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
Comments
Nisha Ramchandani
14 March 2015
Lifebrandz is shutting down its food and beverage (F&B) establishments in Clarke Quay after its subsidiaries were unable to pay employees their salaries for the month of February.
The outlets which are ceasing operations are Aquanova, Fenix Room, Mulligan’s Irish Pub, Playhouse and Hopdog.
This decision was made after a “strategic review” of the businesses, taking into account the challenges in the operating environment such as stiff competition, lower spending by patrons and restricted liquor licensing hours.
“The board has determined that the operations of the affected venues (are) not sustainable or commercially viable, and that the subsidiaries cannot continue as a going concern,” said Lifebrandz in a release to the Singapore Exchange in response to media articles. The company’s subsidiaries in question are Cannery Leisure, Brandz+, Tribeca Leisure and Lux Leisure.
The management of Lifebrandz subsidiaries has also met with the Ministry of Manpower (MOM) to address complaints lodged by its employees. However, “there is presently no official outcome from the meeting with MOM,” added Lifebrandz. “The company will be working with the employees to resolve the salary payment amicably.”
Lifebrandz called a trading halt on Thursday, one day after announcing it had posted a net loss of S$929,000 for the three months ended Jan 31, 2015, widening from a loss of S$593,000 a year ago. Meanwhile, revenue was down 28 per cent to S$4.32 million.
The F&B group said it had not included any information on the inability to pay its employees in its financial results as the management of the relevant subsidiaries had not disclosed it to the board.
Meanwhile, the Mulligan’s Irish Pub branch located in Pattaya will continue to run as it is owned and operated by the company’s subsidiary Mulligan’s Co.