High Court overturns Thomas Tay's convictions under SFA

Singapore

EIGHT years after he was first investigated and six years after he was sentenced, former Airocean CEO Thomas Tay saw his convictions under the Securities and Futures Act (SFA) overturned yesterday. Justice Choo Han Teck in the High Court quashed those convictions and returned Mr Tay the $240,000 fine he had paid.

The turnaround came after the Attorney-General's Chambers (AGC) applied to the High Court to set aside Mr Tay's convictions, following acquittals for former Airocean officials Peter Madhavan, Ong Seow Yong and Johnson Chong on similar charges.

"These rulings and findings have rendered crucial elements of Thomas Tay's charges absent. Consequently, serious injustice has been occasioned in respect of Thomas Tay's convictions, which would warrant the exercis…