Sherroy Ong
Senior Consultant
Sherroy (Roy) Ong’s areas of expertise include debt and equity capital markets, Islamic finance, disputes, general corporate advice, financial regulation, and projects, including project finance.
He practises as a solicitor in Singapore, but is also qualified in England & Wales and Malaysia (although he does not currently practise in those jurisdictions). Roy obtained his first law degree from the International Islamic University of Malaysia and he went on to obtain a dual law and finance degree from the University of Sydney with a distinction in the finance element.
Roy, who is a native Mandarin speaker, spent some time with international firms White & Case in Singapore and Clifford Chance in Dubai and Saudi Arabia before joining as an in-house lawyer for the bank, ANZ, in its regional Asian headquarters.
Roy also worked as the governance director and in-house counsel for a South-East Asian family linked to a Brunei sovereign wealth fund.
He is also an ‘of counsel’ to a leading Indonesian IP law firm in Jakarta as well as to a Saudi Arabian law firm.
Roy’s accomplishments are recognised by his lifetime membership of the prestigious Beta Gamma Sigma international business honour society.
What we say about Roy
Roy is typical of the internationally-focused lawyers found at McCarthy Denning. His wide ranging experience, both in-house and in private practice, in South East Asia and the Middle East (including his knowledge of Islamic finance) is invaluable to a number of our clients. Roy is a valuable member of the team and we are very privileged to have him.
Representative Matters
- Representing a Singapore based blockchain wallet company to apply for a licence under the new Payment Services Act of Singapore through the Monetary Authority of Singapore meeting all the relevant criteria of the company: from technology risk management, base capital requirements to compliance.
- Advising several companies in their application to the Monetary Authority of Singapore (MAS) under the Singapore Payment Services Act 2020.
- Advising a Singapore company in their application for a MAS Capital Markets Services Licence for dealing in securities.
- Successfully advised a Japanese private equity firm as a shareholder in a listed business trust entity in Singapore in relation to advisory work of SGX-Listing Rules relating to interested persons transactions, threshold required to constitute major transactions, and disclosure of material information. Rule 1307(2) of the SGX Rulebook with regards to voluntary delisting and “The Offeror Concert Party Group must abstain from voting on the resolution” was advised upon.
- Negotiated the design, financing, construction, commissioning, testing, ownership, operation & maintenance of 1,204 MW heavy fuel oil-fired power plant and associated facilities for about US$1.8 billion.
- Advised a Chinese conglomerate on the possible sale and purchase of certain strata titles in Sampoerna Strategic Square Building in the heart of Jakarta, Indonesia. Due diligence covers aspects like search to title documents at Land Office, relevant licenses, environmental analysis, building construction permits, governmental approvals to Land and Property. The value of this transaction is approximately US$450 million.
- Successfully conducted a share buy back in relation to s76B and s76D of the Companies Act of Singapore for off-market shares buy back transaction for an unlisted entity in Singapore. Prepared all the required shareholders consents, resolutions and notices.
- Negotiated, drafted and reviewed a US$260 million trade receivables financing for a Korean MNC Engineering company in relation to the construction of a power project in the Middle East.
- Negotiated, drafted and reviewed the trade LC guarantee facility for a French construction company for the benefit of Saudi Aramco for an amount of US$250 million in relation to part of a syndicated transaction.
- Advised on the development of using data analytics to for detection of AML / CFT from an industry perspective and partnership with public, private partnership. Successfully advised and improve areas of concerns for certain crypto network providers/payment providers in relation to alert prioritisation, rules tuning, trend analysis, analyse existing data, improving KYC name screening analysis, etc.
- Set policy direction and broad general discussion with the Business divisions (Corporates, Institutional, Financial Institutions, and Public Sector) and provided and identified legal direction/policy / guidance notes in areas whenever such a need arose.
- Reaffirmed, advised and clarified to clients in relation to the aspects of the AML / CFT risks as set out in the Guidance to Capital Markets Intermediaries on Enhancing AMLCFT Frameworks and Controls Jan 2019.
- Successfully set up and implemented framework on key concepts of AML & sanction matters, Foreign Corrupt Practice Act / Bribery Act, its corruption elements, keeping proper records and set up internal controls and mechanics on early detection of fraud / corrupt practices, red flags issues, etc to clients / potential clients looking to conduct businesses.
- Successfully applied for Mareva relief in the High Court of Singapore for a construction company for debt recovery of S$1.3 Million in relation to a fraud case involving a non-licensed Singapore entity to offer up to S$100 million financing package. This action also required the piercing of the corporate veil to get the owner personally liable and a Mareva injunctive relief.
- Successfully represented a fast-moving consumer goods company (beverage industry) to obtain the release of substantial funds by a Singapore based bank.