TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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But, being a practical leader, after several days he got an idea. He went to the phone booth, called the National Weather Service and asked, “Is the coming winter going to be cold?”
“It looks like this winter is going to be quite cold indeed,” the meteorologist at the weather service responded.
So the chief went back to his people and told them to collect even more wood.
A week later, he called the National Weather Service again.
“Is it going to be a very cold winter?”
“Yes,” the man at the National Weather Service again replied, “It’s definitely going to be a very cold winter.”
The chief again went back to his people and ordered them to collect every scrap of wood they could find.
Two weeks later, he called the National Weather Service again.
“Are you absolutely sure that the winter is going to be very cold?”
“Absolutely,” the man replied.
“It’s going to be one of the coldest winters ever.”
“How can you be so sure?” the chief asked.
The weatherman replied, “The Red Indians are collecting wood like crazy.”