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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Lee U-Wen, Business Times
19 November 2013
A non-executive independent director of Blumont Group, Ng Su Ling, resigned yesterday with immediate effect, the company said in a statement to the Singapore Exchange (SGX).
When contacted by The Business Times last night, the 49-year-old said one of the main reasons for her stepping down was to pursue legal action against Goldman Sachs International and Goldman Sachs Singapore.
She revealed that she has filed suit in the UK, and decided to leave Blumont Group in order to focus on the suit with her solicitors. She also added that she might have to make frequent trips to London as a result.
Ms Ng declined to go on the record when asked why she was suing the investment banking firm.
“I’m not at liberty to discuss the details of the suit as the solicitors are still working on it,” she said.
As for her future plans, Ms Ng said that she was still an independent director at LionGold, and would continue to serve at that company. She also plans to concentrate on her legal practice for the time being.
In its statement to SGX, Blumont said that it was in the process of identifying a suitable replacement. The commodities company also thanked Ms Ng for her services and contributions as a director.
Blumont and LionGold are part of the infamous trio of penny stocks - Asiasons Capital being the third company - that suffered a crash in their shares after huge rallies in their share prices earlier in the year.
The fiasco resulted in the Monetary Authority of Singapore saying that it would conduct an extensive review of the share price volatility. The three stocks lost more than $8 billion in combined market value over several trading sessions last month.