Power of Minister to issue written order relating to acquisition of assets, etc., of telecommunication licensee
69B.—(1) The Minister may issue a written order to any person that acquires the assets or business of, or shares in, a telecommunication licensee (referred to in this section as the relevant person), that telecommunication licensee, or both, if the Minister is satisfied that —
(a)
the relevant person is not a fit and proper person; and
(b)
it is not in the national interest to allow the relevant person to continue to own the assets or business of, or to hold the shares in, that telecommunication licensee.
(2) The Minister may, in any written order issued under subsection (1), direct the relevant person, that telecommunication licensee, or both, to do all or any of the following:
(a)
direct the transfer or disposal of all of the assets, business and shares acquired by the relevant person in that telecommunication licensee, within such time and subject to such conditions as the Minister considers appropriate;
(b)
restrict the transfer or disposal of the assets, business and shares by the relevant person in that telecommunication licensee;
(c)
restrict the exercise of voting power in that telecommunication licensee by the relevant person;
(d)
require that no payment shall be made by that telecommunication licensee of any amount (whether by way of dividends) in respect of the shares acquired by the relevant person;
(e)
restrict the issuance or offer of shares by that telecommunication licensee (whether by way of rights, bonus or otherwise) in respect of the shares acquired by the relevant person.
(3) In the case of any written order made under subsection (2)(a) or (b) relating to the shares, until a transfer or disposal is effected in accordance with the written order or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding the provisions of any written law or anything contained in the memorandum or articles of association, or other constitution, of that telecommunication licensee —
(a)
no voting rights shall be exercisable in respect of the shares unless the Minister expressly permits such rights to be exercised;
(b)
no shares of that telecommunication licensee shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the shares unless the Authority expressly permits such issue or offer; and
(c)
except in a liquidation of that telecommunication licensee, no payment shall be made by that telecommunication licensee of any amount (whether by way of dividends or otherwise) in respect of the shares unless the Minister expressly authorises such payment.
(4) Before issuing the written order under subsection (1), the Minister shall, unless he decides that it is not practicable or desirable to do so, cause to be given to the relevant person and the telecommunication licensee, as the case may be, notice in writing of his intention to issue the written order, specifying the date by which written representations may be made to the Minister with regard to the written order.
(5) Upon receipt of any written representation, the Minister shall consider it for the purpose of determining whether to issue the written order.
(6) The Minister may vary or revoke any written order issued under this section.
(7) Any person to whom a written order is issued under subsection (1) shall comply with the written order and the written order shall take effect notwithstanding the provisions of any other written law and anything contained in the memorandum or articles of association, or other constitution, of the designated telecommunication licensee.
(8) Any person who contravenes subsection (7) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.