Accounting and Corporate Regulatory Authority (ACRA)

SGX hones ability to scrutinise asset valuations, pressures auditors — will it close the ‘trust deficit’?

SINGAPORE (Feb 4): On Jan 25, Singapore Exchange Regulation (SGX RegCo) briefed several journalists about its plans to play a more active role in determining the scope of statutory audits of locally listed companies, and beef up its capabilities to scrutinise the value of corporate assets.

Noble says to take 'alternative' restructuring process without transfer of listing to New Noble

SINGAPORE (Dec 7): Noble Group said it intends to go ahead and complete the restructuring by “an alternative process” without the transfer of the company’s listing status to New Noble.

The alternative may involve filing for administration in Britain after which creditors of Noble would be able to take control of the company. However, shareholders and perpetual bond holders are likely to be wiped out, analysts had noted when the option was proposed in Noble's restructuring circular.

Singapore authorities block Noble Group's plans to transfer listing to New Noble on restructuring

SINGAPORE (Dec 6): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have decided not to allow Noble Group to transfer its listing status to New Noble as part of group’s proposed restructuring.

The authorities say this follows a careful review of the findings to-date from the ongoing investigations into Noble and its wholly-owned subsidiary, Noble Resources International (NRI).

Noble Group probe extends to auditors, critic Dee calls for wider investigation

SINGAPORE (Dec 3): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group’s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act.

Too little, too late?

SINGAPORE (Nov 23): Three years after a little-known outfit Iceberg Research accused commodities trader Noble Group of accounting deception, Singapore authorities have finally launched an investigation into the supply chain manager which is undergoing debt restructuring.

Arnaud Vagner, the man behind Iceberg Research, issued a caustic response to the joint move by the authorities, “After three years of hesitation, Singapore’s regulators are rushing to the crime scene.”

Noble maintains restructuring is of stakeholders' best interests, to proceed as planned amid investigations

SINGAPORE (Nov 21): Noble Group says it intends to continue pressing ahead with its debt restructuring as planned, with the best interests of its stakeholders in mind.

Noble gets go-ahead for controversial restructuring plan, pays funds into court in ongoing legal suit

Noble comes under investigation for potential accounting & regulatory breaches

SINGAPORE (Nov 20): Singapore authorities are launching an investigation into beleaguered commodities trader Noble Group and its wholly-owned subsidiary, Noble Resources, amid the group’s controversial debt restructuring exercise.

Singapore ranks 2nd least complex country to do business in Asia Pacific

SINGAPORE (July 30): Singapore is the second least complex country in the Asia Pacific (APAC) for corporate compliance, according to a report by TMF Group, a provider of business services.

The report titled the Compliance Complexity Index, ranks 84 jurisdictions based on the difficulty of adhering to local business regulations and associated issues – such as local reporting requirements, and the time taken to set up companies.

Singapore proposes changes to peel off layers shielding beneficial ownership

SINGAPORE (Dec 27): Singapore's Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) have launched a public consultation exercise, inviting views on proposed changes that should lead to greater transparency of beneficial owners of companies and limited liability partnerships (LLPs).

The move comes after authorities this year started taking action on money laundering activities related to 1MDB’s fund flows through Singapore’s financial institutions.

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