Day: July 26, 2022

On 26 July 2022, a 36-year-old man, Goh Hanshi Justin (“Goh”) was convicted of one count of an offence under Section 197(1)(b) of the Securities and Futures Act (“SFA”), for manipulating the share price of Sky One Holdings Limited (“Skyone”), 27 counts under Section 201(b) of the SFA for conducting unauthorised trades in trading accounts belonging to third parties, and five counts under Section 420 read with Section 109 of the Penal Code (“PC”), for cheating (by abetment) two financial institutions. On 26 July 2022, he was sentenced to 39 months’ imprisonment.

Investigations revealed that between September and October 2013, Goh directed three trading representatives to push up and maintain the price of Skyone shares which were traded on the Catalist board of the Singapore Exchange. On Goh’s instructions, the three trading representatives used 15 trading accounts belonging to their family, friends and clients to buy and sell Skyone shares for Goh’s benefit, and for the purpose of pushing up and maintaining the price of Skyone shares. Goh procured a further 12 trading accounts from his family and friends, to conduct trades for his own benefit. These trades were performed without the consent of the respective trading firms.

Investigations also revealed that Goh instigated three nominees (who were his friends and family members) to open share financing accounts with two financial institutions. These accounts were opened in the nominees’ respective names, but Goh exercised full and effective control over the accounts. Goh also arranged for Skyone shares to be transferred to the nominees, to be pledged as collateral under the share financing facilities. The loans disbursed by the financial institutions under the said facilities were then used by Goh to trade in more securities (including Skyone shares), which securities were pledged to the financial institutions as collateral for further loans disbursed.

The two financial institutions were deceived into believing that the account holders had effective control over the share financing facilities, and that the Skyone shares pledged thereunder were beneficially owned by the said account holders. The financial institutions were thereby cheated into disbursing a total of more than S$4.2 million to the share financing accounts controlled by Goh, in respect of the proceeded charges. On 28 October 2013, Skyone shares opened at S$0.46, and fell drastically to S$0.043 by about 10.50am. Following the crash of Skyone’s share price, the financial institutions sold the shares pledged under the facilities. The total amount outstanding to the financial institutions in respect of the proceeded charges is S$779,845.96.

Goh pleaded guilty to one charge under Section 197(1)(b) of the SFA, eight charges under Section 201(b) of the SFA, and three charges under Section 420 read with Section 109 of the PC. The remaining 21 charges were taken into consideration for sentencing.

The three trading representatives (referred to in paragraph [2]) had pleaded guilty to charges for unauthorised trading and were sentenced to between three months’ and three months and two weeks’ imprisonment. One of the nominee account holders (referred to in paragraph [3]) had also pleaded guilty to one charge of cheating and was sentenced to eight months’ imprisonment. Court proceedings against the two other nominee account holders, who are facing cheating charges, are underway.

Source: Singapore Police Force

Since 1 April 2019, foreign vehicles with a number of outstanding fines for traffic, parking, or vehicular emissions offences have been denied entry into Singapore.

With the re-opening of our land borders, there continue to be foreign motorists who have committed offences under our laws but do not settle their fines.

We would like to remind foreign motorists who enter Singapore, that they must abide by Singapore’s laws and settle any outstanding fines for offences. We take a serious view of this. The Traffic Police and other government agencies have been conducting operations at the land checkpoints to detect foreign vehicles with outstanding fines linked to them.

Denial of Entry into Singapore

Foreign vehicles with a number of outstanding fines for vehicle-related offences may be denied entry into Singapore.

Foreign motorists are therefore strongly advised to check if they have any outstanding fines for vehicle-related offences and settle them promptly. They may check this at www.axs.com.sg.

Payment for the fines can be made through the following channels (a detailed list of payment options is listed at Annex):

AXS kiosks, AXS website and AXS mobile app

Respective agencies’ websites

Respective agencies’ customer service counters

SingPost Post Offices

Foreign motorists who wish to seek clarifications on their offences may contact the following agencies:

Singapore Police Force (Traffic Police)

Tel: 6547 0000

Housing & Development Board

Tel: 1800 2255432

Land Transport Authority

Tel: 1800 2255582

National Environment Agency

Tel: 6225 5632

Urban Redevelopment Authority

Tel: 6329 3434

Annex

Payment Options for Foreign Vehicles with Outstanding Offences

Traffic Police (TP)

AXS kiosks, AXS website and AXS mobile app (Singapore-issued credit/debit cards)

Self-Service Automated Machines (SAM) (NETS, Singapore-issued credit/debit cards)

