CAD finds 'reasonable grounds' that AGV executive director committed offence
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AGV Group executive director Albert Ang was called for an interview with the Commercial Affairs Department on Sept 8, 2020.
PHOTO: ST FILE
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SINGAPORE (THE BUSINESS TIMES) - The Commercial Affairs Department (CAD) of the Singapore police has found "reasonable grounds" that AGV Group executive director 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.
AGV is a Catalist-listed provider of hot-dip galvanising services.
Mr Ang had informed AGV's board that he was called for a subsequent interview with the CAD on Tuesday (Sept 8).
He was "put on arrest and on bail", but has not been formally charged in court, AGV said in a regulatory filing on Wednesday.
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 a regulatory filing.
In July this year, the firm said that it had received notices from the CAD and MAS asking for information and documents in relation to an alleged offence under the Act.
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 assurance that its business and operations would continue as usual.
The counter closed at 2.7 cents on Tuesday, up 0.1 cent or 3.9 per cent.
