2 VCPlus executives assisting CAD, MAS in probe related to Sevens Atelier
Sign up now: Get ST's newsletters delivered to your inbox
VCPlus and Sevens Atelier have been ordered by MAS and the Commercial Affairs Department to provide information and documents.
ST PHOTO: JASON QUAH
Tay Peck Gek
Follow topic:
SINGAPORE – VCPlus’ executive director and the head of a subsidiary are assisting the authorities in an investigation into offences under the Securities and Futures Act.
The Catalist-listed fintech player has been ordered by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore to provide information and documents, including those on its dealings with Sevens Atelier in 2021 and 2022.
VCPlus said it did not have any business dealings with the property design and build solution provider in 2021, while those in 2022 related to website development were “immaterial”.
In a bourse filing on Saturday, VCPlus said the authorities on Wednesday requested information and documents, including meeting minutes and all corporate e-mails belonging to executive director Ben Lim Beng Chew and the head of wholly owned subsidiary Apec Solutions, Mr Cedric Yap Kun Hao.
VCPlus said Mr Lim and Mr Yap have attended interviews with CAD and also surrendered their passports. Neither has been charged, according to the written confirmation they have given to VCPlus, and no further conditions or restrictions were imposed on them by the authorities.
Pending the outcome of the CAD investigation, Mr Lim will take a leave of absence for an initial period of three months, subject to an extension.
His board duties will be covered by the non-executive chairman with support from the chief executive officer, while his business and operational duties will be covered by the CEO.
VCPlus added that as the CEO has been actively involved in setting the strategic direction and managing the operations of the group, Mr Lim’s temporary absence is not expected to have any material impact on the group’s operations.
But Mr Yap will continue his services – focusing on marketing and project management matters – in the next three months to ensure immediate continuity of Apec’s services to its customers.
VCPlus will implement measures including the suspension of Mr Yap’s involvement in banking and finance matters, the removal of him as a bank signatory, and the appointment of Apec’s head of business development as interim head of Apec. If no extension is required after this period, Mr Yap will take a leave of absence pending the outcome of the probe.
Sevens Atelier announced on Wednesday that it was assisting the authorities in an investigation
The Catalist-listed company is to provide to the authorities all corporate e-mails belonging to the company’s former executive chairman and CEO Richard Koh Chye Heng, its executive director Vanessa Lim Xiu Fang, and Mr Tang Yao Zhi, a member of the company’s management team.
It was also ordered to provide supporting documents in connection with announcements made by the company on June 22, 2021, Sept 8, 2021, and April 28, 2022. These announcements related to the firm’s new controlling shareholder, its appointment of executive director, and proposals related to diversification, acquisition, disposal and change of name, respectively.
VCPlus had requested a trading halt on Wednesday. Its last trading price before that was 0.5 cent, while Sevens Atelier’s closing price last Friday was unchanged at four cents. THE BUSINESS TIMES
