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
03 July 2015
Chinese shipbuilder JES International could be taking legal action against its former CEO and chairman Jin Xin, after it uncovered possible financial irregularities related to him. It has also started proceedings against a former employee who absconded with the group’s administrative records and seals.
In a periodic review of its financials, the group discovered that unauthorised payments had possibly been made to Mr Jin, and that “questionable” transactions had taken place between the group and companies in which he had undeclared interests.
While it had intended to conduct an in-depth investigation of these matters, it subsequently found out that its financial records - including account books, cheque books and financial seals - had been removed from its possession by Mr Jin’s relatives. This has left the group in limbo.
“The company is at present unable to conduct a more in-depth investigation into its findings,” it said in an announcement on Thursday, adding that it is also looking into possible actions against Mr Jin’s relatives to recover all company property, including the financial records in their possession.
Four of the group’s subsidiaries have started legal proceedings against a former administrative officer with Jiangsu Eastern Heavy Industries Co, who had access to and held on to the group’s administration records, as well as the seals of all of JES’s Chinese subsidiaries. The employee, Ju Li Li, had absconded with these after Mr Jin resigned in May citing health issues.
Mr Jin is the father of the current CEO Audrey Jin Yu. He also owns 76 per cent of JES Overseas Investment, which is JES International’s largest shareholder with a 34 per cent stake.
“In the event that the company’s investigation into its financial records shows that there may be financial irregularities in the group’s accounts, the company will accordingly engage an independent third party auditor to conduct a special audit on the company’s financials,” it said.
The firm also assured shareholders that it will “not hesitate to take all necessary action against Mr Jin” if the financial irregularities are attributed to him. This would include making a police report in Singapore and starting legal action against him.