Raffles Education Corporation (REC), on Oct 21, announced that it was asked by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) to provide documents in relation to the loan facilities extended by Affin Bank Berhad to REC’s subsidiaries Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd on Oct 19.
According to the company, the request from MAS and CAD was connected to an investigation into a potential offence under the Securities and Futures Act (SFA).
On Oct 19, six of Raffles Education’s directors were interviewed by the authorities in relation to the investigations.
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