Commercial Affairs Department (CAD)

Singapore authorities to continue investigation of key Midas personnel amid winding-up woes
SINGAPORE (April 2): Singapore’s authorities say they will continue their investigation into Midas Holdings’ former directors and officers in the event that the insolvent company winds up. This comes amid a year-long investigation into Midas Holdings as the company’s former directors and officers by the Commercial Affairs Department (CAD) and Monetary Authority of Singapore ...
Hunting for the truth redux: Our coverage of the penny stock saga attracted threats and lawsuits
SINGAPORE (Mar 22): If there’s one story published by The Edge Singapore that I will never forget, it will probably be “Hunting for the truth” (Issue 641, Sept 1, 2014). The piece was intended to mark the first anniversary of the steep rise and sudden collapse of shares in Asiasons Capital, Blumont Group and LionGold Corp, an event that battered confidence in the local stock market and ...
SGX hones ability to scrutinise asset valuations, pressures auditors — will it close the ‘trust deficit’?
SINGAPORE (Feb 4): On Jan 25, Singapore Exchange Regulation (SGX RegCo) briefed several journalists about its plans to play a more active role in determining the scope of statutory audits of locally listed companies, and beef up its capabilities to scrutinise the value of corporate assets. These new initiatives were at least partly spurred by the collapse of Noble Group amid allegations that ...
Raffles United proposes $12 mil rights issue; another shareholder called up by CAD
SINGAPORE (Jan 10): Raffles United Holdings is seeking to raise up to $11.7 million by proposing to undertake a renounceable, non-underwritten rights issue of up to 234 million new rights shares at 5 cents each. This represents a discount of about 39% to the counter’s closing price on Jan 8, the last trading day prior to the announcement. Assuming full subscription, the net proceeds are ...
What's next for Kimly amid its ongoing probe?
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 The group’s first major acquisition since its listing on Catalist has been rescinded.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 ...
Noble says to take 'alternative' restructuring process without transfer of listing to New Noble
SINGAPORE (Dec 7): Noble Group said it intends to go ahead and complete the restructuring by “an alternative process” without the transfer of the company’s listing status to New Noble. The alternative may involve filing for administration in Britain after which creditors of Noble would be able to take control of the company. However, shareholders and perpetual bond holders are likely to ...
Singapore authorities block Noble Group's plans to transfer listing to New Noble on restructuring
SINGAPORE (Dec 6): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have decided not to allow Noble Group to transfer its listing status to New Noble as part of group’s proposed restructuring. The authorities say this follows a careful review of the findings to-date from the ongoing investigations into Noble and its wholly-owned subsidiary, Noble ...
Noble Group probe extends to auditors, critic Dee calls for wider investigation
SINGAPORE (Dec 3): Singapore authorities have summoned EY (Singapore), the auditor of Noble Group’s subsidiary, Noble Resources International, to assist in a joint investigation that was announced on Nov 20. NRI is under investigation for potential non-compliance with accounting standards under Section 201 of the Companies Act. In a joint statement on Nov 28, the Commercial Affairs ...
Kimly chairman Lim and executive director Chia arrested, out on bail
SINGAPORE (Dec 5): Coffeeshop chain Kimly’s executive chairman Lim Hee Liat (right) and executive director Chia Cher Khiang (left) were arrested by the Commercial Affairs Department on Dec 4, but are now out on bail. The two men are being investigated for a suspected offence under Section 199 of the Securities and Futures Act. Kimly chairman and director under probe; $16 mil ...
Kimly chairman and director under probe; $16 mil acquisition cancelled
SINGAPORE (Nov 29): Coffeeshop chain operator Kimly said its executive chairman Lim Hee Liat (right) and executive director Chia Cher Khiang (left) are under investigation by the Monetary Authority of Singapore and the Commercial Affairs Department. They are suspected to have flouted the Securities and Future Act. See: Kimly shares suspended on regulators' probe In a separate ...