MAS issues directive to Pine Capital unit to suspend fund-raising, subscription activities
ACPAM said to have written to MAS on several occasions to update it on its May 10 EGM and the legal proceedings it is involved in
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Michelle Quah
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Singapore
CATALIST-listed asset management group Pine Capital on Tuesday provided a series of updates on matters relating to its unit Advance Capital Partners Asset Management Private Limited (ACPAM), which has been reprimanded by the Monetary Authority of Singapore (MAS) and embroiled in legal proceedings with its former chief executive.
The group had, in April, called for an extraordinary general meeting (EGM), which proposed the removal of ACPAM's then-CEO and director Tan Choon Wee from the board of ACPAM. Pine Capital said it did so because it had "received numerous allegations from various parties concerning the operations of ACPAM, including allegations in respect of (a) potential conflict of interest and possible lapses in internal control".
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