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Wed, September 09, 2020 – 8:52 am
In the course of its investigation into the crime of false commercial transactions and market manipulation under the Securities and Futures Act (SFA), the Department of Commercial Affairs (CAD) has found “reasonable grounds” that the CEO of Grupo AGV Albert Ang, you have committed an offense.
AGV is a hot dip galvanizing service provider listed on Catalist.
Mr. Ang had informed the AGV board that he was called in for a further interview with CAD on Tuesday.
He was “placed under arrest and released on bail,” but has not been formally charged in court, AGV said in a regulatory document Wednesday.
Despite difficulties in processing new credit facilities as a result of the “uncertainty created by the investigation” of the CAD and the Monetary Authority of Singapore (MAS), the group’s businesses and operations are not affected, AGV said in a regulatory document. .
In July this year, the firm said it had received notices from the CAD and MAS requesting information and documents in relation to an alleged SFA crime.
The crime was said to have been committed between July 2017 and March 2018.
AGV did not name the director in its statement at the time, but assured that its business and operations would continue as usual.
The counter closed at 2.7 Singapore cents on Tuesday, an increase of 0.1 cent or 3.9 percent.
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