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Accounting and Corporate Regulatory Authority

ACRA steps up enforcement against errant companies

Audience

Businesses

Corporate service providers (CSPs)

News Topic

Enforcement and penalties

Category

Press release

14 April 2014

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

New deterrent fines were meted out by the State Courts today against three errant company directors who were charged and convicted of the failure to meet the two basic statutory requirements of holding annual general meeting (AGM) and filing annual return (AR) under the Companies Act (Cap. 50).  These were for either multiple or repeat breaches of the two said requirements and involved companies with share capital of at least $250,000.  The fines are twice the amount that a typical errant director would otherwise be expected to receive.  The total court fines for the three directors amounted to $17,800.        

Download the press release (opens in new tab) (PDF,128KB) for more information.