36
NO. 10 OF 2006
- dispose of the whole or any part of his stake in the casino operator which has been acquired or held in contravention of that provision in such manner, within such time and subject to such conditions as may be specified in the notice;
- (c) where the Minister is satisfied that the main shareholder of a casino operator has contravened subsection (2)(b), direct the main shareholder to cease all participation in contravention of that provision within such time as may be specified in the notice;
- (d) where the Minister is satisfied that the main shareholder of a casino operator has contravened subsection (2)(c), direct the main shareholder to terminate any agreement made in contravention of that provision within such time as may be specified in the notice;
- (e) give such other direction as the Minister considers appropriate.
(5) Any person who fails, without reasonable excuse, to comply with a direction made under subsection (4) shall be guilty of an offence and shall be liable on conviction—
- (a) in the case of an individual, to a fine not exceeding $12,500 for every day or part thereof that he fails to comply with the direction; or
- (b) in any other case, to a fine not exceeding $25,000 for every day or part thereof that he fails to comply with the direction.
(6) Where any direction has been made under subsection (4)(b), then, until a transfer or disposal is effected in accordance with the direction, and notwithstanding anything in the Companies Act (Cap. 50) or in the memorandum or articles of association of the casino operator—
- (a) no voting rights shall be exercisable in respect of any voting shares in the casino operator which are comprised in any part of any stake in the casino operator acquired or held in contravention of subsection (1)(b) or (2)(a) (referred to in this subsection as the relevant shares), unless the Minister expressly permits such rights to be exercised;
- (b) no shares in the casino operator shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the relevant shares unless the Minister expressly permits such issue or offer; and
