Keep Singapore's Books Clean
Bloomberg Businessweek|March 15, 2021
The city-state wants to prove it’s safe not just for wealthy tycoons but for investors, too
Chanyaporn Chanjaroen and Ishika Mookerjee

A series of scandals at Singapore-based companies has regulators tightening oversight and pushing for more disclosure. At stake is the city-state’s role as a global wealth hub, which has become all the more significant as Beijing tightens its grip on Hong Kong.

About $3 trillion in assets are managed in Singapore, with more than 76% of the total coming from overseas. Singapore aspires to be a place where tycoons and their families can set up business and companies can list their shares under the protection of a well-developed financial and legal system. But being an attractive haven can conflict with the transparency and disclosure that global investors are looking for. “It’s a complex balance,” says Bryan Goh, chief investment officer at Tsao Family Office Pte, the Singaporebased investment arm of an Asian shipping fortune.

Ravi Menon, head of the Monetary Authority of Singapore and the country’s top financial regulator, in December acknowledged the need for greater scrutiny. “There have been several failures that are due to lapses in accounting, auditing, and some fraudulent activities are not as easily detected,” he said.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView All

Bottom-Fishing Can Be Scary

In a rough year for stocks, it’s tempting to try to grab bargains now. Just be careful

6 mins read
Bloomberg Businessweek
May 09, 2022

RETHINKING FAIR PAY

Companies are overhauling compensation amid an uptick in relocations

4 mins read
Bloomberg Businessweek
May 23, 2022

MAKING CONTACT

Getting close enough to touch an animal usually isn't a great idea. But in a quiet lagoon on Mexico's Baja Peninsula, the whales are happy to oblige

6 mins read
Bloomberg Businessweek
May 23, 2022

BUILD BACKS BETTER

In a scoliosis market where treatments have changed little since the 1970s, even new brace technology shows how far we still have to go

10+ mins read
Bloomberg Businessweek
May 23, 2022

ASTRONOMICAL HARASSMENT

A long-term survey of women in astronomy reveals a sordid culture of discrimination and inequality in academia

4 mins read
Bloomberg Businessweek
May 23, 2022

The Teen Who Defied DeFi

How a young math whiz nabbed $16 million by exploiting decentralized finance | Index Finance was one of the great hopes of decentralized finance, the blockchain-based movement challenging Wall Street's gatekeepers. With one swift set of transactions, an 18-year-old math prodigy liquidated $16 million of its assets and opened a new legal frontier

10+ mins read
Bloomberg Businessweek
May 23, 2022

Nigerian Projects Stall as Chinese Loans Dry Up

President Buhari's legacy could be marred by Beijing's waning appetite for costly public works abroad

4 mins read
Bloomberg Businessweek
May 23, 2022

The Twitter Deal's Big Debt Bill

If the acquisition goes through, the company will face mounting interest expenses as it tries to grow

3 mins read
Bloomberg Businessweek
May 23, 2022

The Very Last of Lehman Brothers

The bank whose collapse marked the beginning of the 2008 financial crisis is only mostly dead. Meet the people attending to its final remains

10+ mins read
Bloomberg Businessweek
May 23, 2022

This Time Is Different

The slump that startups thought would never happen has arrived

6 mins read
Bloomberg Businessweek
May 23, 2022
RELATED STORIES

Mayling Ng

Exceptionally Talented Martial Arts Expert and Actress "Hong Kong to Hollywood Story"

10 mins read
Women Fitness
September 2021

Bangkok to Bali and Beyond

Sail to the cultural wonders of Southeast Asia.

4 mins read
Global Traveler
August 2021

UNITY IN A WORLD OF DIVERSITY

BRIAN JONES explores unity in a world full of challenges and diversity. Through different analogies and his own personal experience with meditation, he finds effective ways to achieve unity through the silence of the heart.

6 mins read
Heartfulness eMagazine
May 2021

José Jeuland 2020 BIG SURPRISES

It was the end of 2019, welcoming the year 2020 when I told myself that it would be a great year

3 mins read
Lens Magazine
December 2020

Keeping Up With the Lees

SINGAPORE IS NOT A MODEL FOR AMERICA.

10+ mins read
Reason magazine
January 2021

On the Rise

Premium economy soars in popularity and profitability for airlines.

5 mins read
Global Traveler
Class Act 2020

What You Don't Know About...Singapuras

Good Things Come In Small Packages

6 mins read
Cat Talk
June 2020

Pushing the BOUNDARIES of Creativity

The studio offers unlimited options and creativity.

3 mins read
Lens Magazine
May 2020

Do You Really Want a Flying Car?

It's the year 2020. So where are all the flying cars? The vast majority of people still get to work and school in boring, ground-bound cars. Not to mention buses, trains, and bikes.

2 mins read
Muse Science Magazine for Kids
May/June 2020

Leading the Way

Singapore balances priorities as it forges a sustainable future.

7 mins read
Global Traveler
April 2020