Singapore police investigates Yongnam’s infringement of Securities and Futures Act

The Commercial Affairs Department believes the group’s CEO has committed an offence under section 218 of the Securities and Futures Act.

Mr Seow Soon Yong disputes the allegation and will be fully cooperating with the CAD in its investigation.

Here’s more from the statement:

The Board of Directors of Yongnam Holdings Limited announced that the Company has been informed on 10 February 2012 by its Chief Executive Officer and Executive Director Mr Seow Soon Yong that he is assisting the Commercial Affairs Department of the Singapore Police Force in its investigation on possible infringement of section 218 of the Securities and Futures Act (Chapter 289). The CAD has required him to produce certain documents in the period between 1 January 2009 and 1 June 2009. He was also informed by the CAD that there have arisen reasonable grounds for believing that he has committed an offence under section 218 of the Securities and Futures Act.

He disputes the allegation by CAD and has indicated that he will cooperate fully with CAD in its investigation.