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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Kenneth Lim
12 September 2014
Blumont Group now holds a 43.08 per cent stake in privately held uranium miner Azarga Resources after converting US$19.1 million worth of convertible notes.
The notes were converted into Azarga stock at 50 US cents per share. Azarga is not listed, so there is no open-market price available for the shares.
The notes were issued as part of a convertible facility provided by Blumont’s wholly-owned subsidiary Powerlite Ventures to Azarga, under which Azarga could draw up to US$21 million in cash.
As part of the facility, Azarga will issue convertible notes to Powerlite upon drawing down the facility, with the notes to be eventually converted to Azarga shares at 50 US cents per share.
“The aggregate consideration comprised US$18.0 million in principal amount drawdown under the Azarga facility and accrued interest thereon of US$1.1 million,” said Blumont.
The book value and net tangible asset value of the Azarga shares are both US$17 million.
Blumont, a mining company, announced the acquisition of Powerlite in July 2013 from one Lee Chai Huat, agreeing to pay US$7.9 million in cash, including the assignment of US$4.5 million of loans by Blumont to Powerlite.
The acquisition announcement came just three months before Blumont’s stock price collapsed along with a number of other stocks in October last year. That led to a temporary suspension of Blumont, Asiasons Capital and LionGold stocks by the Singapore Exchange.
Singapore’s white-collar crime unit, the Commercial Affairs Department, is investigating the circumstances surrounding the trading of the stock.
Mr Lee and former Blumont chairman Neo Kim Hock are among a number of individuals facing lawsuits following the October 2013 rout.
Blumont shares last traded at 3.6 Singapore cents on Thursday, down by 2.7 per cent or 0.1 cent, before the announcement.