Here is the definition of cheating in the criminal code of Singapore.
Cheating – Whoever, by deceiving any person, fraudulently or dishonestly induces the person so deceived to deliver any property to any person, or to consent that any person shall retain any property, or intentionally induces the person so deceived to do or omit to do anything which he or she would not do or omit if he or she were not so deceived, and which act or omission causes or is likely to cause damage or harm to that person in body, mind, reputation or property, is said to "cheat". For example, A cheats if he intentionally deceives Z into a belief that A means to repay any money that Z may lend to him when A does not intend to repay it, and thereby dishonestly induces Z to lend him money. Cheating is punished with imprisonment of up to one year, or a fine, or both.
A Singapore lawyer told me that the attorney general will only prosecute cheating when it is in the public interest. So, if a citizen is cheated and lodge a complaint, the attorney general may not take up the case.
My friend told me that in America, the attorney general will look out for cheating cases and prosecute the culprits. They do not wait for a complaint to be lodged.
It seems that the system is different between Singapore and America. I am not sure what is meant by "the rule of law", when the law is only enforced at the discretion of the authority.
Friday, March 27, 2009
MAS consultation paper: Unlisted investment products
Read the proposals contained in this consultation paper.
Here is an explanation by a law firm.
I conveyed the views contained in this paper to the CASE forum on 28 March 2009.Publish Post
Survey: motor insurance claims
Give your views on how to prevent sharp increase in motor insurance premiums. Survey.
Here are the survey results.
Sale of toxic products
A pharmaceutical company has discovered a new drug that is a seemed to be effective in curing certain types of cancer. According to an internal document, the drug used certain ingredients that may be harmful to people. Due to the rush to bring the new product to the market and to make big profits, the company was not able to complete the tests to identify and remove the harmful effects.
They were able to find two countries where the health regulators were willing to allow the drug to be sold to the public with a warning, "The new drug may, in some situation, be harmful for consumption".
The manufacturer advertised the positive aspects of the drug and many people bought it. Those who read the warning were told not to worry about it, as it was not likely to happen. After a few months, many people die from the drug, which turned out to be more toxic than expected.
The families were told that the patients should have paid attention to the warning. They had taken their own risk with their eyes open.
They were able to find two countries where the health regulators were willing to allow the drug to be sold to the public with a warning, "The new drug may, in some situation, be harmful for consumption".
The manufacturer advertised the positive aspects of the drug and many people bought it. Those who read the warning were told not to worry about it, as it was not likely to happen. After a few months, many people die from the drug, which turned out to be more toxic than expected.
The families were told that the patients should have paid attention to the warning. They had taken their own risk with their eyes open.
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