Property consultancy firm Sevens Atelier assisting CAD and MAS in probe, shares tumble
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Sevens Atelier said the CAD and MAS had ordered it to provide various documents and information relating to the investigation.
PHOTO: ST FILE
Navene Elangovan
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SINGAPORE – Sevens Atelier on Wednesday night said it was assisting the authorities with an investigation into an offence under the Securities and Futures Act.
In a bourse filing, the property consultancy company said the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) ordered it to provide various documents and information relating to the investigation.
These included all e-mails from the corporate e-mail accounts of Mr Richard Koh Chye Heng, the company’s immediate former executive chairman and chief executive, executive director Vanessa Lim Xiu Fang, and Mr Tang Yao Zhi, a member of its management team.
The authorities also ordered Sevens Atelier to provide supporting documents relating to certain announcements it made between 2021 and 2022.
These announcements included that of a new controlling shareholder of the company on June 22, 2021.
At the time, Sevens Atelier had announced that Mr Sylvester Lim Wei Zhi would be the new controlling shareholder, following the transfer of 56 million shares, or 26.1 per cent of the share capital, for $3 million from the previous controlling shareholder, Xu Jia Zu Holdings.
Another announcement on Sept 8, 2021, related to the appointment of Ms Lim, who is Mr Lim’s sister, as executive director.
The third announcement on April 28, 2022, relates to the proposed diversification, proposed acquisition, proposed disposal and proposed change of name.
The company was known as Pan Asian Holdings until June 2022.
Sevens Atelier said it would “fully cooperate with the authorities” in the investigation.
“The company will make further announcements regarding the aforementioned investigation as and when there are material developments,” it added.
The company had requested a trading halt on Wednesday afternoon.
Shares of Sevens Atelier sank when trading in the stock resumed on Thursday morning.
The counter ended the day 1.1 cents or 21.6 per cent down at four cents. THE BUSINESS TIMES
