ACRA investigates Astaka’s employees following SGX disciplinary action last year

Kelly Ng

Published Wed, Jun 8, 2022 · 08:04 PM

THE Accounting and Corporate Regulatory Authority of Singapore (ACRA) is investigating current and former employees of Astaka Holdings : 42S 0% and has asked the property developer for more information relating to these individuals.

The investigation under the Companies Act 1967 follows the Singapore Exchange Regulation’s disciplinary proceedings against Astaka’s former chief executive Zamani Bin Kasim and its former chief financial officer Lee Shih Yi.

Zamani was in August 2021 ordered by the SGX to resign from all his positions for causing the company to breach Catalist rules. SGX also reprimanded the group for failure to disclose 3 letters of demand relating to loan defaults, and therefore brought 3 charges against Astaka, Zamani, Lee, and an anonymous party.

Astaka said it received a letter from ACRA dated May 23 on the investigation. Its board received the letter on May 27, and had on Jun 2 sought further clarification on the nature and scope of the investigation in order to make a “more informed announcement”, chief executive officer Khong Chung Lun said in a bourse filing on Wednesday (Jun 8).

ACRA responded on Jun 7 that it was unable to disclose the specific nature and scope of an ongoing investigation.

“The investigation may include interviewing certain of the former and current employees of the company, and also the production of certain documents for ACRA’s assessment,” Astaka said in its update.