Kimly directors under CAD, MAS probe; calls off acquisition of drinks maker

Singapore

WHITE collar-crime investigators are probing coffeeshop operator Kimly's initial public offering and its acquisition of drinks maker Asian Story Corp (ASC), and have seized the passports of Kimly's executive directors, the company said late Thursday.

The company has also agreed with the seller of ASC to reverse the acquisition, following the latest events and a notification from food and drinks maker Pokka Corp (Singapore) of its intention to terminate a manufacturing agreement with ASC.