SINGAPORE (THE BUSINESS TIMES) - CT Bright Investment (CTBI) is no longer allowed to continue its fund management business in Singapore after the Monetary Authority of Singapore (MAS) revoked its capital markets services licence with effect from Dec 9.
This was due to numerous breaches of MAS's rules and licence conditions, the central bank said on Thursday (Dec 12).
CTBI did not start fund management activities within six months of the issuing of its licence, and did not seek an extension to commence its fund management business as required by the MAS.
The company also did not lodge numerous regulatory returns under the Securities and Futures Act, and Futures (Financial and Margin Requirements) Regulations, despite repeated reminders to the company and its chief executive Tanawat Wansom.
CTBI had also in 2018 breached its licence condition by not informing the MAS of the resignation of one of its two directors - who was the company's relevant professional and appointed representative.
As a result, CTBI failed to meet minimum competency requirements for licensed fund management companies to have at least two directors, relevant professionals and appointed representatives.
In addition, CTBI did not respond to or comply with MAS's written direction, which was issued due to the company's poor compliance track record and unresponsiveness, MAS added.
"MAS takes a serious view of CTBI's and its CEO's flagrant disregard of MAS' rules, licence conditions and written direction," the central bank said.