Amanda Cham

Shocked by the scale of the #fraud 🤯 - $12.5 billion, which was said to be equivalent to roughly 3% of Vietnam's GDP. By comparison, the Malaysia 1MDB state fund scandal involved the looting of about $4.5 billion. Highlights of the case - She was found guilty of withdrawing money from Saigon Joint Stock Commercial Bank (SCB), in which she effectively controlled 90% stake, over 10 years from 2012 to 2022 - Money was taken by setting up about 2,500 fake loan applications that were never paid back, accounting for 93% of SCB's loan credits - The loans were obtained by shell companies in Vietnam and abroad, and eventually flowed into herself and her allies - Money was allegedly spent for her benefits, including feeding her real estate business - Bribes were offered to multiple government officials to cover up the scandal, including $5.2m paid to a senior central bank inspector - There are approximately 42,000 victims, namely SCB's bondholders who cannot withdraw their money - The verdict requires her to return $27 billion More questions to be answered with further details unveiled - How red flags might have been picked up earlier by regulators and auditors - How assets can be seized and liquidated to pay for the damages ordered #fraud #financialcrime #corruption #bankfraud #whitecollarcrime #banking https://lnkd.in/gF8c2gXG

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Last Thursday, I spoke on "Cybersecurity Act 2024 : What Businesses Need to Know" together with my colleague, Lim Zhi Jian in our RDS Seminar series. Was surprised that the turn out was much higher than anticipated. The talk is also timely as the Cybersecurity Act 2024 and its regulations, particularly: Cyber Security (Licensing of Cyber Security Service Provider) Regulations 2024; Cyber Security (Notification of Cyber Security Incident) Regulations 2024; Cyber Security (Period of Assessment and Audit) Regulations 2024; Cyber Security (Compounding of Offences) Regulations 2024; all came into force recently. Many questions were asked, especially on the applicability of CSA & its regulations to businesses; licensing of cyber security service providers; how existing laws such as PDPA would affect businesses etc. I am of the view that Malaysian cyber security laws are at its infancy at this juncture, and uncertainties can only be made clear through time. In the meantime, I would ask all businesses to start looking into cyber security management seriously and take steps to prevent cyber security incidents. Better safe than sorry.

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Arbitration experts Damien Laracy, Felix Cheung and Melissa Tsui, of our Hong Kong office, have contributed to the most recent Hong Kong Lawyer Journal from The Law Society of Hong Kong. Their article examines a case providing practical guidance to lawyers who handle enforcement and set-aside application in relation to arbitral awards. Read more here: https://lnkd.in/eYE4ci5n #Arbitration #HongKong #Enforcement

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Corporate secretaries play a crucial role in verifying the validity of Hong Kong Identity Card (HKID) numbers for Know Your Customer (KYC) and anti-money laundering (AML) compliance. However, this manual process is complex, time-consuming, and prone to human error. Navigating through regulations and compliance requirements adds another layer of complexity. A reliable and efficient solution to streamline this validation process is needed to alleviate the burden and mitigate risks. We are thrilled to announce that Smoooth SaaS solution features an advanced Optical Character Recognition (OCR) capability specifically designed for validating HKID numbers. This cutting-edge feature has been meticulously developed to enhance the efficiency and reliability of the validation process, providing a seamless solution to the challenges faced by corporate secretaries in performing this crucial task. If you want to learn more about how our platform can benefit your business, please visit our website at www.smooothbiz.io #smoooth #saas #companysecretary #business #hongkong #businessowner #innovation #technology #companyregistry

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📌 Registration is now open for 6th Asia Law Firm Management Roundtable: Is your firm 'fit for the future'?, KPMG Clubhouse, Asia Square Tower 2, Singapore on 6 November 2024 🎉 Book before 11 Oct 2024 to receive early registration discounts here: https://lnkd.in/gcVdFj4X This programme is presented by the IBA Law Firm Management Committee, supported by the IBA Asia Pacific Regional Forum, and in cooperation with the Legal Services Interest Group of the Singapore International Chamber of Commerce. ✔ Topics include: - Singapore – what does it mean to be Asia's legal hub? - How has a digital approach to many aspects of the court systems changed the way in which litigation is conducted? - Singapore's role in the global payments system - Pricing and financial management - What do clients really think about law firms - Several other relevant issues that will determine whether your firm is 'fit for the future' By attending, you will be rewarded by not only hearing some great advice which will enable you to plan the future of your law firm to ensure it is 'fit for the future', but you will be able to meet and network with many leaders from the law firm management community throughout Asia and beyond. We are also very pleased to announce that our keynote speaker will be Lucien Wong, Attorney-General of Singapore. Whether you are a law firm partner, business services professional or general counsel, this is a must-attend event if you would like to understand the future of law firms and the legal world. Look forward to welcoming you in Singapore! #lawfirm #legal #singapore #asiapacific #IBAevents

