Prohibition Order passed by MAS against Mr Pan Qi for dishonest conduct
As per the state Court of Singapore Mr. Pan was engaged in a business that operated as fraud under the Securities and Futures Act.
Mr. Qi is prohibited from doing: –
- Any regulated activity
- Taking part in the management
- Acting as a director
Mr. Qi cannot become a substantial shareholder of any financial advisory firm under the Financial Advisers Act, cannot take a part in any regulated activity and management, become a director or a substantial shareholder of any capital markets services firm under the Securities and Futures Act
Conclusion: The Senior Management of the Company should ensure that, the Board of Directors and/or Representatives of the Company are working according to the relevant laws, regulations and guidelines issued by MAS.
Section 201 of Penal Code: Causing disappearance of evidence of an offense committed, or giving false information touching it, to screen the offender
(b) if the offense is punishable with imprisonment for life or with imprisonment which may extend to 20 years, shall be punished with imprisonment for a term which may extend to 7 years, and shall also be liable to fine;
Source: MAS issues Prohibition Order against Mr Pan Qi for Dishonest Conduct