Singapore, 18 May 2026… The Monetary Authority of Singapore (MAS) has reprimanded senior management members of Havenport Investments Pte Ltd (HIPL) for their failure to satisfactorily discharge their duties which included, among other things, ensuring that HIPL complied with MAS regulations. MAS also imposed a composition fine of $40,000 against HIPL for the breaches committed by the company.

2 The senior management members were Mr Tan Keng Sin Patrick, HIPL’s Chief Executive Officer and Mr Tern Yuh Sheng Joseph, HIPL’s Executive Director.

3 HIPL’s breaches of the Securities and Futures Act and its related regulations included failing to put in place a risk management framework that adequately identified, addressed and monitored the risks associated with the assets it managed. HIPL also breached its base capital requirement and failed to report this non-compliance to MAS. HIPL further violated its Capital Markets Services licence conditions that required it to obtain written approval from MAS before launching a new product and ensuring retail investors obtain personalised financial advice from independent financial advisers before being onboarded for that product.

4 HIPL has ceased its retail fund management business and is no longer allowed to manage monies for retail investors from 18 July 2024.

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