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 issu...
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Angela Tan
08 July 2015
Noble Group’s board of directors has set up an independent board committee to review its accounting practices, months after being in the spotlight over critics’ accusations of poor governance and lack of transparency.
Shares of the Singapore-listed, Hong Kong-based commodities group have fallen by more than 40 per cent since Iceberg Research issued its first report in mid-February, questioning its accounting policies.
The little-known research house had alleged that Noble overstated the value of associated companies on its balance sheet and systematically inflated the profits it recorded from long-term contracts - all of which have been denied and refuted by Noble.
Noble has claimed that the allegations were made by a “disgruntled” former employee and has started legal action in Hong Kong against the former employee that it had fired in 2013.
The group, which has US$17 billion in total committed and uncommitted bank facilities as at March 31, 2015, said that the latest move was in the “interests of transparency”.
The new committee is made up of four non-executive directors of Noble - Paul Brough (as chairman), Irene Lee, Richard Margolis and Christopher Pratt.
The committee has in turn appointed PricewaterhouseCoopers LLP (PwC) to conduct an assurance review of Noble’s mark to market (MTM) models, valuations, and governance framework - contentious issues raised by critics including Iceberg, American shortseller Muddy Waters and Michael Dee, a former chief executive for South-east Asia at Morgan Stanley.
According to critics, MTM calculations used to value assets can be subjective and lead to inflated results.
On completion of the PwC review, the committee will report to the board and a summary of the review will be released, Noble said.
BT takes a closer look at the committee members:
Appointed independent non-executive director on May 6, 2015.
Came to Hong Kong in 1983 to join KPMG, where he became a partner in 1991, and later the senior partner. He retired from KPMG in 2012.
An associate of the Institute of Chartered Accountants in England and Wales, the Hong Kong Institute of Certified Public Accountants and the Hong Kong Securities and Investment Institute.
An independent non-executive director of Singapore-listed GuocoLeisure and a non-executive director of Habib Bank Zurich (Hong Kong).
Stepped down as the chairman and CEO of Emerald Plantation Holdings Limited (EPHL) on April 1, 2015, and resigned from the EPHL board on April 15, 2015.
Former executive director and interim CEO of Hong Kong-listed Greenheart Group until he was re-designated as a non-executive director on April 2, 2015.
Irene Lee
Noble’s independent non-executive director from March 1, 2012.
Executive chairman of Hysan Development Company, an independent non-executive director of Cathay Pacific Airways, CLP Holdings, Hang Seng Bank and The Hongkong and Shanghai Banking Corporation.
Held senior positions with a number of global financial institutions involved in investment banking and fund management over the past 30 years.
Former executive director of Citicorp Investment Bank in New York, London and Sydney and head of corporate finance at Commonwealth Bank of Australia and CEO of Sealcorp Holdings, both based in Sydney.
Served as a member of the Australian Government Takeovers Panel and numerous listed and unlisted companies in Australia.
Richard Margolis
Noble’s independent non-executive director from June 20, 2013.
A former diplomat, Mr Margolis holds senior advisory roles at the Holdingham Group, Rothschild (Investment Bank) and Milestone Capital.
Former managing director, corporate finance, at Smith New Court Far East, and ex-head of strategy and planning for Asia Pacific at Merrill Lynch.
From 2003 to 2011, he was the regional director, North-East Asia, for Rolls-Royce.
Awarded the CBE (Commander of the Order of the British Empire) in 2011 for services to British business in China.
Christopher Pratt
Noble’s independent non-executive director from June 3, 2014.
Former executive chairman of Swire Pacific from February 2006 until his retirement in March 2014. He joined the Swire group in 1978 and had worked in Hong Kong, Australia and Papua New Guinea.
Former chairman of Cathay Pacific Airways, Hong Kong Aircraft Engineering Company, John Swire & Sons (HK) and Swire Properties, and a director of Swire Beverages, Air China and The Hongkong and Shanghai Banking Corporation.
Independent non-executive director of Johnson Electric Holdings, PureCircle and the Grosvenor Group.