07 Mar '11, 2am

Independent director in Singapore given jail sentence for misleading disclosure to stock exchange

SINGAPORE'S corporate scene has been stunned by a jail term given to an independent director under stock trading and disclosure laws. Lawyer Peter Madhavan, a former independent director at scandal-hit air cargo firm Airocean, was sentenced to four months' jail for his part in making a misleading statement to the Singapore Exchange. He was also fined $120,000. This is believed to be the first time an independent director here has been sentenced to jail for breaking securities laws. Independent directors are non-executives not involved in day-to-day management. District Judge Liew Thiam Leng said Madhavan had played a major part in issuing a statement to the SGX in 2005 that tried to downplay a bribery probe involving the firm's former chief. He said that as a lawyer, Madhavan was regarded by fellow directors as being more familiar with legal proceedings. Although Madhavan ...

Full article: http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/lega...

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