Partner Lin Song from RHT Law’s China Practice provided comment on the recent concern from regulators worldwide regarding accounting irregularities surrounding S-chips listed on various exchanges.
He highlighted that companies in China are generally more focused on growth than corporate governance, and while there are laws in China against commercial crimes and fraud, enforcement is still not up to scratch as local governments tend to protect local businesses.
The Intellectual Property Office of Singapore (IPOS) is stepping up efforts to bring intellectual property (IP) closer to the people, through an integrated campaign optimising both online and offline activities to engage the general public.
Partner Jonathan Kok from RHT Law’s Intellectual Property & Technology practice observed that there has been an increase in local companies having basic knowledge of IP law and the importance of protecting their own IP locally and overseas.
The Ministry of Finance (MOF)’s proposed changes to the Companies Act includes deciding against a requirement for auditors to disclose to shareholders the reasons for their resignation due to concern over defamation, amongst others.
Partner Lin Song from RHT Law’s China Practice shared that while it is possible that lawsuits against audit companies signing off on Chinese companies’ financial statements could happen in Singapore, it is difficult for investors to have a strong case if auditors followed internationally recognised standards but could not spot accounting irregularities due to management’s sophisticated fraud or collusion with banks