CAD finds 'reasonable grounds' that AGV exec director committed offence

IN the course of its probe into the offence of false trading and market-rigging transactions under the Securities and Futures Act (SFA), the Commercial Affairs Department (CAD) has found "reasonable grounds" that AGV Group's executive director Albert Ang has committed an offence.

AGV is a Catalist-listed provider of hot-dip galvanising services.

Mr Ang had informed AGV's board that he was called for a subsequent interview with the CAD on Tuesday.

He was "put on arrest and on bail", but has not been formally charged in court, AGV said in a regulatory filing on Wednesday.

Notwithstanding the difficulties in arranging for new credit facilities as a result of the "uncertainty created by the investigation" by the CAD and the Monetary Authority of Singapore (MAS), the group's business and operations remain unaffected, AGV said in a regulatory filing.

In July this year, the firm said that it had received notices from the CAD and MAS asking for information and documents in relation to an alleged offence under the SFA.

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The offence was said to have been committed between July 2017 and March 2018.

AGV did not name the director in its statement then, but gave assurance that its business and operations would continue as usual.

The counter closed at 2.7 Singapore cents on Tuesday, up 0.1 cent or 3.9 per cent.