Ongoing High-Profile Cases, Including Noble Group and Hyflux, Highlighted in Latest Enforcement Report
The Monetary Authority of Singapore (MAS) released an update on key investigations, including the ongoing high-profile cases of Noble Group and Hyflux, in its latest enforcement report. This update aims to enhance transparency, following investor and industry feedback, while balancing the public’s right to information with the need to safeguard the integrity of investigations and pending court proceedings.
The report reveals that between July 2020 and December 2021, MAS imposed a total of S$2.4 million in composition penalties for breaches related to anti-money laundering and countering the financing of terrorism. In addition, S$150,000 in civil penalties were levied, and 20 prohibition orders were issued against representatives deemed unfit to perform their duties.
MAS, in collaboration with the Attorney-General’s Chambers (AGC), also secured criminal convictions for seven individuals involved in market misconduct or related offences. The report highlights the authority’s enforcement priorities for 2022/2023, including enhancing investors’ recourse for losses due to securities market misconduct, improving effectiveness in tackling breaches of corporate disclosure requirements, and focusing more on corporate finance advisory firms and fund management companies.
Regarding the Noble Group investigation, MAS confirmed that it and the Singapore Exchange Regulation (SGX Regco) are nearing the conclusion of their inquiries into suspected disclosure-related offences under the Securities and Futures Act (SFA), as well as potential breaches of the Companies Act by Noble Resources International. These investigations started in November 2018, following concerns about the company’s financial position and its proposed restructuring.
In the case of Hyflux, MAS is investigating the company and its directors for potential violations under the SFA and non-compliance with accounting standards. The investigation stems from concerns over the company’s disclosure practices, particularly regarding the Tuaspring Integrated Water and Power project. MAS has reviewed extensive corporate records and conducted interviews with key personnel involved. The authority is collaborating closely with the AGC to assess the evidence, and a thorough review of Hyflux’s financial statements from 2011 to 2018 is underway.
Other ongoing investigations include those involving Eagle Hospitality Trust and Hui Xun Asset Management.
