July 27 (Bloomberg) -- Peter Madhavan, the first independent director in Singapore to be sentenced to jail, won an appeal against his conviction for his role in filing misleading regulatory statements from Airocean Group Ltd.
“Airocean was far from being reckless in any sense of the word,” Singapore Chief Justice Chan Sek Keong said in a 117-page ruling today. “Airocean acted properly and prudently in seeking legal advice on whether or not to disclose what it knew.”
Madhavan was convicted in 2010 and sentenced to four months in jail for making misleading statements related to the company’s chief executive officer being in a corruption probe.
The appeals case is Madhavan Peter v Public Prosecutor. MA1/2011. Singapore High Court.
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