- Latest cases, legislation and regulation updates and commentaries
Hamidul Haq, the Head of the Firm's White-Collar Crime Practice, and Thong Chee Kun and Istyana Ibrahim from the same Practice have written a book on "Financial Crimes in Singapore". The book provides an overview of the various white-collar crime offences in Singapore, with a discussion of recent case law developments. The white-collar crimes covered include insider trading, major offences related to market abuse or market misconduct, corruption, money laundering and terrorist financing, and other financial crimes such as cheating, fraud, forgery and criminal breach of trust. Relevant statutes on business crimes, such as the Penal Code, the Securities and Futures Act, the Prevention of Corruption Act, the Corruption, Drug Trafficking and Other Serious (Confiscation of Benefits) Act, the Extradition Act, and the Criminal Procedure Code were also tackled.
As white-collar crimes have evolved from being a domestic concern to one that can impact individuals and entities beyond Singapore, the book also looks into international issues affecting financial crimes and Singapore's efforts to combat such crimes on a global scale. The book concludes with a chapter containing tips on preventing and investigating fraud in the workplace.
Justice Chao Hick Tin, the Vice President of the Court of Appeal, Supreme Court wrote the foreword to the book. J Chao commented that as far as he is aware, "this is the first text in Singapore dedicated to a consideration of the full range of business-related and white-collar crimes here." Commending the authors who have dealt directly with many of the cases cited in the book, he stated that the work "provides a wealth of information for lawyers and non-lawyers interested in learning about financial crimes."
"Financial Crimes in Singapore" was launched on 20 January 2014 at a seminar titled "Financial Crimes in Singapore - Changing Landscape; Obligations and Duties of Officers of Companies and Organisations". The seminar-cum-book launch was hosted by publisher LexisNexis and Rajah & Tann, in partnership with the Singapore Corporate Counsel Association and The Law Society of Singapore.
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Jason Chin from Rajah & Tann Malaysian associate firm Christopher & Lee Ong wrote an article titled "Amendments to the Penal Code - To Disclose or not to Disclose?" in the 3 February 2014 issue of the Sun, a Malaysian newspaper of general circulation.
The article provides the key highlights of the amendments to the Penal Code which are expected to come into operation soon. These include the introduction of new offences targeted at organised crime. It will now be an offence to harbor, consort, recruit, participate and / or accept gratification from an organised criminal group. Another amendment relates to the punishment for repeat offenders of a serious offence, i.e. an offence punishable with imprisonment for 10 years or more. Repeat offenders will be punished with a mandatory imprisonment for the third and subsequent offences.
Once the amendments to the Penal Code come into effect, a person in the civil service who discloses information that was obtained in the performance of his duties can be punished with a fine of up to RM1 million or an imprisonment of up to one year. The Personal Data Protection Act 2010 ("PDPA") regulates the processing of personal data in commercial transactions. As the PDPA does not apply to the public service sector, the amendments to the Penal Code may be an alternative means to ensure that the Malaysian Government, undoubtedly the largest collector of data in Malaysia, also keeps such data secure.
Wrapping up, Jason noted that the amendments were a timely move by the Malaysian Government after a series of gun killings and gang-related activities that took place last year. The author reminded the readers that the fight against crime does not rest solely on the police. The public has a vital role to play in crime prevention by cooperating with the police and reporting suspicious activities. Back to Top Print
Chew Pei Ying from Rajah & Tann's Malaysian associate firm Christopher & Lee Ong wrote an article titled "Disposal of Civil Law Suits without Full Trial" in the 6 January 2014 issue of the Sun, a Malaysian newspaper of general circulation.
The public may have the perception that once a civil lawsuit is filed in court, the lawsuit will eventually have to proceed to full trial. In this article, the author identified the two circumstances where a civil case can be disposed of without going for full trial. They are devised to deliver justice to the deserving party within the shortest time and with least expense.
