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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Cai Haoxiang
14 March 2015
Blumont Group said on Friday that it has waived all conditions to its off-market takeover bid for Australia-listed mineral exploration and development company Genesis Resources Limited via a share swap.
Each Genesis shareholder that has accepted or accepts the offer before the close of the offer will be issued Blumont shares.
Genesis directors had recommended on March 3 that shareholders reject the deal. But Blumont said the proposed takeover bid continues and the offer is scheduled to close on March 23. Blumont has a voting power of 1.43 per cent in Genesis as of March 12.
Genesis is a mineral exploration and development company with projects in northern and central Australia.
Separately, Blumont also announced that Wintercrest Advisors LLC, a wholly owned unit of multi-strategy hedge fund Platinum Partners Value Arbitrage Fund, has agreed to extend the repayment terms of a US$23.5 million loan facility by 12 months to March 15, 2016.
Blumont has drawn US$21.5 million from the facility. Blumont said it shall repay at least 50 per cent of the loan, with accrued interest and fees, within six months, and at least 75 per cent within nine months.
Blumont closed unchanged at 1.2 Singapore cents a share.