Greater controls over ownership, management of key transport firms sought under new draft laws

SINGAPORE - To guard against adverse influences and major interruptions in essential services, a new set of draft laws will subject key Singapore companies in the air, land and sea transport sectors to greater regulatory scrutiny if Parliament approves the changes.

These key entities could either be those that provide essential transport services directly in Singapore or those that hold an equity interest in a key transport company here. The mooted amendments will allow the respective transport authorities – the Land Transport Authority , Civil Aviation Authority of Singapore and Maritime and Port Authority of Singapore – to designate key entities under their purview and subject them to more controls.

If Parliament green-lights the amendments, approval from CAAS, for example, would be needed before shareholders in a designated aviation company can lower their controlling interest in the firm below certain thresholds – 75 per cent, 50 per cent and 25 per cent specifically.Similarly, buyers of a designated bus or rail company’s shares will have to notify LTA within seven days if they become a 5 per cent controller of the designated firm.

For designated entities licensed by LTA, CAAS or MPA – which may include bus, rail and airport operators – approval will also be needed for the appointment of board directors.S’pore passes law to screen investments into entities critical to national security interests The amendments proposed by MOT mirror clauses in the Significant Investments Review Act , which came into force on March 28, and allows Singapore to screen major investments in entities deemed critical to national security interests.

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