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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Nisha Ramchandani
03 September 2014
Gold miner LionGold Corp and Blumont Group have issued clarifications in relation to a story carried by The EdgeSingapore and The Edge Malaysia this week on the penny stock crash which took place last October.
LionGold’s stocks, along with Blumont’s, are the subject of a trading probe by the Commercial Affairs Department into possible breaches of securities laws.
The article which ran in The Edge, entitled Hunting for the Truth, alleges that Malaysian businessman Soh Chee Wen has been identified by the authorities as the ringleader behind the incident.
In a release to the Singapore Exchange on Tuesday, LionGold stressed that “no single individual has or ever had unfettered authority” over the group’s business and affairs. It also emphasised that LionGold has rigorous procedures in place to ensure high standards of corporate governance.
As at Sept 1, LionGold’s board comprises two executive directors, one non-executive non-independent director and four non-executive independent directors.
In the release, LionGold clarified that its former chief executive Nicholas Ng tendered his resignation in March due to a medical condition and that Mr Soh - an adviser to LionGold’s chairman Nik Ibrahim Kamil - does not attend any board meetings, nor receive any remuneration.
The Edge reported in the article that Mr Ng quit after a short stint because Mr Soh insisted on “calling the shots”.
Meanwhile, on Monday, Blumont issued a clarification stressing that it is not - nor has it been - the sponsor of an employment pass for Mr Soh, as stated in the article.
“(Blumont) has written to The Edge Singapore and The Edge Malaysia requesting that they publish a corrigendum to this effect in the respective next editions of The Edge Singapore and The Edge Malaysia,” Blumont said.
Separately, LionGold announced that it has entered into a sale and purchase agreement with Grandway Asia to sell China-based office equipment maker Ivy Bushes Holdings for S$11 million.
Shares in LionGold closed at 5.9 Singapore cents yesterday, unchanged, and Blumont closed at 3.9 Singapore cents, up 2.63 per cent.