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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Mindy Tantanmindy
23 October 2014
Mainboard-listed Sino Grandness Food Industry Group, a food-and-beverage company based in Shenzhen, China, issued a business update on Thursday to counter a Sept 4 report containing negative statements on the sales and financial position of the group.
Sino, which did not name the author or authors of the negative report, 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.
Separately, Sino Grandness announced that it had successfully secured “encouraging” indicative orders and engaged new distributors for the Chongqing Trade Exhibition.
Huang Yupeng, the group’s chairman and CEO, said: “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 in indicative orders being secured, compared to approximately RMB390 million in indicative orders secured in March 2014 in Chengdu as announced previously.”
Sino Grandness, which intends to release its Q3 results on or around Nov 14, reiterated that the group is in a sound financial position and is in compliance with all statutory and listing requirements.
In relation to the negative report issued on Sept 4, Sino Grandness said it will seek legal adviceon the matter.