Date: April 14, 2025
SIAS is pleased to note that MAS continues to take a steady stream of enforcement actions against various types of financial sector misconduct. It has also made legislative changes to strengthen its ability to gather evidence, share them with partner agencies and protect the public and industry via prohibition orders.
We note that, in particular, for market misconduct, there were 33 criminal convictions and $7.16 million in civil penalties imposed in the reporting period. These enforcement actions included:
- Raffles Education – Directors charged on 20 September 2024
- Swiber – CEO convicted and sentenced to fines on 4 July 2024; other directors were convicted and sentenced to fines between February and May 2024
- YuuZoo – CEO convicted and sentenced to fine on 24 June 2024
- Cordlife – Investigation commenced against CEO, directors on 21 March 2024
- Eagle Hospitality Trust – CEO charged on 17 May 2024
The Review Group has recommended adopting a more pro-enterprise regulatory stance, alongside other measures to improve investor confidence. Regulation, we believe, will be more focused and facilitative of listings, high standards of corporate governance and robust enforcement should be upheld to maintain investor confidence.
David Gerald
Founder, President and CEO
SIAS
Subscribe to Newsletter
Subscribe to SIAS Mailing List and get updates to all upcoming events and news
By clicking submit, you agree to our privacy statement, collection, use and/or disclosure of your personal data to the extent necessary to provide you with this service.
