SINGAPORE (Dec 21): The past weeks have been rough for coffee shop chain operator Kimly, whose IPO on Catalist last year was among the most sought after. The group’s first major acquisition since its listing on Catalist has been rescinded.

Its executive chairman Lim Hee Liat and executive director Chia Cher Khiang are under investigation by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD), and have had their passports impounded.

See: Kimly chairman Lim and executive director Chia arrested, out on bail

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