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Higher fines for three company directors as Acra steps up deterrent measures

Published on Apr 14, 2014 9:08 PM
 
The Accounting and Corporate Regulatory Authority (ACRA) logo at their office in International Plaza located at 10 Anson Road, taken on Aug 14, 2012. Regulators are stepping up action against company directors who have failed to comply with the Companies Act, with three errant directors fined double the usual amount on Monday, April 14, 2014. -- ST FILE PHOTO: KUA CHEE SIONG

Regulators are stepping up action against company directors who have failed to comply with the Companies Act, with three errant directors fined double the usual amount on Monday.

The directors, Lim Mee Lin and Teng Chee Wai from Indigoz ICHQS (Asia) Holdings and Doreen Lee Guat Beng from Rebecca Pte Ltd, were charged and convicted of the failure to hold an annual general meeting (AGM) and filing annual returns, both basic statutory requirements under the Companies Act.

All three had either multiple or repeat breaches of these two requirements and both companies were large, with a a share capital of at least $250,000.

As such, the Accounting and Corporate Regulatory Authority's (Acra) legal officers who prosecuted the cases had argued for the imposition of higher fines.

 
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