Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 11 May 2017, 08:00 HKT/SGT
Share:
    

Source: DiCello Levitt & Casey LLC.
Judges in the Court of Appeal to decide if BNP Paribas has breached Singapore banking regulations

SINGAPORE, May 11, 2017 - (ACN Newswire) - Singapore's highest court will decide tomorrow morning, Friday 12th May, whether investors should have the right to hold banks based in Singapore to account. BNP Paribas are attempting to ignore Singapore's banking regulations, with respect to a multi-billion dollar merger. The case will set an important legal precedent regarding investor rights and the extent to which multi-national banks can 'opt out' of Singaporean law.

Legal proceedings were brought by a number of BNP clients, including the prominent Israeli-British businessman Jacob Agam, who questioned the validity of BNP's bank's $16 billion merger with its Singapore arm, BNP Wealth Management. The merger was invalid as two parts of BNP's business merged without seeking prior consent from Singapore's main financial authorities - the High Court of Singapore and the Singaporean Finance Minister. Permission from both authorities has long been required under multiple sections of the Singapore Banking Act.

The case was first heard by the Singapore International Commercial Court on 17 February 2017, which upheld the controversial merger on the basis that BNP had complied with French banking law, rather than the relevant Singaporean financial regulations.

If Singapore's highest court, the Court of Appeal, decides to uphold the contentious SICC decision this week, there will be significant ramifications for Singapore's multi-trillion dollar financial services industry and for local as well as foreign investors who hold assets with banks based in Singapore.

Mr. Agam commented "The Singapore authorities need to ensure that depositors and investors, both locally and internationally, are protected when investing in banks based in Singapore. There needs to be a dependable system of regulation in Singapore. If the judiciary decide to uphold the SICC decision, they will be telling the world that banks based in Singapore can ignore Singaporean law with impunity, and will become the only country in the world where big banks can pick and choose whether they will be regulated."

The appeal will be heard at 10:00AM SGT in the High Court of the Republic of Singapore (Court of Appeal) by Chief Justice Sundaresh Menon, Judge of Appeal Judith Prakash and Justice Dyson Heydon.

For media enquiries, please contact:
Luke Chauveau, Bell Pottinger
lchauveau@bellpottinger.com

Nikhita Sethi, Bell Pottinger
nsethi@bellpottinger.com


May 11, 2017 08:00 HKT/SGT
Topic: Legal Action
Sectors: Investors/Exchanges, Cards/Payments, Daily Finance, Daily News, Banking
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Latest Press Releases
Sooktha to showcase portfolio of 4G LTE, NB-IoT and 5G NR solutions at MWC 2018  
Feb 25, 2018 21:00 HKT/SGT
Jeju Shinhwa World Landing Casino and Marriott Resort and GD Cafe Open  
Feb 25, 2018 20:48 HKT/SGT
Aetius Capital leads US$30M ICO for Cloud Alliance to develop an app store for gamers in partnership with Unity Technologies  
Feb 23, 2018 18:30 HKT/SGT
Leon Lai Returns as the 14th Entertainment Expo Ambassador  
Feb 23, 2018 17:30 HKT/SGT
19th Hong Kong Jewellery Design Competition Results Announced  
Feb 23, 2018 17:00 HKT/SGT
Global Exchange opens its first-ever Asia offices at Hong Kong International Airport  
Feb 23, 2018 14:30 HKT/SGT
NEC Promotes 5G with NTT DOCOMO by Testing Coordination Technology Between Cells  
Feb 23, 2018 12:59 HKT/SGT
Ruckus Networks Strengthens Enterprise Vertical Presence, Signs Strategic Global OEM Agreement  
Feb 23, 2018 11:00 HKT/SGT
Ranbir Kapoor dares guests to take the dancefloor at Madame Tussauds Singapore  
Feb 23, 2018 10:30 HKT/SGT
Hong Kong International Diamond, Gem and Pearl Show and Hong Kong International Jewellery Show Open Next Week  
Feb 22, 2018 20:00 HKT/SGT
More Press release >>
 News Alerts
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: