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...
Comments
Kenneth Lim
02 April 2014
Singapore’s white-collar crime fighters have sought information about key executives and directors of Blumont Group and LionGold Corp, amid investigations into suspected trading irregularities, the Commercial Affairs Department (CAD) and the companies announced on Wednesday.
LionGold, a gold-mining company, said the CAD has sought access to all corporate electronic data, information-technology equipment, data-storage devices and other relevant documents relating to independent non-executive director Lynne Ng Su Ling and director of business and corporate development Peter Chen Hing Woon.
The company said it had not heard from either of them with respect to the investigations.
Blumont, a product-sterilisation business transitioning into a mining outfit, said separately that CAD had sought access to similar materials relating to executive chairman Neo Kim Hock and executive director James Hong Gee Ho for investigations into suspected breaches of the Securities and Futures Act (SFA).
Mr Hong has said he will cooperate fully with the CAD, Blumont said.
The CAD and the Monetary Authority of Singapore said they are working jointly to investigate possible breaches of the SFA “arising from suspected trading irregularities” in the shares of Asiasons Capital, Blumont and LionGold.
The stock prices of these companies plunged unexpectedly last Oct 4, triggering a sell-off in small market capitalisation stocks listed in Singapore.
LionGold shares was down 0.7 per cent, or 0.1 Singapore cent, at 14.8 Singapore cents before trading was halted for the announcement on Wednesday.
Blumont shares fell 15.5 per cent, or 0.9 Singapore cent, to close at 4.9 cents after its announcement.