CASINO CONTROL
35
- acquisition, the percentage of the total votes attached to the stake of that person in the casino operator—
- (i) is equal to or more than 20% of the total votes attached to all voting shares in the casino operator; and
- (ii) is equal to or more than the percentage of the total votes attached to the main shareholder’s stake in the casino operator.
(2) The main shareholder of a casino operator shall not, at any time there are only 2 casinos in Singapore—
- (a) acquire or hold any stake in the other casino operator;
- (b) participate in the management or operation of the other casino operator, whether by nominating or appointing any director or officer of the other casino operator or otherwise; or
- (c) enter into any agreement for the management or operation of the other casino.
(3) Any person who contravenes subsection (1) or (2) 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
- (b) in any other case, to a fine not exceeding $250,000.
(4) Without prejudice to subsection (3), the Minister may, by notice in writing, do one or more of the following:
- (a) where the Minister is satisfied that the main shareholder of a casino operator has contravened subsection (1)(a), direct the main shareholder to acquire a stake in the casino operator, in such manner, within such time and subject to such conditions as may be specified in the notice, to the extent that after the acquisition, the percentage of the total votes attached to his stake in the casino operator—
- (i) is equal to or more than 20% of the total votes attached to all voting shares in the casino operator; and
- (ii) is more than the percentage of the total votes attached to the stake of every other stakeholder in the casino operator;
- (b) where the Minister is satisfied that any person has contravened subsection (1)(b) or (2)(a), direct that person to transfer or
