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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Andrea Sohsandrea
10 December 2014
Asia-Pacific Strategic Investments has picked up a stake in LionGold’s former Amayapampa Gold Project in Bolivia.
The firm, which is currently in the midst of a reverse takeover deal involving miner Coeur Gold Armenia, bought a 22.3 per cent stake in special purpose vehicle Silvermane Investments for S$6 million. The firm has paid S$2 million in cash, and will pay the balance through promissory notes when the mine starts production.
These will not bear interest and will mature within two years of being issued.
Silvermane currently holds a majority stake in LionGold South America, Vistra Gold Antigua and LionGold Bolivia, which together own Minera Nueva Vistra. The Amayapampa Gold Project belongs to Minera Nueva Vistra.
LionGold has agreed to sell its remaining stake in the three firms to Silvermane for S$3.5 million.
The acquisition by Asia-Pacific Strategic Investments, completed on Tuesday, will enable the firm to invest in the “highly prospective” mineral mining business and own assets worth US$42 million to US$88 million, the firm said.
It is also anticipating good cashflow from this business, enhancing shareholders’ value.
The counter closed at 5.5 Singapore cents on Tuesday.