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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23 October 2014
Mainboard-listed Sino Grandness Food Industry Group on Thursday refuted claims made about the company’s health in a report that was circulated on the internet.
In a statement to the Singapore Exchange, the mainboard-listed company’s chairman and chief executive officer Huang Yupeng said the report dated 4 September 2014 contained negative statements relating to the sales and financial position of Sino Grandness and its subsidiaries.
The unnamed authors of the report claimed to have short and other positions in the company, and “stand to realize gains in the event that the price of the stock decreases”.
The report further states that, “the authors make no representation or warranties as to the accuracy, completeness or timeliness of the information, text, graphics or other items contained in this report.”
Sino Grandness strongly rejects the baseless and unsubstantiated assertions made in the report and will seek legal advice in relation to the report, the statement said.
The company said it wishes to inform shareholders that the group is in a sound financial position and had complied with all the statutory and listing requirements. It also said that it intends to release its third quarter 2014 financial results on or about 14 November.
In a separate statement, Sino announced that under a drive to raise its internal production capacity, its new juice production facilities in Hubei province started production in October, and is expected to have a maximum production capacity of about 240,000 tons of juice a year.
The Hubei plant is expected to benefit the group by gradually reducing its outsourcing costs and managing its production volume more efficiently.
Sino Grandness also announced that it had successfully secured “encouraging” indicative orders and engaged new distributors for the Chongqing Trade Exhibition.
Said Mr Huang: “Although the Chongqing Trade Exhibition is not as big as the annual trade exhibition held in Chengdu in Sichuan province, we are still pleased with the outcome of the Chongqing Trade Exhibition with its high turnout by existing and new distributors, as well as approximately RMB300 million (S$62.4 million) in indicative orders being secured, compared to approximately RMB390 million in indicative orders secured in March 2014 in Chengdu as announced previously.”