What will CPF Board do with members or third parties who are found to have conducted manipulative transactions?
Under the law, CPF Board is empowered to recover CPF savings that is siphoned or withdrawn prematurely under such circumstances, with interest. The member could also be prohibited from making further withdrawals for a period of one year or more as the Board may determine, from the date of the contravention or from the date of the making of any false representations or furnishing of false information.
The Board takes a serious view on any attempts to siphon CPF savings prematurely and will not hesitate to take legal action against CPF members and intermediaries or other parties who collaborate to do this. Third parties will be charged under the Penal Code.