SingPost Post Offices (Cash, Cashcard, NETS, NETS Flashpay, Singapore-issued credit/debit cards)

TP’s website: https://eservices.police.gov.sg/content/policehubhome/homepage/enquiry/status-of-oto-payment-offines-fvn.html

TP’s customer service counter (CashCard, Autopass, NETS, PayNow, and Singapore and foreign-issued credit/debit cards)

Housing & Development Board (HDB)

AXS kiosks, AXS website and AXS mobile app (NETS and Singapore issued credit/debit cards)

SingPost Post Offices (Cash, CashCard and NETS)

HDB’s website: www.hdb.gov.sg/parkingfine (NETS, PayNow, and Singapore and foreign-issued credit/debit cards)

HDB’s customer service counter (Cash, CashCard and NETS)

Land Transport Authority (LTA)

AXS kiosks, AXS website and AXS mobile app (Singapore-issued credit/debit cards)

SingPost Post Offices (Cash, CashCard and Singapore-issued credit/debit cards)

NETS self-service stations (eNETS Debit (internet banking) and Singapore-issued debit cards)

SAM kiosks, websites and mobile application (Singapore-issued credit/debit cards)

LTA’s website: https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireOffence

LTA’s customer service counter (Cash, CashCard and Singapore-issued credit/debit cards)

National Environment Agency (NEA)

AXS kiosks, AXS website and AXS mobile app (Singapore-issued credit/debit cards)

SingPost Post Offices (Cash and Singapore-issued credit/debit cards)

SAM kiosks, SingPost mobile application and mysam.singpost.com

NEA’s website: www.go.gov.sg/nea-payment

Urban Redevelopment Authority (URA)

AXS kiosks, AXS website and AXS mobile app (Singapore issued credit/debit cards)

URA’s website: www.ura.gov.sg/pf (eNETS, PayNow, Singapore and foreign-issued credit/debit cards)

Source: Singapore Police Force

GENEVA, 26 July 2022 – The Philippines featured its recent disaster risk resilience and management (DRRM) policies and programs, in line with its vision of developing safer, adaptive, and disaster resilient Filipino communities towards sustainable development, during the United Nations Office for Disaster Risk Reduction (UNDRR) Support Group Meeting held at the Palais des Nations on 22 July 2022.

The Permanent Mission of the Republic of the Philippines, represented by Humanitarian and Migration Expert Jet C. Olfato, updated the diplomatic corps on the country’s DRRM governance and institutional foundations and mechanisms, anchored on the Philippine Disaster Risk Reduction and Management Act of 2010 or Republic Act 10121. This legislation provides for and institutionalizes the National DRRM Plan and the National DRRM Framework, which are implemented by the National Disaster Risk Reduction and Management Council (NDRRMC). Third Secretary Olfato noted how these mechanisms recognize the strong linkage between disaster risk resilience and climate change adaptation.

The Third Secretary also emphasized the Philippines’ whole-of-society approach to DRRM, which involves empowering vulnerable communities, raising citizens’ awareness, and enhancing inclusiveness of a wide-range of stakeholders. He shared how the country’s DRRM aspirations are supported by innovation and digital transformation strategies, including the GeoRisk Philippines Initiative (GeoRiskPH), a mobile and web application that makes information on hazards and risk assessment accessible for both public and private sectors.

Source: Republic of Philippines Department Of Foreign Affairs

ATHENS, 26 July 2022 – Mr. Nick Stasinopoulos, owner of Boracay Restaurant in Greece, and his business partner, Atty. Ilias Spyrliadis of Spyrliadis Law Office, met with Philippine Ambassador to Greece Giovanni E. Palec and the members of the ASEAN Committee in Athens (ACAT) on 18 July 2022, to discuss Greece’s new development law and the strategic investments legal framework covering this investment scheme backed by European Union funding.

Mr. Stasinopoulos and Atty. Spyrliadis presented the investment opportunities offered in Greece through the new development law passed earlier this year. The law comes with a funding aimed towards Greece’s economic recovery, especially in green and digital transition, innovation as well as tourism and extroversion.

The ASEAN Committee in Athens is composed of the Embassies of Indonesia, the Philippines, Viet Nam and the current chair, Thailand. Mr. Nick Stasinopoulos is the young owner of Boracay, a Filipino restaurant in Glyfada, Athens. His business partner, Atty. Ilias Spryliadis, is the founder of Spyrliadis Law Office in Greece.

Source: Republic of Philippines Department Of Foreign Affairs