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Cross Capital Invested in Gobi Partners ’ Flagship Fund, Establishing a Strategic Partnership ■About the partnership We are thrilled to announce our LP investment in Gobi Partners’ “MERANTI ASEAN GROWTH FUND II” through Cross Capital I Limited Partnership (CC1). This marks the establishment of a strategic partnership aimed at fostering cross-border innovation and collaboration. Through this partnership, Cross Capital aims to leverage Gobi Partners’ extensive network and expertise to bridge the growth opportunities in Asia with the business collaboration and investment needs of its Japanese corporate LPs. This alliance will further strengthen Gobi Partners’ mission to drive cross-border innovation while fostering deeper connections between Japanese enterprises and Southeast Asia’s thriving entrepreneurial ecosystem. ■About Cross Capital Cross Capital is dedicated to “unlocking Japan’s potential through the power of cross-border innovation.” It operates a Japan-focused open innovation infrastructure leveraging a fund-of-funds structure. Corporate LPs participating in Cross Capital’s initiatives gain access to over 1,800 startups backed by top-tier VCs, while receiving end-to-end support, including: ・Defining collaboration themes ・Identifying and selecting partners ・Business planning ・Engaging startups ・PoC execution and business launch Additionally, Cross Capital facilitates capability-building through personnel exchange programs. Refer to our press release (https://lnkd.in/g_FsXvyS) and website for further details! Takaki Nakamura | Fumito Takashima | Thomas G. Tsao | Jamaludin Bujang | Suryono Darnor #CrossCapital #OpenInnovation #Japan #FoF

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The SC released a Practical Guide on Venture Capital and Private Equity in Malaysia yesterday. This timely resource addresses critical aspects of navigating the VC/PE ecosystem within the Malaysian regulatory framework. This handy 64-page Guide is divided into 6 parts as follows: 1. Regulations & Registration: Understands SC rules for VC/PE firms and how to register. 2. Fund Structuring: Learn about different fund types, structures, and necessary documents. 3. Foreign Exchange: Grasp Foreign Exchange Policy (FEP) rules for PE firms. 4. Taxation: Understands Malaysian tax rules for VC/PE, including incentives and Labuan's regime. 5. Fund Management: Know the key service providers needed to run a VC/PE fund. 6. Fund Marketing: Learn how to identify investors, raise funds, and create a Private Placement Memorandum (PPM). Part 2 on Fund Structuring briefly explains the various fund structures – including Sdn Bhd fund structure and the limited partnership structure which most of us are more familiar with. Hopefully after this we do not see limited partnership terms being  ‘crudely forced’ into Sdn Bhd fund structure anymore 😅. This Guide definitely serves as a valuable addition to the knowledge base of industry participants and stakeholders. It empowers them to make informed decisions and navigate the complexities of the Malaysian VC/PE landscape with greater confidence. Please click here if you wish to download the Guide: https://shorturl.at/7OnuK Azmi & Associates #vcpe #fundinvestments #funds #venturecapital #privateequity

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Net Working Capital model Credits to Bojan Radojicic  follow him for more finance insights! ~~~~~~~~~ 𝙏𝙝𝙚 𝙤𝙧𝙞𝙜𝙞𝙣𝙖𝙡 𝙥𝙤𝙨𝙩 𝙞𝙨 𝙝𝙚𝙧𝙚: Navigating the financial intricacies of business can be daunting, but understanding your Net Working Capital (NWC) can make a difference. A NWC planning model: 🌐 Provides a holistic view of short-term financial health. 💡 Helps pinpoint operational inefficiencies. 🔄 Guides cash flow management and capital allocation strategies. Whether you're scaling your startup or refining processes in an established firm, incorporating a detailed NWC model is vital. It can bridge the gap between day-to-day operations and strategic financial planning. 🤔 How do you manage and plan around your NWC? Let's share best practices and insights! Comment below.👇 ~~~~~~~~~~~ Want this visual in PDF? DOWNLOAD HERE: https://lnkd.in/d-4u--vT ~~~~~~~~~~~~

