Home News Company in the news

Raffles Education directors investigated by MAS and CAD on loan from Affin Bank; issues response to letter from Oei

Felicia Tan
Felicia Tan10/21/2021 05:57 PM GMT+08  • 4 min read
Raffles Education directors investigated by MAS and CAD on loan from Affin Bank; issues response to letter from Oei
Shares in Raffles Education closed at 6.1 cents on Oct 18. Trading in its shares were halted since the morning of Oct 19.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now