Louis Ng on Significant Investments Review Bill
Under the Significant Investments Review Bill which was debated in Parliament on Tuesday (Jan 9), the Trade and Industry Minister has the power to issue a review notice against an entity that has acted against Singapore’s national security interests. This power extends beyond designated entities to any entities formed in or carrying business in Singapore, as well as any transaction where voting power is acquired. Such transactions may be unwound within two years after they are concluded. MP Louis Ng said this has the potential to increase costs and slow down business activities by requiring additional due diligence and monitoring of investments after a transaction has closed. He asked what businesses have said about the measure when consulted by the ministry and how the Government intends to mitigate the impact on them.
Under the Significant Investments Review Bill which was debated in Parliament on Tuesday (Jan 9), the Trade and Industry Minister has the power to issue a review notice against an entity that has acted against Singapore’s national security interests. This power extends beyond designated entities to any entities formed in or carrying business in Singapore, as well as any transaction where voting power is acquired. Such transactions may be unwound within two years after they are concluded. MP Louis Ng said this has the potential to increase costs and slow down business activities by requiring additional due diligence and monitoring of investments after a transaction has closed. He asked what businesses have said about the measure when consulted by the ministry and how the Government intends to mitigate the impact on them.
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