Sen Yue assisting in MAS investigation

CATALIST-LISTED waste management company Sen Yue Holdings : 5BS 0% said on Sunday (Apr 14) that it is assisting the Monetary Authority of Singapore (MAS) with an investigation into offences under the Securities and Futures Act.

In a bourse filing, the company said it was served with an order under Section 20 of the Criminal Procedure Code 2010 from MAS’ enforcement department on Apr 12, which requires it to provide certain documents to the authorities for their investigation.

Such documents include all e-mails, and corresponding attachments, involving Chee Yoh Chuang and Lin Yueh Hung of RSM Corporate Advisory with the group between Aug 1, 2020, and Aug 31, 2022.

Sen Yue is also required to provide all meeting minutes taken during this period; all contracts that it has or had with its key supplier, alongside all documents in connection with the contracts, such as transaction records; financial information, including the group’s accounting records; as well as the group’s segment revenue and results.

On top of this, Sen Yue is required to provide a detailed chronology of events relating and leading up to its corporate announcements between Sep 14, 2020, and Jul 21, 2022, along with documents in connection with the associated transactions and events in each announcement.

It also has to disclose information concerning both internal and external parties who were involved in the aforementioned events.

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Sen Yue said it has “furnished certain documents to MAS”, and that it will provide the remaining documents by Apr 26, 2024.

The company noted that solder manufacturer Electroloy Metal and Yap Shiau Wei – Sen Yue’s general manager and personal assistant to executive chairman Yap Meng Sing – have also received a separate order by MAS to assist with its investigation.

Yap has since attended an interview conducted by MAS in relation to the investigation, Sen Yue added.

As of Sunday, no charges have been made against any person or the company. No restrictions or conditions have been imposed on Sen Yue or Yap by the authorities, the company said, adding that no travel documents have been retained.

Sen Yue’s board does not expect the group’s business and operations to be affected by the investigation.

“The board and the company will extend their full cooperation to assist with the investigation,” Sen Yue said, adding that the board “will continue to monitor the progress of the investigation”.

“The company will make further announcements to keep shareholders informed as and when there are further material updates and developments in respect of the investigation.”

Shares of Sen Yue have been suspended from trading since May 4, 2020.