SINGAPORE – The Monetary Authority of Singapore (MAS) in its newest Enforcement Report added a piece to replace the general public on the proceedings of ongoing investigations into high-profile financial cases.
However, it stated the main points will not be full because it balances the general public’s curiosity in acquiring info towards the necessity to shield the integrity of investigations and any pending courtroom proceedings.
In November 2018, the police’s Commercial Affairs Department (CAD), the Accounting and Corporate Regulatory Authority (Acra) and MAS launched joint investigations into Noble Group for suspected disclosure-related offences, and its wholly owned subsidiary Noble Resources International for potential breaches of the Companies Act.
MAS stated the investigations are at a sophisticated stage and the authorities intention to conclude them within the third quarter of this 12 months.
The authorities have reviewed voluminous documentation from Noble and its subsidiary, and sought recommendation from trade specialists. They have additionally sought the help of overseas regulators to acquire info from foreign-based people.
In June 2020, CAD, MAS and Acra launched joint investigations into Hyflux and its present and former administrators for doable offences below the Securities and Futures Act, in addition to non-compliance with accounting requirements below the Companies Act.
The investigations stemmed from a assessment into Hyflux’s disclosure, accounting and auditing points in regards to the Tuaspring Integrated Water and Power Project, as introduced by Acra, MAS and Singapore Exchange Regulation (SGX RegCo) in April 2019.
The joint investigations embody an intensive assessment of the bulletins and financial statements issued by Hyflux from 2011 to 2018.
The authorities have sought recommendation from trade specialists and are working carefully with the Attorney-General’s Chambers to assessment the proof.
Eagle Hospitality Trust
In June 2020, MAS and CAD launched a joint investigation into Eagle Hospitality Trust (EHT) for doable offences below the Securities and Futures Act.
The investigation stemmed from a referral by SGX RegCo. This adopted a assessment that was introduced by MAS and SGX RegCo on April 20 of the identical 12 months into doable breaches of related legal guidelines and rules in addition to itemizing guidelines.
The authorities have seized related information and performed interviews with individuals acquainted with the case.
In October 2020, EHT’s former and present Singapore-based administrators had been arrested and launched on bail for suspected breaches of disclosure necessities.
In November 2020, MAS introduced that it directed DBS Trustee, in its capability as trustee of Eagle Hospitality Real Estate Investment Trust, to take away Eagle Hospitality Reit Management because the supervisor of the belief and appoint a brand new supervisor as quickly as practicable.
The authorities have additionally sought help from overseas authorities.
Hui Xun Asset Management
In February 2021, CAD introduced investigations into Envy Asset Management (EAM) and Envy Global Trading (EGT) for alleged fraud associated to financing of buying and selling actions in nickel.
Ng Yu Zhi, a director of EAM and EGT, was charged, inter alia, with dishonest Envysion Wealth Management – now often called Hui Xun Asset Management (HXAM) – and its chief government officer Shim Wai Han, in addition to Mr Finian Tan, founder of Vickers Venture Partners (VVPS). Two funds managed by VVPS had additionally invested within the purported financing of buying and selling actions in nickel.
MAS is trying into HXAM and VVPS to confirm if there had been governance or threat administration failures of their conduct of enterprise.
MAS is reviewing paperwork obtained from HXAM and VVPS and has performed interviews with individuals acquainted with the case.