Harry Elias Partnership LLP has acted for the former China Sky CEO Mr Huang Zhong Xuan in the negotiation and conclusion of a civil settlement that was reached between Mr Huang and the Monetary Authority of Singapore in respect of misleading disclosures and the failure to make the required disclosures to the market which is in contravention of the Securities and Futures Act. The terms of the civil settlement include the imposition of a civil penalty of $2.5 million, in addition to an offer by Mr Huang to surrender 10% of his shareholding in China Sky. The offer by Mr Huang to surrender 10% of his shareholdings in China Sky is the first negotiated settlement of its kind in the Singapore landscape involving market misconduct which directly benefits existing shareholders of China Sky. In view of this civil penalty settlement, the Commercial Affairs Department has discontinued criminal investigations against Mr Huang. Consultant Hee Theng Fong and Partner Toh Wei Yi acted for Mr Huang.
