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MAS, CAD end 4-year probe on Pacific Andes, China Fishery with 'no further action'
THE Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have concluded a four-year investigation into beleaguered Pacific Andes Resources Development (PARD) and its indirectly owned subsidiary, China Fishery Group.
Both mainboard-listed firms said in filings on Friday that there will not be any further action taken with respect to them, as well as Pacific Andes International Holdings Limited (PAIHL), the holding company of Hong Kong-listed Pacific Andes International Holdings.
The government agencies had been investigating the companies for an offence under the Securities and Futures Act.
The probe began in August 2015. MAS and CAD required China Fishery and PARD to provide information and documents for the period from Oct 1, 2011 to Aug 20, 2015, relating to both companies and their subsidiaries, as well as their dealings with certain third parties including the group’s trading party. Those third parties were not interested persons.
The authorities had also requested information for the same period relating to PAIHL.
China Fishery and PARD said in August 2015 that the business and operations of the group were not affected by the investigations and will continue as normal.
In mid-2016, both companies along with around 20 affiliates filed for US bankruptcy protection. By doing so, they receive the benefits of the US bankruptcy law, including an automatic stay preventing creditors from seizing their assets.
The bankruptcy filing was intended to stop a forced sale of China Fishery's assets at fire-sale prices, according to court papers, The Wall Street Journal reported.
The two companies’ respective restructuring processes are still ongoing.
China Fishery is a global industrial fishing company with access to fishing grounds including the Anchovy fishery in Peru. PARD is a seafood company focusing on the development, marketing and distribution of fish and fish products.
Shares of China Fishery and PARD have been suspended from trading on the Singapore bourse since November 2015. China Fishery last traded on Nov 25, 2015 at 7.6 Singapore cents, while PARD last traded at 2.2 Singapore cents.