent nursing care competitor (“Target Company”). 

    The Target Company has over a decade of experience serving the Hong Kong seniors community and maintains a talent pool of over 9,000 nursing professionals. It is expected to generate annual billings of over HK$60 million and net profit in the range of approximately HK$2.0 million to HK$3.5 million, making it a financially accretive addition to Click’s growing healthcare HR platform.

    Click previously acquired a 25% equity interest in the Target Company in March 2025. Upon completion of the remaining 75% acquisition, Click will hold 100% ownership, granting it full control to integrate operations and drive long-term strategic value.

    “This acquisition marks a transformative step for Click,” said Mr. Chan, CEO of Click. “With full ownership, we are able to consolidate operations, align our resources, and unlock significant synergies that will accelerate our leadership in the nursing care sector.”

    The acquisition expands Click’s total talent pool to over 19,000 registered professionals, strengthening its ability to meet surging demand for skilled nursing services across Hong Kong and surrounding regions. The integrated operations are also expected to create substantial operational efficiencies and boost overall profitability.

    Full ownership further enables Click to fast-track development in high-growth verticals, including Home Seniors Nursing Services and Smart Home Nursing Solutions — key focus areas in its long-term strategy to deliver scalable, tech-enabled care solutions.

    Click remains focused on executing its integration roadmap and delivering superior value to its clients, talent network, and shareholders. Further updates on the progress of the integration, service enhancements, and growth milestones will be shared in due course.

    About Click Holdings Limited

    We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

    For more information, please visit https://clicksc.com.hk.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For enquiry, please contact:

    Click Holdings Limited
    Unit 709, 7/F., Ocean Centre
    5 Canton Road
    Tsim Sha Tsui, Kowloon
    Hong Kong
    Email: jack.wong@jfy.hk
    Phone: +852 2691 8900

    The MIL Network –

  • MIL-OSI Security: Former Owner of Collapsed Nursing Home Empire Sentenced to 36 Months’ Imprisonment for $38 Million Tax Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    NEWARK, N.J. – A New York man was sentenced to 36 months in prison for his role in a $38 million employment tax fraud scheme involving nursing homes he owned across the country, U.S. Attorney Alina Habba announced.

    Joseph Schwartz, 65, of Suffern, New York, previously pled guilty to two counts of an indictment charging him with willfully failing to pay over employment taxes withheld from employees of his company, and willfully failing to file an annual financial report (Form 5500) with the Department of Labor for the employee 401K Benefit Plan Schwartz sponsored, before U.S. District Judge Susan D. Wigenton in Newark federal court.

    According to documents filed in this case and statements made in court:

    Schwartz, an insurance broker and operator of Skyline Management Group LLC (“Skyline”), with headquarters in New Jersey, willfully failed to pay employment taxes relating to numerous health care and rehabilitation facilities that Skyline operated in 11 states.

    According to the indictment, Schwartz was required to collect, truthfully account for, and pay over to the Internal Revenue Service (“IRS”) trust fund taxes withheld from the pay of employees of Skyline and related companies.  From October 2017 through May 2018, Schwartz caused taxes to be withheld from employees’ pay but failed to then pay over more than $38 million in employment taxes to the IRS.  As an administrator of the Skyline 401K plan, Schwartz further had an obligation to file an annual Form 5500 financial report with the Secretary of Labor for calendar year 2018, but knowingly and willfully failed to file the report.

    U.S. Attorney Habba credited special agents of the IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan in Newark; Investigators with the Department of Labor-Employee Benefits Security Administration, under the direction of Regional Director Mark Seidel in the New York Regional Office; special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly; and the Department of Health and Human Services, Office of Inspector General, under the direction of Special Agent in Charge Naomi Gruchacz in the New York Regional Office, with the investigation that led to the sentencing in this case.

    The government is represented by Assistant U.S. Attorneys Daniel H. Rosenblum and Kendall R. Randolph of the Criminal Division in Newark and Trial Attorney Shawn Noud of the Justice Department’s Tax Division.

                                                                           ###

    Defense counsel: Kevin H. Marino, Esq. 

    MIL Security OSI –