On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 14/02/2008.
78.
—(1) Where the Authority has made a decision that section 69(1) or 70(1) has been infringed, the Authority may give directions to such person as the Authority considers appropriate to bring the infringement to an end.
(2) A direction referred to in subsection (1) may, in particular, include provisions —
(a)
where the decision is that any agreement infringes section 69(1) —
(i)
requiring the person to modify or terminate the agreement; and
(ii)
in the case of an agreement referred to in section 69(2)(f), requiring the person to dispose of all or any of the relevant shares or assets, otherwise than to an associated person, within a period specified in the direction, being not less than 3 months after service of the direction; and
(b)
where the decision is that any conduct infringes section 70(1) —
(i)
requiring the person to modify the conduct in question; or
(ii)
requiring the person to cease that conduct; and
(c)
in either case, requiring the person —
(i)
to pay to the Authority a financial penalty in respect of the infringement of an amount not exceeding $1 million or 10% of the annual turnover of such person’s business in Singapore, ascertained from its latest audited accounts, whichever is the higher; and
(ii)
to provide a performance bond, guarantee or other form of security on such terms and conditions as the Authority may determine.
(3) Where a person fails to comply with a direction referred to in subsection (2)(a)(ii), the shares last registered in the name of that person or the assets, as the case may be, that are the subject of the acquisition and specified by the Authority by notice in writing served on the person, shall be forfeited to the Government.
(4) Any shares or assets forfeited to the Government under subsection (3) shall be sold by the Government as soon as practicable and the proceeds of sale, after deduction of the reasonable costs of the forfeiture and sale, shall be paid to the person from whom the shares or assets were forfeited.
(5) Any person who is aggrieved by any decision or direction of the Authority under this Part may, within 14 days after receipt of the notice referred to in section 79, appeal to the Appeal Panel under Part X.
(5A) An appeal under subsection (5) shall not suspend the effect of a decision or direction to which the appeal relates unless —
(a)
otherwise allowed by the Minister; or
(b)
the appeal is against the imposition or the amount of a financial penalty.
(6) In this section —
“associated person” has the same meaning as in section 76D(14) of the Companies Act (Cap. 50);
“relevant shares or assets” means any shares or assets of a gas licensee held by the person that would need to be disposed of in order to cause the acquisition to cease to have the object or effect of preventing, restricting or distorting competition in the gas market in Singapore.