Maritime and Port Authority of Singapore Act 1996 · 2020 Revised Edition · Part 12A · Control of Designated Operating Entities and Designated Equity Interest Holders
86G. Remedial directions relating to section 86F
Feedback & supportLast amended by an amending law of 2024. 2 amendments in all.
Subsection (2), (3) or (4) applies if —
the Authority is satisfied that a person (called in this section a defaulter) —
has contravened section 86F(1) or (3) or failed to comply with a condition imposed on that person under section 86F(6); or
has provided false or misleading information or documents in connection with an application for approval under section 86F(1) or (3); or
the Authority would not have granted its approval under section 86F(1) or (3) had it been aware, at the time of approval, of circumstances relevant to a defaulter’s application for such approval.
Where a defaulter is a 25% controller, 50% controller or 75% controller of a designated operating entity or designated equity interest holder, the Authority may do any one or more of the following:
25% controller
“25% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 25% or more, but less than 50%, of the total equity interests in; or(b)is in a position to control 25% or more, but less than 50%, of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
direct the defaulter to take such steps as are necessary, within the period specified by the Authority, to cease to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated operating entity 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 operating entity 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 or prohibit 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.
Where, as a result of a person (called in this subsection the transferee) acquiring any equity interest from a defaulter who is a 25% controller, 50% controller or 75% controller of a designated operating entity or designated equity interest holder (called in this section and section 86H the specified acquired equity interest), the defaulter ceases to be a 25% controller, 50% controller or 75% controller (as the case may be) the Authority may do any one or more of the following:
equity interest
“equity interest” means —(a)in relation to a body corporate — a voting share in that body corporate;(b)in relation to an entity other than a body corporate — any right or interest, whether legal or equitable, in that entity, by whatever name called, which gives the holder of that right or interest voting power in that entity; and(c)in relation to a business trust — a unit in that business trust;
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 25% controller, 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 or prohibit 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.
Where a defaulter is an indirect controller of a designated operating entity or designated equity interest holder, the Authority may do one or both of the following:
indirect controller
“indirect controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means any person, whether acting alone or together with any other person, and whether with or without holding equity interests or controlling the voting power in the designated public licensee, designated business trust or designated equity interest holder, as the case may be —(a)whose directions, instructions or wishes the directors or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) is accustomed or under an obligation, whether formal or informal, to act in accordance with; or(b)who is in a position to determine the policy of the designated public licensee, designated business trust or designated equity interest holder, as the case may be,but does not include —(c)any person who is a director or other officer of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder, as the case may be; or(d)any person whose directions, instructions or wishes the directors or other officers of the designated public licensee, the trustee‑manager of the designated business trust, or the designated equity interest holder (as the case may be) is accustomed to act in accordance with by reason only that the acting is on advice given by the person in that person’s professional capacity;
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.
[Deleted by Act 20 of 2024 wef 01/04/2025]
[Deleted by Act 20 of 2024 wef 01/04/2025]
[Deleted by Act 20 of 2024 wef 01/04/2025]
[Deleted by Act 20 of 2024 wef 01/04/2025]
[Deleted by Act 20 of 2024 wef 01/04/2025]