Singapore legislation
Section 86G
Section 86G
Remedial directions
(1)
Subsection (2), (3) or (4) applies if the Authority is satisfied that —
the person mentioned in that subsection has contravened section 86F(1) or (3) (called in this section a defaulter);
any condition of approval imposed on the defaulter under section 86F(6) has not been complied with; or
the defaulter has furnished false or misleading information or documents in connection with an application for approval under section 86F(1) or (3).
(2)
Where a defaulter is a 25% controller or 50% controller of a designated public licensee, designated business trust or designated equity interest holder, the Authority may do any one or more of the following:
direct the defaulter to take such steps as are necessary, within the period specified by the Authority, to cease to be a 25% controller or 50% controller (as the case may be) of the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
direct the transfer or disposal of all or any of the equity interest in the designated public licensee, designated business trust or designated equity interest holder (as the case may be) held by the defaulter or any of the defaulter’s associates (called in this section and section 86H the specified equity interest), within such time and subject to such conditions as the Authority considers appropriate;
restrict the transfer or disposal of all or any of the specified equity interest, subject to any conditions that the Authority considers appropriate;
make any other direction that the Authority considers appropriate.
(3)
Where, as a result of a person (called in this subsection the transferee) acquiring any equity interest from a defaulter who is a 50% controller or 75% controller of a designated public licensee, designated business trust or designated equity interest holder (called in this section and section 86H the specified acquired equity interest), the defaulter ceases to be a 50% controller or 75% controller (as the case may be) the Authority may do any one or more of the following:
direct the transferee to take such steps as are necessary, within the period specified by the Authority, to cease to hold all or any of the specified acquired equity interest;
direct the defaulter to take such steps as are necessary within the period specified by the Authority, to resume being a 50% controller or 75% controller, as the case may be;
direct the acquisition, transfer or disposal of all or any of the specified acquired equity interest within such time and subject to such conditions as the Authority considers appropriate;
restrict the transfer or disposal of all or any of the specified acquired equity interest, subject to any conditions that the Authority considers appropriate;
make any other direction that the Authority considers appropriate.
(4)
Where a defaulter is an indirect controller of a designated public licensee, designated business trust or designated equity interest holder, the Authority may do one or both of the following:
direct the defaulter, or direct the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) to take such steps as are necessary, within the period specified by the Authority, to cease to be such an indirect controller or to cause the defaulter to cease to be such an indirect controller;
make any other direction that the Authority considers appropriate.
(5)
Before issuing any direction to a person under subsection (2), (3) or (4), the Authority must —
unless the Authority decides that it is not practicable or desirable to do so, give the person written notice of the Authority’s intention to issue the direction and specify a date by which the person may make written representations with regard to the direction; and
consider every written representation from the person received on or before the specified date mentioned in paragraph (a).
(6)
The Authority may, at any time, revoke, vary or discharge any direction given by it under subsection (2), (3) or (4) or suspend the operation of any such direction.
(7)
Any person who is aggrieved by the Authority’s decision to issue a direction under subsection (2), (3) or (4) or to vary a direction under subsection (6) may, within 14 days after being informed of the decision, appeal to the Minister whose decision is final.
(8)
Despite the fact that any appeal under subsection (7) is pending, any direction issued by the Authority under subsection (2), (3) or (4), or any variation of a direction under subsection (6) (as the case may be), takes effect from the date specified by the Authority, unless the Minister otherwise directs.
(9)
Any person who fails to comply with a direction issued by the Authority under subsection (2), (3) or (4) (including a direction that is varied under subsection (6)) within the period specified by the Authority shall be guilty of an offence.