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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Reuters
08 January 2014
Singapore's Blumont Group Ltd , which suffered a sudden implosion in its share price in October, has canceled its proposed acquisition of Hudson Minerals Holdings Pte Ltd, which has interests in an Indonesian iron ore exploration company.
In a statement to the Singapore bourse on Wednesday, Blumont said it had terminated its agreement dated Dec 21, 2012, in relation to the proposed acquisition with immediate effect. The deal could have been worth up to S$48 million (US$37.7 million).
Blumont, which was previously involved in the packaging, property and investment sectors, started investing in a number of companies in sectors such as iron ore, coal, gold, uranium and copper in 2012.
Shares of penny stocks, Blumont, LionGold Corp Ltd and Asiasons Capital Ltd crashed in October after huge run-ups in their share prices earlier last year, prompting the Monetary Authority of Singapore to start an extensive review of the share price volatility in the three inter-linked companies. - Reuters