WWLegal.com :: Statement of Chief Justice On Alleged Misappropriation By David Rasif

Statement of Chief Justice On Alleged Misappropriation By David Rasif
Posted on Wednesday, June 07, 2006 - 08:00 PM

Chief Justice Chan Sek Keong has expressed his shock and concern about this incident to the President of the Law Society, Mr Phillip Jeyaretnam, especially after the rules on handling of clients' moneys by law firms were tightened in 2004 by the Solicitors' Accounts Rules.

2 How this event has happened will be fully investigated by the CAD and also separately by the Law Society itself. It may be necessary to put in place even stricter rules. One approach the Law Society should consider seriously is limiting the total amount of clients' moneys that small law firms may hold at any one time, or on a per client basis, without endangering the viability of small practices.

3 The President of the Law Society shares these concerns and will inform the Chief Justice as soon as possible on the proposals that the Law Society has to prevent this kind of incident from occurring again.

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