SINGAPORE (Mar 22): Pine Capital Group’s board of directors have asked for a trading suspension with immediate effect.

This comes after receiving “numerous allegations from various parties” concerning the group’s subsidiary, Advance Capital Partners Asset Management (ACPAM), including those of potential conflict of interest and possible lapses in internal control, since Jan 2019.

At the same time, Pine Capital says ACPAM received a Mar 19 notice of termination for a management agreement between Advance Opportunities Fund I (AOF I) and ACPAM.

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