Vietnam Legal Update: Additional Permitted Cases on the Use of Foreign Currency in the Territory of Vietnam

Reading Time: 2 minutesIt is Circular No. 03/2019/TT-NHNN dated 29 March 2019 (“Circular 03”) due to amend Circular 32/2013/TT-NHNN dated 26 December 2013 (“Circular 32”), the State Bank of Vietnam relaxes the restrictions on the use of foreign currency in Vietnam. Principle of restriction on use of foreign currency in Vietnam Under Circular 32, except for 16 limitative […]

聚焦劳资业务:香港法律在降级方面的规定

Reading Time: 1 minutes降级通常涉及职位降低,或者工作职责和/或薪水的减少。员工出现业绩不良、能力有限等情况但又无需辞退时,雇主都可能会考虑对其进行降级处理。

不管是什么原因,雇主考虑降级时都要慎之又慎。降级应当合法而又专业;否则雇主可能面临不必要的投诉举报。

HONG KONG: A US short-seller was held liable for disseminating a false online research report about a Hong Kong listed company

Reading Time: 6 minutesIntroduction A US short-seller, Mr Andrew Left (“Mr Left”) of Citron Research, was held liable by the Market Misconduct Tribunal (“MMT”) in August 2016 for publishing false or misleading market information about Evergrande Real Estate Group Limited (“Evergrande”) (Stock Code: 3333). In February 2019, the Court of Appeal (the “CA”) dismissed Mr Left’s appeal against […]

Vietnam: When subsidiaries go bankrupt – can creditors “seek compensation” from parent companies?

Reading Time: 6 minutesIt is normal and recommended to allow a subsidiary which operates ineffectively and falls into insolvency to go bankrupt for the sake of a healthy business environment. However, except for subsidiaries which are only the front companies to conceal non-transparent or illegal business activities of parent companies, the bankruptcy of an enterprise causes losses to […]

The law on demotions in Hong Kong

Reading Time: 3 minutesA demotion normally involves a reduction in rank or status, or a decrease in job responsibilities and/or salary. An employer may wish to demote an employee for a variety of reasons including poor performance, capability and/or as an alternative to termination. Regardless of the reason for the demotion, an employer should be careful when demoting […]

How does an escrow account work in Singapore?  

Reading Time: 5 minutesIn Singapore, escrow accounts are used predominantly by solicitors in conveyancing transactions to control the flow of funds during various stages of the transaction. This article will look at the role of escrow accounts in conveyancing and the other purposes escrow accounts can serve. By understanding what the term means, you can better navigate and […]

Vietnam: May the buffalo sue the tractor?

Reading Time: 5 minutesThe panel hearing the case between Vinasun and Grab appears to be taking the more prudent approach before giving a ruling. It has adjourned the first-instance hearing until 22/11/2018; to have more time to verify and collect evidence before providing its conclusion regarding the alleged VND41 billion damage suffered by Vinasun. However, whatever the result […]

Vietnam: Work Permit – The Key Point in Resolving Labour Disputes with Foreign Employees

Reading Time: 9 minutesOne of the requirements for foreigners to work in Vietnam is to be granted a work permit by the competent Vietnamese authorities (Article 169.1.(d) of the 2012 Labor Code).  However, due to the practical, day-to-day demands of business, many companies do not comply with this regulation and often sign labor contracts with foreign employees without […]

How do I set up a register of controllers for my business?

Reading Time: 5 minutesIf you run a Company, Foreign Company, or a Limited Liability Partnership (“LLP”), you are required to set up a Register of Controllers. This is in accordance with the new requirement that was introduced on 31 March 2017 by the Accounting and Corporate Regulatory Authority (“ACRA”). ACRA subsequently issued and revised the ACRA Guidance on […]

Social Media and Your Business: Formidable Weapon or Uncontrollable Scourge?

Reading Time: 5 minutesA Double Whammy of Suspensions and Fines In a media release dated 24 January 2019, the Monetary Authority of Singapore (MAS) announced that it had issued a warning to a company which breached securities laws pertaining to an offer of digital securities tokens[1]. Following the warning, the proposed offering has been indefinitely suspended. Interestingly, the […]

Vietnam Legal Update: Proposed New Solar Feed-In-Tariff

Reading Time: 4 minutesOn 22 February 2019, the Ministry of Industry and Trade of Vietnam (the “MOIT”) publicized a draft Decision (the “Draft Decision”) that will replace Decision No. 11/2017/QD-TTg issued by the Prime Minister of Vietnam dated 11 April 2017 ( “Decision 11”) on mechanisms to encourage the development of solar power projects in Vietnam. The Draft […]

Hong Kong: Amendments to an employment contract – whether there is “real benefit” to an employer

Reading Time: 4 minutesIntroduction In our previous newsletter “Amendments to an Employment Contract Must Be Supported by Fresh Consideration” (September 2017), we discussed the ruling of the Court of First Instance (“CFI”) in Wu Kit Man v Dragonway Group Holdings Limited HCLA 15/2016, where the CFI held that amendments to an existing employment contract were unenforceable due to lack of […]