25-07-2012, 09:54 AM
4. A foreign listed company board should not be allowed to transfer monies raised from the Singapore market out of Singapore, unless the board obtains a confirmation in writing signed by the Audit Chairman and the independent directors collectively that the purpose of the transfer is bonafide as disclosed in the prospectus.
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Won't this create much red tapes given that a business often needs to transfer money quite frequently?
Think it's more important to align both parties' interest together instead of creating a whole batch of regulations.
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Won't this create much red tapes given that a business often needs to transfer money quite frequently?
Think it's more important to align both parties' interest together instead of creating a whole batch of regulations.