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
Comments
Aanita Gabriel
22 May 2014
Magnus Energy Group’s executive director, Koh Teng Kiat, whose passport was impounded by Singapore’s white collar crime buster in a probe for possible breaches of securities laws, has stepped down from the firm.
The firm cited that he has resigned to “pursue his personal ventures and businesses”. His resignation takes effect from June 1.
Magnus shares fell 7 per cent to 1.2 cents.
Early last month, Singapore’s Commercial Affairs Department began a sweeping probe on several firms - all linked one way or the other through common directors or shareholders - on trading irregularities in the shares of Asiasons Capital, Blumont Group and Liongold Corp which shockingly tanked last October.
Mr Koh and Magnus chief financial officer Luke Ho Khee Yong had both their travel documents impounded by the CAD as the investigators had reasonable grounds to believe they had committed false trading and market rigging offences under the securities laws.
This is not the only company involved in the CAD probe to be hit by resignations. Earlier this week, Liongold’s chief operating officer, Matthew Gill, stepped down, citing disagreements over operations as the reason. His resignation followed close on the heels of another board resignation at the junior gold miner.
Blumont’s chairman Neo Kim Hock, who is also being investigated by the CAD, stepped down end-April.