A Disclaimer is NOT a ‘Get out of Jail Free’ Card
Very quickly the Monetary Authority of Singapore (MAS) cleared DBS of any form of impropriety around the sale of Hyflux perpetual securities. In its statement MAS noted that "as a distributor of the securities, DBS complied with MAS' requirements to configure its ATM screens to remind investors to read the disclosure documents...
HoHoHo: Rogue bank kanna fined again
(Updated on 10 April at 5am: StanChart will pay US and UK authorities US$1.1bn to settle charges that it violated sanctions and ignored red flags about its customers: more than expected. It’s deferred prosecution deal with the US marshals extended until 2021. Ho Ho Ho.) Standard Chartered is bracing itself for a bumper fine...
Hyflux: ‘going concern’ BS/ KPMG again and again
The constructive, nation-building media report that the Accounting and Corporate Regulatory Authority (Acra) is watching the Hyflux fiasco closely. And this is newsworthy? It’s ACRA job to investigate, not watch, cock-ups like these. But then being a regulatory bureaucrat is one good way of getting a very expensive free lunch....
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