Neil Parekh Nimil Rajnikant on Significant Investments Review Bill

In the current geopolitical environment, the biggest national threat facing Singapore is an economic threat, said NMP Neil Parekh Nimil Rajnikant in Parliament on Tuesday (Jan 9). He noted that the Significant Investments Review Bill is meant to add to existing sectoral legislation in regulated sectors such as telecoms, banking and utilities. He asked if this could lead to inconsistencies in regulating entities with a similar economic risk profile and whether it might have been better to have one clear, consistent and comprehensive Bill that covers all relevant sectors and entities. Mr Parekh also wanted to know how designated entities may become undesignated, the possible scenarios and timelines for ordering remedial directions and reviews of transactions, and what exactly constitutes “national security interests”. Nevertheless, he described the Bill as “a very good balanced first step” to manage the unique risks emerging from allowing meaningful investments in critical entities in Singapore.