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 issu...
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Investigations still ongoing, but members of both companies eager to clear the air
Anita Gabriel, Straits Times
13 December 2013
Hedge fund Platinum Partners and financial adviser Jett Capital have rejected suggestions of links between the two firms and a share price dive in three penny counters in October.
Questions have arisen over whether there may be more than meets the eye over a link between the two New York-based firms and the trio, Asiasons Capital, Blumont Group and LionGold Corp.
An investigation into the trading of shares of these firms by the Singapore Exchange and the Monetary Authority of Singapore is still ongoing.
Meanwhile, legal suits have been filed in Britain by some shareholders of LionGold and Blumont against Goldman Sachs, alleging that the bank had force-sold their pledged shares in these firms.
But both Mr David Levy, deputy chief investment officer of Platinum Partners, and Mr Stephen Silver, partner of Jett Capital, are eager to set the record straight.
“To ask who is behind Platinum Partners based on a recent transaction counteracts our track record and strong returns over the 10 years,” said Mr Levy yesterday.
He said it has been frustrating for Mr Mark Nordlicht, who founded Platinum Partners in 2003.
“For me, it’s a strange question, but for Mark, who has built the firm up, it’s frustrating that after several investments in the Singapore market, somehow (there’s a notion that) somebody else controls the fund. It’s a strange concept,” said Mr Levy.
Platinum, which manages some US$1.5 billion (S$1.9 billion), has played a central role in several deals, particularly involving fund-raising exercises, by all three firms. Many of the deals have a common connection - they were advised by Jett Capital.
Jett Capital was founded by five former bankers from Citigroup, Canaccord Genuity (Australia) and Casimir Capital. Mr Silver, co-founder of Jett Capital, was with Canaccord Genuity before he joined four friends to set up Jett Capital six months ago. “We have done our best to disclose everything about us. We are an open book. We have nothing to hide,” said Mr Silver.
Jett Capital’s first deal involving a Singapore-listed firm, he said, was with Innopac Holdings.
Given its focus on the mining and resource sector, Mr Silver said it was natural to look at LionGold for opportunities, which led to a meeting with LionGold chief executive Nicholas Ng.
(FINRA Case
#2013037629301)
https://stockbrokerfraud.com/casimir-capital-stockbroker-suspended-unauthorized-private-securities-transactions/