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
Chan Yi Wen
04 March 2015
Sino Construction took another hit on Tuesday, with another 48.7 per cent of its value wiped off during the session. This comes after its share price had tumbled 55.8 per cent on Monday, after the company warned on Friday of an expected net loss for FY14 and a month-long extension to its financial results release.
On Tuesday, Sino Construction closed trading at S$0.06, with about 56.8 million shares changing hands, compared to 11.5 million the day before. The company has a total of 1.3 billion shares on issue. Within two sessions, the company has lost nearly three-quarters of its market capitalisation, raising speculation that some of its shareholders were hit by margin calls. Some brokers noted that there was some short covering towards the close on Tuesday.
Sino Construction's sole executive director, Drew Madacsi, told The Business Times that he continues to be unfazed by the plunge in the company's share price.
All this comes in the wake of the lapse in its Guildford Coal transaction, the resignation of the previous executive director and non-executive chairman, a profit warning, and a 30-day extension granted by the Singapore Exchange for its FY14 financials.
"To expect to see all Sino Construction's shareholders to not sell down or even totally dispose of shares is highly unrealistic. Those simply not interested in the long-term growth of the company will take differing views, this is unavoidable," Mr Madacsi said.
He added that Sino Construction's largest shareholders are astute investors. As such, they are more worried about where the company is going in six months than where it is going today, he added.