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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Jasmine Ng
08 October 2013
Blumont Group said on Tuesday that it was not aware of any manipulation of its share price, calling it the job of the Singapore Exchange (SGX) to find out and not that of the management.
“The company has provided its disclosure, it continues its business plan. The trading is up to someone else,” Blumont’s chairman-designate, Alexander Molyneux, said at a briefing. He assumed the position on Monday night.
“That’s for the exchange to look into, that’s not for the company to look into. We don’t have the resources or authority,” he said.
Until the SGX suspended its trading last Friday, Blumont had strong run-ups in its stock price this year. The regulator said it believed that the market might not have been fully informed of the company’s circumstances after Blumont shares plummeted in Friday trading.
On Sunday evening, SGX declared shares of Blumont, Asiasons Capital and LionGold Corp designated securities, barring investors from short-selling the stocks and requiring them to pay for the transactions upfront with cash. It allowed the counters to resume trading yesterday.
“In my personal view, whether or not any regulatory issues caused the share-price slide, I believe it created a unique value opportunity, and that’s why I bought the stock,” Mr Molyneux said.