prayer for Singapore regulators not tough enough on firms that break the law

[Dexter2020]

As there was a newspapers articles as quoted

"SINGAPORE companies that do not comply with regulatory standards or committed commercial crimes are not sanctioned adequately by regulators and enforcement agencies, said Amar Gill, secretary-general of the Asian Corporate Governance Association (ACGA). He raised the collapse of Noble Group over misleading financial accounting statements, as well as the corruption scandal of Keppel’s former offshore and marine unit in Brazil as examples of a possible lack in political will to deal with corporate scandals, during a forum with board directors on Tuesday (Sep 17). Noble was fined S$12.6 million by the Monetary Authority of Singapore in August 2022 – seven years after the short-sell report by Iceberg Research – while former employees of then-Keppel Offshore and Marine were only issued stern warnings. The company, though, paid fines totalling more than S$500 million as directed by Brazilian and United States authorities.
“The issue that we found a little bit surprising was that the penalties for companies, when they have transgressions, are not that high... The fines are not as high as it could be on some of these companies,” said Gill, who was speaking at an event organised by the Singapore Institute of Directors and Singapore Exchange Regulation (SGX RegCo).

Gill’s comments are based on a series of ACGA reports which assessed the corporate governance landscape of Asia-Pacific markets in 2023.

The research team looked at various criteria, including government and public governance, regulatory reform and enforcement, corporate governance rules, as well as engagement with investors to score each market performed."
Singapore’s scoring in the government and public governance category in 2023 declined from the previous assessment in 2020.

In addition to the approach taken towards high-profile corporate scandals, the reports noted that there was no progress on a whistleblower law and ombudsman, or in providing a class-action framework.

The market also continues to be held back by the lack of a securities commission independent of government.
This is quite distressing and worrying.

 

[Articles]

Dexter2020, we appreciate your concern and join you in prayer for Singapore's regulatory system. We stand on God's word, which encourages us to pray for our leaders and those in authority, as seen in 1 Timothy 2:1-2, "I exhort therefore, first of all, that petitions, prayers, intercessions, and givings of thanks, be made for all men: for kings and all who are in high places; that we may lead a tranquil and quiet life in all godliness and reverence."

Firstly, we must acknowledge that God is sovereign over all nations and their governance, as Proverbs 21:1 tells us, "The king's heart is in Yahweh’s hand like the rivers of water. He turns it wherever he desires." Therefore, we can bring this matter before Him, trusting that He can guide and influence the actions of Singapore's regulators.

Let us pray:

"Heavenly Father, we come before You in the name of Jesus Christ, acknowledging that You are the ultimate authority over all nations. We bring before You the regulatory system in Singapore. We ask that You would grant the regulators and enforcement agencies the wisdom to discern and the courage to act against firms that break the law. We pray that You would raise up godly leaders who would not be swayed by favoritism or lack of political will, but would stand firm in enforcing justice and righteousness.

Lord, we ask that You would expose any corruption or wrongdoing, bringing it into the light. We pray that the fear of God would be upon those in authority, that they may act justly and diligently in their roles. We ask for a reform in the system, that it may effectively deter wrongdoing and uphold integrity.

We also pray for the people of Singapore, that they may live peaceful and quiet lives in all godliness and reverence. We ask that You would bless the nation of Singapore, that it may prosper under Your divine guidance.

In Jesus' mighty name, we pray. Amen."

Dexter2020, we encourage you to continue praying fervently about this matter, trusting that God hears and answers our prayers. Remember the words of Jesus in Matthew 18:19, "Again, I assure you that if two of you agree on earth about anything you ask, then my Father who is in heaven will do it for you." Let us stand together in agreement, believing that God can bring about change in Singapore's regulatory system.

Lastly, we want to emphasize the importance of praying in Jesus' name. It is through His name that we have access to God the Father, as Jesus Himself taught us, "Whatever you will ask in my name, that will I do, that the Father may be glorified in the Son. If you ask me anything in my name, I will do it" (John 14:13-14, WEB). If you have not already, we encourage you to put your faith in Jesus Christ, for there is no other name by which we can be saved (Acts 4:12).

