Chang should have suspected there were illegal

•
CHANG SHOULD HAVE SUSPECTED THERE WERE ILLEGAL
PRACTICES GOING ON
•
IN MITIGATION – CHANG HAD MADE CERTAIN MISTAKEN
ASSUMPTIONS AND WOULD HAVE TAKEN ACTION HAD HE
KNOWN OF THE ILLEGAL PRACTICES
•
ON 5 JANUARY 2017, STATE COURT ORDERED CHANG TO SERVE
A COMMUNITY SERVICE ORDER OF 14 DAYS
• CRIMINAL RECORD UPON SERVING COMMUNITY SENTENCE?
• RECORD OF COMMUNITY SENTENCE SPENT ON DATE THE
SENTENCE IS COMPLETED: 7DA REGISTRATION OF CRIMINALS
ACT

IMPLICATIONS
•
FIRST CASE WHERE COMMUNITY SERVICE SENTENCE IMPOSED FOR
S.157 OFFENCE
COMMUNITY BASED SENTENCES MEANT FOR REGULATORY OFFENCES,
YOUNGER OFFENDERS OR THOSE WITH SPECIFIC AND MINOR MENTAL
CONDITIONS
“TO PREVENT OFFENDER FROM BEING DISLODGED FROM FAMILY,
EMPLOYMENT AND SOCIETY AND TO ASSIST HIS REHABILITATION”
(SINGAPORE PARLIAMENTARY DEBATES, OFFICIAL REPORT (19 MAY 2010
VOL 87 AT COLUMN 568)
ALTERNATIVE FORM OF PUNISHMENT INSTEAD OF FINE/IMPRISONMENT

3.3 DIRECTORS’ LIABILITIES
•
S.162 CA: NO LOANS OR GUARANTEES TO DIRECTOR
OR FAMILY OR ANOTHER COMPANY IN WHICH DIRECTOR HAS
MATERIAL INTEREST EXCEPT:

HOUSING LOAN UNDER SCHEME FOR EMPLOYEES

REIMBURSEMENT OF EXPENSES
• NO COMPENSATION FOR LOSS OF OFFICE UNLESS APPROVED BY
MEMBERS OR STATED IN CONTRACT

3.4 DISQUALIFICATION OF DIRECTOR
•
S.148 CA : UNDISCHARGED BANKRUPT AUTOMATICALLY
DISQUALIFIED
•
S.149 CA : DISQUALIFICATION ORDER FOR “UNFITNESS TO ACT”
UP TO 5 YEARS
• S.154 CA : CONVICTED OF FRAUD (3 MONTHS OR MORE) OR ANY
OFFENCE UNDER S.157, S.339 (FAILURE TO KEEP PROPER
ACCOUNTS) OR UNDER PART X11 SECURITIES & FUTURES ACT OR
SUBJECT TO CIVIL PENALTY UNDER S.232 SFA – AUTOMATICALLY
DISQUALIFIED FOR 5 YEARS

• S.155 CA: PERSISTENT DEFAULT RELATING TO RETURNS,
ACCOUNTS, NOTICES OR DOCUMENTS
•
PERSISTENT DEFAULT = GUILTY OF 3 OR MORE OFFENCES OR
HAD 3 OR MORE ORDERS MADE AGAINST THE DIRECTOR WITHIN
LAST 5 YEARS
•
AUTOMATICALLY DISQUALIFIED FOR 5 YEARS

SECURITIES & FUTURES ACT
3.5

INSIDER TRADING – SECTION 218
• TO PREVENT CONNECTED PERSON (INSIDER) FROM TAKING
UNFAIR ADVANTAGE OF INFORMATION THAT IS NOT GENERALLY
AVAILABLE
•
INFO MUST BE PRICE-SENSITIVE I.E. HAVE A MATERIAL EFFECT ON