Singapore legislation
Clause 114
Clause 114
Amendment of section 236F
Section 236F 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 partnership or limited liability partnership has committed a contravention under subsection (1), 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.”.