Singapore legislation
Clause 113
Clause 113
Amendment of section 236E
Section 236E of the principal Act is amended by deleting subsections (4) and (5) and substituting the following subsection:“(4) If the court in subsection (3) is satisfied on a balance of probabilities that the partnership or limited liability partnership is liable to be punished under subsection (1) for a contravention of any provision of this Part, the court may make an order against the partnership or limited liability partnership for the payment of a civil penalty of a sum not less than $50,000 but not exceeding the greater of the following:
3 times —
the amount of the profit that the partnership or limited liability partnership gained as a result of the contravention by the contravening person; or
the amount of the loss that the partnership or limited liability partnership avoided as a result of the contravention by the contravening person;
$2 million.”.