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Suruhanjaya Syarikat Malaysia (SSM) issued the following announcements: 1. Lodgement of BO Information Via e-BOS Further to our announcement released on 5 August 2024 relating to SSM advising companies to lodge and rectify their beneficial ownership (BO) information via the electronic beneficial ownership system (e-BOS) platform without incurring rectification fees, SSM had on 23 September 2024 issued a notice reminding companies to lodge and rectify their BO by 30 September 2024. Companies are required to maintain a register of BO and to lodge the BO information, as well as any changes, within 14 days from the date of record in the register. A company and any of its officers who contravene section 60B of the Companies Act 2016 shall, upon conviction, be liable to a fine not exceeding RM20,000. Companies are encouraged to lodge their BO information via e-BOS at the earliest possible time to avoid system delays and congestion as the deadline approaches. 2. Consultative Documents on BO Guideline, BO Case Studies and Illustrations of LLP Further to our announcement released on 15 August 2024 relating to the issuance of the consultative document on “Proposed Guideline for the Reporting Framework for Beneficial Ownership of Limited Liability Partnerships (LLP), and Case Studies and Illustrations” by SSM, SSM had on 22 September 2024 invited further comments and feedback on the consultative document. Members are invited to submit views and comments to [email protected] by Friday, 18 October 2024. Refer to the Announcements here: https://lnkd.in/giifepMy #MAICSA

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MAS enforcement action alert - senior manager accountability is in focus. MAS has  reprimanded RVP One Pte. Ltd. (RVP), a registered fund management company (RFMC), and its chief executive officer (CEO) and director, Mr Viktor Panisch, for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). RVP did not comply with its reporting obligations under the SFR. It did not submit: - financial returns for financial years 2020 to 2022 and annual declaration for financial year 2023; - changes to its shareholding structure and the resignation of a director; and - information concerning its fund management business, including the location of its employees, shareholding structure and details of a new fund.  As RVP’s CEO and director, Mr Panisch was principally responsible for ensuring that RVP complied with MAS’ regulatory requirements. MAS found that Mr Panisch knew and agreed to RVP’s breaches, and that he had failed to take adequate measures to ensure that RVP complied with MAS’ regulatory requirements. #enforcement_action #senior_manager_accountability #reporting_requirements

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Validus, a portfolio company of Vertex Ventures SEA and India, has secured $50 million in debt financing from HSBC under the ASEAN Growth Fund strategy. This funding will be used to support the financial inclusion of micro, small, and medium enterprises (MSMEs) in Indonesia through Validus' subsidiary, Batumbu. As one of Validus' earliest investors, we are excited to see them drive growth and innovation in the digital lending space. With 64.2 million MSMEs contributing 61% of Indonesia's GDP, the potential for impact is immense. Validus aims to empower these businesses by providing more accessible financing options, enabling them to thrive and contribute to economic development. "By leveraging Batumbu's unique position as the largest and only profitable digital SME financing platform in the country, we are committed to unlocking new opportunities for businesses, driving economic growth, and enhancing financial inclusion," said Nikhilesh Goel, CEO of Validus. We look forward to supporting Validus as they continue to expand across Southeast Asia and make a meaningful difference in the lives of MSMEs. Read more: https://lnkd.in/gNeUbiNb #VertexVentures #Investment #Validus #Growth #FinancialInclusion #MSMEs

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The Hong Kong Stock Exchange (“HKEX”) has issued a comprehensive Guidance Letter (the “Guidance”) on independent investigations for listed companies suspended from trading due to allegations of accounting or corporate irregularities. The Guidance sets out the HKEX's expectations on the investigation scope and procedures, independence and transparency requirements and how listed issuers can work towards resumption of trading as soon as practicable. Please refer to our article below authored by our Partner Keith Chan and trainee solicitor Natalie Poon for the key takeaways of the Guidance Letter. Feel free to reach out to us if we can be of assistance! https://lnkd.in/gYH7SNT9 #MinterEllisonLLP #FinancialServicesRegulatory #HKEX

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𝐁𝐫𝐢𝐧𝐠𝐢𝐧𝐠 𝐲𝐨𝐮 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐨𝐧 𝐅𝐮𝐧𝐝 𝐓𝐚𝐱 𝐈𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞 𝐒𝐜𝐡𝐞𝐦𝐞𝐬: 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟏𝟑𝐃 (Exemption of income of prescribed persons arising from funds managed by a fund manager in Singapore) The Section 13D Scheme will remain as a self-administered / self-assessment scheme. Key revisions to the S13D scheme for both SFO and non-SFO funds: Investment Professional ("IP") and 30/50 rule for investors In brief, if the intention is for Section 13D Funds to be managed and advised directly solely by a licensed FMC, SFOs may have to start rejigging their fund management / advisory arrangements by out-sourcing/ sub-delegating them to these licensed FMCs, which will invariably add on to the costs in managing their own assets and also inadvertently serve as a dampener to aspiring principals / wealth creators to continue pursuing their fund management journey (most of whom under this category may not necessarily have the AUM required to meet the conditions under the prevailing Sections 13O/OA/U Schemes but working towards there). Read more: https://lnkd.in/gkidP_JW If you have any questions regarding the key changes, please don’t hesitate to reach out to our team of tax advisory specialists led by Edwin Leow and Shaun Zheng. We are here to help you confidently navigate Singapore’s tax landscape. #CLAGlobalTS #assetmanagement #keychanges #SingaporeTax #Taxincentives #Insights #fundtax #Section13D | Aaron Zhou | Else Guo

