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 Soh
27 January 2015
Shipbuilding firm JES International has placed out shares representing a 15.5 per cent stake in the company to investment holding firm Brilliant Choice International and private investor Sun Yiyi.
Both have agreed to subscribe for 183 million new ordinary shares in the firm at S$0.036 a share - a discount of about 0.28 per cent to the weighted average price of S$0.0361 on Monday. This will raise about S$6.6 million, which will go towards paying JES Overseas Investment (JESOIL).
JES had earlier borrowed 120.8 million JES shares from JESOIL, for which JESOIL has requested a return. As JES is unable to return the shares, worth S$11.2 million, it has agreed with JESOIL to pay a portion of this as partial settlement of the loan securities.
After the placement, JES’ issued and paid-up share capital will rise by S$6.6 million, and its number of ordinary shares will increase from 1.2 billion to 1.4 billion.
Brilliant Choice, incorporated in the British Virgin Islands, focuses on investing in marine assets, and has previously invested in vessels and shipping companies. Mr Sun, whose family is involved in the construction business in China, is in charge of the family fund and is now diversifying his portfolio to include marine-related business, said JES.