Incredible Holdings says independent director assisting in CAD, MAS investigation
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Incredible Holdings was told by Singapore Exchange Securities Trading that it was deemed a cash company with effect from May 28, as it no longer had any revenue-generating business.
ST PHOTO: KELVIN CHNG
Kalpana Rashiwala
- Incredible Holdings disclosed that an independent director is assisting the Commercial Affairs Department and Monetary Authority of Singapore in an investigation related to company affairs.
- The director attended an interview on Sept 18 about offences under the Securities and Futures Act, but no further details have been shared by authorities.
- The company’s shares have been suspended since Sept 2022, and it faces regulatory pressure to hold overdue meetings and update shareholders on future plans to avoid disciplinary actions.
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SINGAPORE – Catalist-listed Incredible Holdings has said that one of its independent directors is assisting in investigations by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).
“The company understands from the independent director that the investigation is related to the affairs of the company,” it stated in a filing on the Singapore Exchange (SGX) website on Sept 19.
The filing was made by Incredible’s board and its independent non-executive chairman Jacob Leung.
It did not identify the independent director involved with the investigation.
Incredible stated in its filing that the independent director received a letter dated Sept 17 from CAD and MAS, requiring them to attend an interview in relation to an investigation on offences under the Securities and Futures Act (Chapter 289) and Securities and Futures Act 2001.
The independent director attended the interview on Sept 18 held by the CAD and MAS to assist in the investigation.
“CAD and MAS have not given the company any further details of their investigations,” Incredible said.
The minutes of an information session held by the company on Aug 27 and filed with SGX on Sept 8 listed Eunice Koh as an independent director who attended the session along with Leung, who is also an independent director.
The minutes said that Zhou Jia Lin, a non-executive non-independent director, had sent her apologies for not being able to attend the information session. Also unable to attend was Phillip Fei, who was appointed executive director in July, as he was in Beijing at the time of the meeting.
Incredible’s shares have been suspended since September 2022.
It held its last annual general meeting (AGM) on Aug 15, 2023 and has not convened meetings for the financial periods ended June 2024 and June 2025, placing it in breach of listing rules.
As a result, Incredible was directed by the Singapore Exchange Regulation (SGX RegCo), in a notice of compliance dated April 28, to hold an in-person information session within four months to update shareholders on the company’s state of affairs and future plans, and to give investors an opportunity to raise concerns.
Incredible was told that it was expected to convene all outstanding AGMs within one year. Failure to comply with these directives could result in disciplinary action, including placing directors and executives on a watch-list, SGX RegCo said.
In late May, Incredible Holdings was notified by Singapore Exchange Securities Trading that it was deemed a cash company under Rule 1017(1) of Catalist Rules with effect from May 28, as the company no longer had any revenue-generating business. THE BUSINESS TIMES