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How should cryptocurrency assets / digital tokens be valued in assessing damages? When should the digital assets be valued for determining quantum of compensation? The Honourable Mohamed Faizal JC in this case has highlighted these important issues which my team had to grapple with recently. Should it be spot value or volume-weighted average or highest value within a reasonable period of 'reconstruction' of assets? Especially when the market prices are highly volatile. What if there is practically no other market except within a particular platform? His comments in the decisions are obiter dicta but are useful for serious consideration as the jurisprudence on this evolves in the Singapore courts and elsewhere. #SingaporeLaw #disputes #litigation #cryptocurrency #digitalassets #virtualassets #cryptodisputes The decision here: https://lnkd.in/ghZRaug6 My discussion on the Judge's comments here: https://wp.me/p70efy-4tm

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This update discusses the recent public consultation by SGX RegCo, whereby it proposed amendments to the SGX-ST Listing Rules to impose an obligation on issuers to facilitate the convening and conduct of shareholder-requisitioned meetings under sections 176 and 177 of the Companies Act 1967 of Singapore. #Corporate #SGXPublicConsultation #ProposedRegulatoryChanges #ShareholderMeetings #SGXListingRules #Publications

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When I cover regulatory issues in my CG course, I use the latest statistics from this monthly report from SGX. In particular, the parts of this table showing the distribution of issuers in terms of Mainboard, Catalist and secondary listings, and Singapore vs overseas companies (including Chinese companies). What they tell us is net number of listings have fallen continuously over many years; more are Catalist listings which are generally poorer quality, and the number of overseas listings particularly Chinese companies have fallen drastically. Many of the overseas listings that disappeared especially Chinese companies were because of fraud, irregularities or major CG lapses. No accountability for those responsible in most cases and no recourse for investors. That’s what any attempt to revive our exchange is up against.

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📢 Stay Informed! Our Associate Member, Wanyi Law Office Singapore, gives us the latest update on the newly revised Chinese Company law. ⬇️   China has passed an amendment to the Company Law, effective July 1, 2024, aimed at optimizing corporate governance, protecting shareholders' rights and interests, and improving the establishment and exit system of companies.   The amendment requires companies to provide more transparency in capital contribution and changes in shareholders' rights and interests. Shareholders must pay off registered capital within 5 years after the company's establishment and disclose paid-in capital.   The revised Company Law also enhances standardization of corporate governance by introducing or strengthening provisions on the board of directors and general meetings of shareholders. Companies with more than 300 employees must have employee representatives on the board of directors. The amendment also increases legal liability requirements for directors, supervisors, and senior managers, clarifying their obligations in the company's operation.   If shareholders abuse the company's independent status and limited liability to evade debts, they will be jointly and severally liable for the company's debts. These changes will have a profound impact on corporate governance, shareholders' rights and interests and corporate operations. https://lnkd.in/g_2dzwt6 #ASEANLegalAlliance #China #companylaw #WanyiLaw

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Shin Ushijima, partner at Ushijima & Partners and recently named among ALB's top 15 North Asia litigators, offers a compelling insight into the dynamic world of corporate litigation in Japan. With the surge of foreign investment transforming the business ecosystem, his firm has been at the forefront of representing activist shareholders and major corporations. "Our firm has been at the forefront of this trend, representing more and more activist shareholders, as well as major Japanese companies, enforcing their rights," Ushijima explains. Specializing in complex, multi-party corporate litigation, Ushijima emphasizes the increasing sophistication required in today's globalized legal landscape. His approach goes beyond traditional legal representation, combining a deep bench of expertise with nuanced understanding of issues ranging from M&A to hostile takeovers. Central to Ushijima & Partners' philosophy is an unwavering commitment to client success, encapsulated in their motto "Perfection for our clients." Ushijima's approach demonstrates that exceptional legal practice is about more than winning cases—it's about driving meaningful systemic change. Read the full Q&A here: https://lnkd.in/gXJsvTVa

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