MAS gives update on major investigations, highlights enforcement outcomes in report

SINGAPORE: The Monetary Authority of Singapore (MAS) on Wednesday (Apr 27) gave an update on major investigations involving ongoing high-profile instances akin to Noble Group and Hyflux, as a part of efforts to offer better transparency.

The updates had been included in the authority’s newest enforcement report, in which it highlighted the robust enforcement actions taken in opposition to monetary establishments and people for breaches of legal guidelines and laws administered by MAS.

The inclusion of case updates comes in response to investor and trade suggestions, stated MAS, including that it’s going to steadiness the general public’s curiosity in acquiring data in opposition to the necessity to shield the integrity of investigations and any pending courtroom proceedings.

According to the report, MAS imposed S$2.4 million in composition penalties for anti-money laundering and countering financing of terrorism breaches between July 2020 and December 2021, in addition to S$150,000 in civil penalties. Twenty prohibition orders had been additionally issued in opposition to unfit representatives, it stated.

MAS, along with the Attorney-General’s Chambers (AGC), additionally secured the legal convictions of seven people for market misconduct or associated offences.

The report additionally highlighted a few of its enforcement priorities for the 2022/2023 interval, together with finding out choices to reinforce buyers’ recourse for losses as a consequence of securities market misconduct.

It can also be taking a look at enhancing effectiveness in pursuing breaches of company disclosure necessities, together with via shut collaboration with key regulatory and enforcement companions. 

In addition, it plans to step up focus on company finance advisory corporations and fund administration firms that fail to adjust to enterprise conduct necessities and strengthening focus on holding senior managers accountable for breaches by their monetary establishments or subordinates.

ONGOING INVESTIGATIONS

In the report, it stated the investigation into Noble Group and its wholly owned subsidiary Noble Resources International are at “an advanced stage”.

In November 2018, investigations started into Noble Group for suspected disclosures-related offences below the Securities and Futures Act, whereas Noble Resources International was suspected of potential breaches of the Companies Act.

MAS and the Singapore Exchange Regulation (SGX Regco) determined in December the identical yr to not permit Noble Group to switch its itemizing standing to a brand new entity as a part of its proposed restructuring.

“This followed a review which found that there were significant uncertainties about the financial position of the restructured entity,” MAS stated.

The authority stated it has reviewed “voluminous documentation” obtained from each Noble Group and Noble Resources International, in addition to sought recommendation from trade specialists. It additionally “sought the assistance of foreign regulators to obtain information from relevant foreign-based individuals”.

It added that authorities intention to achieve a conclusion on this matter in the third quarter of the yr.

MAS additionally gave an update on the Hyflux case, in which the corporate, its present and former administrators had been investigated for doable offences below the SFA, in addition to non-compliance with accounting requirements below the Companies Act.

The investigation “stemmed from a review of Hyflux’s disclosure, accounting and auditing issues concerning the Tuaspring Integated Water and Power project”.

Authorities have obtained and reviewed accounting and different company information from Hyflux, in addition to its subsidiary Tuaspring. They have additionally interviewed the corporate’s administrators, key officers and public accountants.

Additionally, they’ve sought recommendation from trade specialists on its investigation findings. They are at present working carefully with the AGC to evaluate the proof, stated MAS.

“The review is an extensive exercise covering the announcements and financial statements issued by Hyflux over a period of eight years between 2011 and 2018,” stated the regulator.

Other investigations below means are these involving Eagle Hospitality Trust and Hui Xun Asset Management.

MAS gives update on major investigations, highlights enforcement outcomes in report

Gabrielle Andres

Source : channelnewsasia.com

Related Posts

(sin censura) Viral Neringa kriziute Videos de Twitter

– (sin censura) Viral Neringa kriziute Videos en Twitter,Hola amigos, todos de vuelta con un administrador que nunca se cansa de brindar información interesante para todos ustedes…

Link Video Leaked Aksu Student Video And Houston Rapper Esg High On Drugs Twitter

– Link Video Leaked Aksu Student Video And Houston Rapper Esg High On Drugs Twitter, Hello mates, all again once more with an admin who by no means…

Video Viral Shilpi Raj Video Viral MMS 2022 | Bhojpuri Singer Shilpi Raj

– Video Viral Shilpi Raj Video Viral MMS 2022 | Bhojpuri Singer Shilpi Raj, Halo sobat semua kembali lagi dengan admin yang tidak pernah bosan memberikan informasi…

VIDEO: NAMHLA MTWA VIDEO Went Viral, Who Beat Her, Suspect Name Pics & CCTV Footage Leaked!

As everyone knows social media is a hub of many movies. The world of the web could be very massive and we are able to simply discover…

WATCH: LORDAHI VIDEO Viral On Twitter, YouTube & Reddit Link, OnlyFans Model Full Scandal Leaked!

Good night everybody the movies of one other solely fan of superstar and influencer are presently trending on the web. Lordahi, has been posting some actually horny…

SCANDAL: Roblox Halloween r34 Leaked Video & Pics Viral On Twitter, Instagram, YouTube & Reddit, YO NANAY Scandal Link!

There is not any day that passes with out getting one thing into the trending or viral part.it is vitally simple for an Nsfw platform or handles…