A review of the key learning points from the case of Tan Teck Kee v Ratan Kumar Rai and others [2022] SGCA 62 The fiduciary duties of directors in companies – now commonly referred to as the no-conflict and no-profit rule – find their roots in the precept that “no man can serve two masters.”...
As 2022 draws to a close, we look at some recent developments affecting cross-border transactions. New determinants in cross-border M&A Contrary to popular belief, COVID-19 does not always hamper deal-making. Whilst cross-border M&A saw a dry spell in the early days of the pandemic, now, more than two years after the World Health Organisation first...
Passed in Parliament on 2 November 2020, the Personal Data Protection (Amendment) Bill introduced a slew of amendments and new concepts to the existing framework under the Personal Data Protection Act (“PDPA”). One of the new concepts is that of data portability under the proposed new Part VIB of the PDPA. Although this Part VIB...
On 2 November 2020, the Personal Data Protection (Amendment) Bill was passed in Parliament and set into motion the introduction of several key changes to the Personal Data Protection Act (“PDPA”). Coming into effect on 1 February 2021, some of the amendments to the PDPA included the increase of the cap for financial penalties for...
The Ministry of Manpower’s Foreign Manpower enforcement divisions are stepping up their audit inspections of private sector employers. Prior to inspections, you may (or may not) receive some fairly innocuous correspondence from the Ministry of Manpower such as a survey form. The Foreign Manpower enforcement division checks whether foreign to local dependency ratios are being...
Earlier in the year, during the Singapore Budget Statement 2022 on 18 February, it was announced by the Minister of Finance that there will be several changes introduced to our foreign worker policy framework to better allow businesses to access a diverse pool of manpower. Notably, as part of these changes, there will be an...
Introduction In a landmark decision, the General Division of the High Court of Singapore issued a proprietary injunction and a worldwide Mareva injunction against unidentified persons to prevent the dissipation of cryptocurrency assets that were claimed to have been stolen. It also ordered two centralised cryptocurrency exchanges to disclose information on the accounts credited with...
PK Wong & Nair LLC is delighted to have been involved in advising on the successful divestment of Team Metal (S) Pte Ltd (“Team-Metal”). The PK Wong & Nair LLC team, led by Co-Managing Director Mark Wong with support from Associate Director Jacinda Wong, Senior Associate Lim Teck Jin and Associate Cheryl Theng, advised and...
“A box without hinges, key, or lid, yet golden treasure inside is hid.” – J.R.R. Tolkien Blockchain. Smart contracts. Tokenization. Buzzwords of the 21st century with promises of opportunities for golden treasure made accessible to the general population. However, beyond the immense hype built around them, these concepts still remain a mystery to many and...
In the face of Russia’s gross violation of both the UN Charter and international law via their invasion of Ukraine, Singapore’s Minister for Foreign Affairs announced in his Ministerial Statement to Parliament on 28 February 2022 of the Singapore Government’s intentions to, in concert with other like-minded countries, impose appropriate sanctions and restrictions against Russia....