The two circumstances are by way of an application for summary judgment pursuant to Order 14 of the Malaysian Rules of Court ("O14 Application") and an application for disposal on point of law pursuant to Order 14A of the Malaysian Rules of Court 2012 ("O14A Application"). O14 Application is resorted to where the defence is clearly unsustainable in law or on the facts. This is common for civil lawsuits for moneys due and owing. There is no requirement as to the time when the O14 Application should be made, but it is advisable to make the application preferably before the delivery of the defence. Order 14A Application is an application to the Court asking for a judgment to be given in favour of the applicant without going for full trial after the Court decides on the question of law or construction of the document(s) in favour of the applicant. Owing to the nature of the O14A Application, It should be made after the delivery of defence. Back to Top Print
HMBC Rikrik Rizkiyana from Rajah & Tann's Indonesian associate firm Assegaf Hamzah & Partners wrote an article for the January 2014 issue of the Law Gazette, an official publication of the Law Society of Singapore.
Titled "Seeking More Power and Order", the article looks at recent developments in the competitive landscape of Indonesia. One of the more important updates relates to the investigations undertaken by the Komisi Pengawas Persaingan Usaha "KPPU") (or Indonesian Competition Commission) over alleged cartels in the food commodities industry. The ever-increasing prices of beef, garlic, soybean, rice and corn, amongst others, have led KPPU in 2012 and 2013 to investigate alleged cartels in the relevant markets. Due to the potential adverse impact on the economy that these alleged cartels may bring, the KPPU has summoned Government officials and other parties to aid in its investigations. Aside from food commodities, KPPU also intends to carry out investigations in the energy, transportation and other industries that have crucial impact on the economy. Although KPPU’s focus at the moment is on domestic investigations, it is aiming as its next step to look at competition investigations over foreign transactions / allegations that may affect the Indonesian market.
The article then examines policy developments in the country that would give more power to KPPU as Indonesia's competition watchdog. These include the signing of Memorandums of Understanding ("MoUs") with Government bodies such as the Corruption Eradication Commission, the Indonesian Telecommunication Regulation Body, and in due time, the Ministry of Internal Affairs. It is hoped that with the MoUs in place, the public will be made aware of the importance of fair competition throughout Indonesia.
In conclusion, it was highlighted that KPPU's direction in the coming years is geared towards putting in place stricter regulations and adopting a more vigilant position to implement Indonesia’s competition law, regardless of whether the players involved are domestic or foreign entities.
Note: There have been developments in Indonesia's competitive landscape since the publication of this article in January. The cartel investigations of the abovementioned cases are still ongoing. The amendment of the Indonesian Competition Law progresses, and the amendments are expected to come into force by the end of 2014.
There are some vital milestones that readers should take note of. The leniency program has been approved. A criminal sanction of up to 2 years imprisonment and a maximum penalty of IDR 300 million or around US$26,100 will be imposed to those who obstruct the KPPU investigation process. KPPU may ask the help of the Police Department to present related parties to gather all needed information and data during the investigation.
The change from mandatory post-merger notification to compulsory pre-merger notification has been approved by Parliament. The same is true in the case of notifiable merger, which has now been expanded to include the establishment of new joint venture and merger by way of assets acquisitions once these transactions meet the prescribed threshold.
Aside from the above approvals, Parliament has agreed to expand KPPU's authority to supervise not only the application of the Indonesian Competition Law but to regulate the competition regime of Indonesia as a whole. As a consequence, KPPU is empowered to use products of Law other than the Indonesian Competition Law as long as they are relevant to competition. With this development, the businesses can expect a more solid and stricter application of the Indonesian Competition Law by KKPU in the coming years.
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Rajah & Tann Managing Partner Lee Eng Beng SC was recently featured in Asian-MENA Counsel magazine. The article focuses on the Firm's efforts to expand within the region. Now with offices in Singapore, Shanghai, Vietnam, Thailand, Lao and Myanmar, and associate firms in Malaysia, Indonesia and Cambodia, Rajah & Tann intends to establish a "dominant law practice in Southeast Asia … that provides seamless service, international standards of delivery and unparalleled local connections across the various jurisdictions in Southeast Asia".
To read the article, which first appeared in Asian-MENA Counsel Volume II Issue 8, 2013/14, please click here. Back to Top Print
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