According to MAS, the $12.6 million fine was the largest amount imposed to date. "The purpose of this significant civil penalty amount is to send a clear signal to listed issuers to ensure the accuracy of the information they release to the public," says MAS in response to queries.
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $12.6 million on former high-flying commodities Hong Kong-based, Singapore-listed Noble Group for publishing misleading financial statements, thereby breaching the Securities and Futures Act (SFA).
The SFA allows for MAS to enter into an agreement with any person for that person to pay, with or without admission of liability, a civil penalty for contravening any provision of the act.
