Singapore legislation
Clause 111
Clause 111
Amendment of section 236C
Section 236C of the principal Act is amended by deleting subsections (3) and (4) and substituting the following subsection:“(3) If the court is satisfied on a balance of probabilities that the corporation has committed a contravention under subsection (1), the court may make an order against the corporation for the payment of a civil penalty of a sum not less than $100,000 but not exceeding the greater of the following:
(a)
3 times —
(i)
the amount of the profit that the corporation gained as a result of the contravention by the contravening person; or
(ii)
the amount of the loss that the corporation avoided as a result of the contravention by the contravening person;
(b)
$2 million.”.