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Power of Court to prohibit payment or transfer of moneys, securities or other property

Securities Industry Act

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—(1) Where —(a)an investigation is being carried out under this Act in relation to any act or omission by a person, being an act or omission that constitutes or may constitute an offence under this Act;(b)a prosecution has been instituted against a person for an offence under this Act; or(c)a civil proceeding has been instituted against a person under this Act, and the Court considers it necessary or desirable to do so for the purpose of protecting the interests of any persons to whom the person referred to in paragraph (a) or (b) or this paragraph, as the case may be (referred to in this section as the relevant person), is liable or may become liable to pay any moneys, whether in respect of a debt, or by way of damages or compensation or otherwise, or to account for any securities or other property,the Court may, on application by the Authority, make any one or more of the following orders:(i)an order prohibiting either absolutely or subject to conditions a person who is indebted to the relevant person or to any person associated with the relevant person from making a payment in total or partial discharge of the debt to, or to another person at the direction or request of, the person to whom the debt is owed;(ii)an order prohibiting, either absolutely or subject to conditions, a person holding money, or securities or other property, on behalf of the relevant person or on behalf of any person associated with the relevant person from paying all or any of the moneys, or transferring, or otherwise parting with possession the securities or other property, to, or to another person at the direction or request of, the person on whose behalf the money, or the securities or other property, is or are held;(iii)an order prohibiting, either absolutely or subject to conditions, the taking or sending out of Singapore of moneys of the relevant person or of any person associated with the relevant person;(iv)an order prohibiting, either absolutely or subject to conditions, the taking, sending or transfer of securities or other property of the relevant person or of any person who is associated with the relevant person from a place in Singapore to a place outside Singapore (including the transfer of securities from a register in Singapore to a register outside Singapore);(v)an order appointing —(A)where the relevant person is a natural person — a receiver, having such powers as the Court orders, of the property or part of the property of that person; or(B)where the relevant person is a body corporate — a receiver or receiver and manager, having such powers as the Court orders, of the property or part of the property of that person;(vi)where the relevant person is a natural person — an order requiring that person to deliver up to the Court his passport and such other documents as the Court thinks fit;(vii)where the relevant person is a natural person — an order prohibiting that person from leaving Singapore without the consent of the Court.(2) Where an application is made to the Court for an order under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim order, being an order of the kind applied for that is expressed to have effect pending the determination of the application.(3) Where the Authority makes an application to the Court for the making of an order under subsection (1), the Court shall not require the Authority or any other person, as a condition of granting an interim order under subsection (2) to give any undertakings as to damages.(4) Where the Court has made an order under this section, the Court may, on application by the Authority or by any person affected by the order, make a further order rescinding or varying the first-mentioned order.(5) An order made under this section may be expressed to operate for a period specified in the order or until the order is rescinded by a further order under subsection (1) or (4).(6) A person who contravenes or fails to comply with an order by the Court under this section that is applicable to him shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.

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