September 27, 2016

RHT Rajan Menon Foundation successfully registered as a charity in Singapore

RHTLaw Taylor Wessing is pleased to announce that RHT Rajan Menon Foundation Ltd (“Foundation”) has been successfully registered as a charity in Singapore effective from 16 September 2016. Named after our Founder-Senior Consultant Rajan Menon, the Foundation acts as a vehicle through which our Firm and the RHT Group of Companies contribute to their charitable endeavours. In May this year, the RHT Rajan Menon Foundation Charity Golf 2016 helped to raise more than S$260,000 in support of WWF Singapore, The Straits Times School Pocket Money Fund and National Gallery Singapore. In October 2016, the Foundation will be partnering with the Singapore Red Cross (“SRC”) as SRC’s title sponsor for a charity golf event to be held at the Orchid Country Club. For more information, please contact Senior Partner Tan Chong Huat and Partner Kaylee Kwok.
September 26, 2016

RHTLaw Taylor Wessing Managing Partner Tan Chong Huat shared his views on “Bridging the trust gap” in this week’s Views from the Top

RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top. This article was first published in The Business Times on 26 September 2016. Bridging the trust gap SEP 26, 2016 5:50 AM THIS WEEK'S TOPIC: What can be done - by business leaders and companies - to build trust? Tan Chong Huat Managing Partner RHTLaw Taylor Wessing LLP At the risk of over simplifying the subject, I would recommend that business leaders and companies remember the acronym "GRACE" ie Governance, Risk, Anti-Money Laundering, Compliance & Ethics. These are important virtues when it comes to building trust.  The embracing of each and every one of them will be essential to guide and promote trust, and prevent the destruction of trust that have been established, built over time and maintained between companies and stakeholders. Good governance that delivers performance and profitability which complies with regulations (among others, anti-money laundering as in the recent BSI / 1MDB case), conforms with good ethics, and is equipped with adequate and effective risk management will offer a good trust-enabling framework. Needless to say, the honesty, diligence and accountability of business leaders will be of foremost importance in determining the trust quotient of the companies they helm. Examples include Dr Cheong Choong Kong (Singapore Airlines) and Warren Buffet (Berkshire Hathaway), just to name a notable few. Over time, some of these companies become great institutions which are trusted and loved by their stakeholders, with a distinctive culture of honour and integrity. Hence the importance of "GRACE"
September 23, 2016

RHT Compliance Solutions Hosted Flagship Compliance Summit “Getting Smart and Getting Tough”

RHT Compliance Solutions organised its flagship Compliance Summit titled “Getting Smart and Getting Touch” at Suntec Convention Centre on 22 September 2016. RHTLaw Taylor Wessing Chairman and Senior Consultant Professor Walter Woon SC gave the welcome address. We were delighted by the turnout of about 250 guests, mostly from the legal and compliance community in financial services. Four interesting panel discussions were held covering the following themes: AML in Focus – how certain unprecedented enforcement actions in Singapore by the MAS has put AML front and centre, and how financial institutions should react.  Role of technology in compliance – with increasing complexity of regulations, there is a need to leverage on technology for compliance. Anti-Corruption – dissecting issues such as the impact of 1MDB on anti-corruption programs, dealing with cross-border risks, innovative approaches towards anti-corruption program and handling cross-border investigations. Compliance culture – how recent enforcement actions has put compliance culture in the forefront, designing a program to promote compliance culture, measuring compliance culture, and a debate about the need to have an accreditation program for compliance officers in Singapore FinTech and Compliance – the inherent tensions between innovation and regulation, the importance of having a risk-focused compliance program for Compliance Officers. We were also privileged to have a speaker from HK’s Independent Commission Against Corruption to present on Asset Forfeiture in Corruption. This Summit took place as part of the UK Government’s International Anti-Corruption Week –Tackling Financial Crime Together organised by the British High Commission in Singapore.
September 21, 2016

Head of Intellectual Property and Technology Practice Jonathan Kok quoted in The Straits Times

RHTLaw Taylor Wessing’s Head of Intellectual Property and Technology Practice Jonathan Kok was quoted in The Straits Times article titled “Samsung Galaxy Note7 exchange includes parallel import sets; deadline extended". The article was first published in The Straits Times on 21 September 2016.  Samsung Galaxy Note7 exchange includes parallel import sets; deadline extended Source: The Straits Times © Singapore Press Holdings Ltd Date: 21 September 2016 Author: Irene Tham Samsung has confirmed that it is extending the exchange programme for its faulty Galaxy Note7 to include parallel import sets in what is Singapore's first major mobile phone recall. Although it will first replace the phones of those who bought from authorised retailers here - estimated to be in the "thousands" - the South Korean firm will also provide a new Note7 device to those who bought handsets from parallel importers. Samsung will also extend the exchange programme beyond its original Oct 2 deadline. A Samsung spokesman told The Straits Times: "While we encourage consumers to always buy from authorised retailers, Samsung is prioritising consumer safety in the global replacement programme." She said those who bought from authorised retailers will get their replacement handsets first in its exchange programme, which kicked off last Friday. It will run until Oct 2 at the Suntec Singapore Convention and Exhibition Centre. After Oct 2, customers will need to call the 1800-SAMSUNG (7267864) hotline to make arrangements for the exchange. Users who bought from parallel importers - usually at a discount from e-marketplaces such as eBay and Qoo10 - can call the same hotline to arrange for an exchange. Technology lawyer Jonathan Kok of RHTLaw Taylor Wessing said Samsung is controlling the damage to its reputation. "If Samsung does not replace the faulty sets, it can be sued for product liability (in the case of) a customer injury, loss or damage as a result of the defect." Note7 user Sadiq R, 26, is glad that Samsung has extended the exchange programme beyond Oct 2. "I was told by its call centre on Monday that I would not be able to replace my handset after Oct 2," said the graphic designer, who had also asked for a refund. But the phone maker maintained yesterday that it will not be offering Singapore consumers a refund, which is being offered in markets such as Australia and the US. Samsung, which issued a global recall of 2.5 million Note7 phones this month, said it will resume selling the device in Singapore in October, after the exchanges are done. With its new edge-to-edge screen, water-resistant feature and iris scanner, the Note7 debuted in August to rave reviews. It was poised to lift Samsung's quarterly profit and take on Apple's new iPhone 7, which went on sale in Singapore last Friday. To date, close to 80 per cent of Note7 owners who had bought from Samsung's authorised retailers in Singapore have registered to have their handsets replaced. Local authorised retailers and distributors have also since returned more than 80 per cent of all unsold Note7 devices. Lawyer Kala Anandarajah, who heads the Competition & Antitrust and Trade team at Rajah & Tann, said Singapore laws are stricter on defective cars than on defective phones. "Defective cars that are not safe must be fixed under the law, and this requirement applies to both authorised dealers and dealers of parallel import cars," she said. "For mobile phones, however, a formal recall imposed on the manufacturer, authorised resellers or dealers of parallel imports is at the discretion of Spring Singapore." Last Thursday, the United States safety regulator, the Consumer Product Safety Commission, started banning the sale of the phone, which had caught fire, as well as issuing an official recall.