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Regulator ensures firms give accurate financial data but cannot prevent their failure: Ong Ye Kung

Published Wed, Feb 13, 2019 · 09:50 PM

Singapore

UNTIL its near-collapse last year, Singapore-listed Noble Group was one of Asia's top commodity traders and had been given a clean bill of health by its auditors.

On Wednesday, its sudden reversal of fortune was cited in Parliament by Education Minister Ong Ye Kung, a board member of the Monetary Authority of Singapore, when he explained why the authorities cannot prevent companies from suddenly going under despite regulations.

Mr Ong said the regulator, Singapore Exchange Regulation (SGX RegCo), essentially ensures transparency and accuracy of companies' financial r…

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