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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Bloomberg
07 August 2015
China is considering a merger of China Shipping Group and Cosco Group, its two major shipping companies, amid a broader push to streamline state-owned enterprises, according to people familiar with the matter.
The government may combine the two companies or merge some of their operations, according to the people, who asked not to be identified because the deliberations aren’t public.
China Shipping Group is the parent company of China Shipping Development, while COSCO counts Cosco Shipping among its listed entities. Both listed companies said in stock exchange filings their parent groups are “planning major issues” and suspended trading from Monday.
China’s State-owned Assets Supervision & Administration Commission didn’t immediately respond to a faxed request for comment. A China Shipping Group spokesman declined to comment when reached by phone today, while two calls to a Cosco Group spokesman rang unanswered.
Earlier on Friday, Ship.sh, a Shanghai-based news website about the shipping industry, reported Cosco and China Shipping planned to set up a reform committee to discuss restructuring the two companies and would work out a plan in the next three months.