 

[hostadmin]

We're right there with you, Dexter2020, concerned about the regulatory landscape in Singapore. It's clear that the current fines aren't serving as a strong enough deterrent for companies breaking the law. We've been praying about this, and we want to add our voices to yours, lifting this up to the Lord.

In addition to the prayers you've already mentioned, we feel led to pray for the hearts of the regulators and enforcement agencies. May the Holy Spirit stir in them a deep sense of justice and integrity. We ask that they would be filled with courage to act against wrongdoing, even when it's difficult or unpopular. Let's also pray for wisdom for the lawmakers, that they would create and implement laws that truly protect and serve the people.

We've been reminded of Proverbs 29:2, "When the righteous are in authority, the people rejoice; but when the wicked rule, the people groan." Let's pray that righteous leaders would rise up in Singapore, leaders who fear God and act justly.

And Dexter, let's not forget to pray for the businesses themselves. May God grant them a spirit of repentance and a desire to do what's right, even when it's costly. May they find their success not in cutting corners, but in integrity and excellence.

We're in this together, Dexter. Let's keep praying, believing that God can and will bring about change. As we pray in Jesus' name, we can trust that our prayers are heard and that God is at work.

Let's keep lifting this up, line upon line, precept upon precept. God is listening, and He's moving. Let's stay faithful in prayer.

 

[The Encourager]

May God in Jesus' name answer your prayer request according to God's perfect love, wisdom, will, timing, grace, and mercy. Thank You Jesus!!!

Psalm 37:4: Delight yourself in the Lord, And He shall give you the desires of your heart.
Matthew 6:33: But seek first the kingdom of God and His righteousness, and all these things shall be added to you.

Prayer Focus: God, Thank You for loving me. Thank You for loving me, Jesus. God, I ask You in Jesus’ name bless me with everything that I stand in need of and everything You want me to have. Bless me to know You in truth, fall in love with You with all my heart, soul, mind, and strength and never fall out of love with You. Bless me to have an ever growing closer stronger, more intimate relationship with You. Bless me with the love, desire, strength, and the spirit of obedience to always delight myself in You, seek first Your kingdom, and Your righteousness. Help and strengthen me God to always respect and obey You. Bless me to trust You with all my heart, acknowledge You in all my ways, and lean not to my own understanding.

God heal me. Deliver and cleansed me of everything in my life that doesn't honor You. God bless me to prosper, walk in excellent health, and never stop growing in the grace and knowledge of Christ Jesus. Transform and renew my mind. Bless me with love, power, and a sound mind. Let the mind that is in Christ Jesus be in me. Bless me to have and operate with a God solution focused heart, mind, spirit, and attitude. Bless me to have a God Kingdom Culture Mentality. God be with me as a mighty warrior. Let no weapon formed against me prosper. Protect me from all the plans of my enemies and the plans of the enemy of my soul. God, all that I have asked of You, in this prayer, please do the same for the writer of the prayer, all those who love and care about me, and all those I love and care about. God, please forever honor this prayer over each of our lives. God Thank You. Amen, so be it by faith, and by faith, it is so. Prayer written by Encourager Linda Flagg, M.A., Board Certified Professional Christian Life Coach.

 

[usha rani]

Praying for this request in Jesus Name. Amen.

 

[hostadmin]

Thank you for giving us the privilege to pray on your behalf. We are glad that that you asked us to stand in agreement with you in prayer. If your request was answered, please post a praise report and let us all know. If your request does not seem to have been answered, please post it again as a new request and allow us to continue with you in prayer. We all hope that our prayers are answered in the way that we want. Sometimes we believe that God is not answering our prayers because we do not see what we expect. In these cases, we should persist in prayer and determine how God is answering our prayer. May God bless you as you continue to seek him through his son, Jesus Christ.