Stefanie Yuen Thio comments in the Edge: “The Big Reckoning”

CLOSE

Directory

Thio Shen Yi, SC

Joint Managing Partner

Litigation

Stefanie Yuen Thio

Joint Managing Partner

Corporate

Derek Loh

Partner

Litigation

Jennifer Chia

Partner

Corporate

Melvin Chan

Partner

Litigation

Ian Lim

Partner

Litigation

June Ho

Partner

Corporate

Kelvin Koh

Partner

Litigation

Ong Pei Ching

Partner

Litigation

Mark Jacobsen

Partner

Corporate

Felicia Tan

Partner

Litigation

Leon Lim

Partner

Corporate

Nanthini Vijayakumar

Partner

Litigation

Jeffrey Chan, SC

Senior Director

Litigation

Prof Tang Hang Wu, PhD

Consultant

Litigation

Prof Hans Tjio

Consultant

Corporate

Tania Chin

Director

Litigation

Mijung Kim

Director

Litigation

Raeza Ibrahim

Director

Litigation

Nicholas Ngo

Associate Director

Litigation

Kevin Elbert

Associate Director

Litigation

Benjamin Bala

Associate Director

Litigation

Vu Lan Nguyen

Associate Director

Litigation

Stephanie Chew

Associate Director

Litigation

Ernest Low

Associate Director

Corporate

Brenda Chow

Associate Director

Corporate

Heather Chong

Associate Director

Corporate

Nicole Lee

Associate Director

Corporate

Tay Quan Li

Senior Associate

Litigation

Lyn Toh Leng

Senior Associate

Corporate

Angela Chai Rui Min

Senior Associate

Litigation

Arthur Chin Yen Bing

Senior Associate

Litigation

Joshua Phang Shih Ern

Senior Associate

Litigation

Chow Jian Hui

Senior Associate

Corporate

Claudia Hui Ru Jun

Senior Associate

Corporation

R. Arvindren

Senior Associate

Litigation

Chia Wan Lu

Senior Associate

Litigation

Lau Tin Yi

Senior Associate

Corporate

Phoon Wuei

Senior Associate

Litigation

Terence Yeo

Senior Associate

Litigation

Juliana Lake

Senior Associate

Litigation

Sabrina Lim Su Ping

Senior Associate

Corporate

Kashib Shareef bin Ahmad Hussain

Associate

Corporate

Sherlyn Lim Li Xuan

Associate

Litigation

Kimberly Ng

Associate

Litigation

Vanessa Cheong Shu Qi

Associate

Corporate

Ryan Yap Cheah Jin

Associate

Litigation

Ang Kai Le

Associate

Litigation

Glenn Ng Qiheng

Associate

Litigation

Isaac Tay Zhuo Yan

Associate

Litigation

Markus Low Yu Wen

Associate

Corporate

Stasia Ong Pei Qi

Associate

Litigation

Sarah Kim Mun Jeong

Associate

Litigation

Yang Hai Kun

Associate

Corporate

Nicole Sim

Associate

Litigation

Ryan Ang

Associate

Corporate

Juvy Pang

Associate

Corporate

John Thomas George

Associate

Litigation

Pearlie Peh

Associate

Litigation

Arvind Soundararajan

Associate

Corporate

Perl Choo

Associate

Litigation

News

27 November 2018

Stefanie Yuen Thio comments in the Edge: “The Big Reckoning”

Features Stefanie Yuen Thio

In an article published by The Edge Singapore in the 26 November – 2 December 2018 edition on the CAD, MAS and ACRA investigation into Noble Group, Stefanie Yuen Thio said: “Noble, in its heyday, was a large group with complex businesses spanning the globe. With a complex group, there could be a lot of transactions to look into and it is not unreasonable for this to take a longer time. The authorities from the various regulatory agencies have been working closely together throughout the process and, with the high stakes involved, I’m sure they have worked expeditiously.”

On the impact of the investigation on Noble’s restructuring plan, she added: “If any stakeholder feels that he has been prejudiced by any misstatement, then he would probably have to go to court to get an injunction on the restructuring proceeding. The question is whether that stakeholder would have sufficient information to back up the application and whether stopping the restructuring would be for anyone’s benefit. Bear in mind that minority shareholders do not currently have a ready market for their shares. Any injunction might leave them in trading limbo, to their detriment.”

On the whether the regulators have failed in their duty, she commented: “The SGX, unlike the SEC in America, does not have wide-ranging powers of investigations and the ability to impose hefty sanctions. Its role is to be a guardian of the gates, not executioner; and to be diligent in its duties, which it has been. It has been proactive in asking probing questions and in protecting minority shareholders. The fact that the MAS and ACRA are still investigating this is due, in part, to the collaborative efforts of all the regulators to delve into the affairs of the troubled group.”

“I think it’s important that Singapore show that we are dogged in getting to the bottom of issues and that the regulators will investigate with rigour and diligence. It burnishes our reputation for transparency and good governance.”

The article can be found here (The Edge – Paywall)