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Under section
157(2) of the Singapore Companies Act, officers (including past officers) or
agents of the company are prohibited from making improper use of information
that they acquire by virtue of their position as officers or agents of the
company to gain either directly or indirectly a benefit for themselves or any
other person.
Need advice
on a corporate law or criminal law matter? Approach GJC Law, one of Singapore's
leading law firms.
More specifically,
section 157(2) of the Singapore
Companies Act makes it a criminal offence for directors to improperly
use information acquired by virtue of their position as directors to gain an
advantage for himself or any other person or to cause detriment to the company.
This is in
addition to and not in derogation of any other written law or rule of law
relating to the duty or liability of directors or officers of a company(section
157(4)).
Penalty
Failure to
comply with these provisions can result in an offence punishable with a fine
not exceeding $5,000 or imprisonment for a term not exceeding 12 months.
Need help?
Want to know how
to fulfil your statutory duty and to avoid criminal liability? It is
recommended that you seek advice from our Singapore
Commercial Lawers at Gloria James-Civetta!
Are you facing potential charges? The trial
process is often a mentally draining and challenging experience. You should
seek a criminal defence lawyer to help you to present your case to the court in
the best way possible. Not having a defence lawyer will put you at a great
disadvantage. Should you have any questions or require legal representation,
kindly contact Gloria James-Civetta & Co on
6337-0469 for a free consultation, or email us at consult@gjclaw.com.sg.
