CAD finds 'reasonable grounds' of offence by AGV director
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The Commercial Affairs Department (CAD) of the Singapore police has found "reasonable grounds" that AGV Group's executive director, Mr Albert Ang, has committed an offence.
This is in the course of CAD's probe into false trading and market-rigging transactions under the Securities and Futures Act (SFA).
Mr Ang had informed the board of AGV, a Catalist-listed provider of hot-dip galvanising services, that he was called for a subsequent interview with the CAD on Tuesday.
He was "put on arrest and on bail", but has not been formally charged in court, AGV said in a regulatory filing yesterday.
Notwithstanding the difficulties in arranging for new credit facilities as a result of the "uncertainty created by the investigation" by the CAD and the Monetary Authority of Singapore (MAS), the group's business and operations remain unaffected, AGV said.
In July, the company said it had received notices from the CAD and MAS asking for information and documents in relation to an alleged offence under the SFA.
The offence was said to have been committed between July 2017 and March 2018.
AGV did not name the director in its statement then, but gave the assurance that its business and operations would continue as usual.
The counter closed at 2.5 cents yesterday, down 7.4 per cent. THE BUSINESS TIMES
