Pine Capital ordered to release review findings immediately

THE Singapore Exchange Regulation (SGX RegCo) on Monday issued a notice of compliance to Pine Capital to immediately release findings from its independent review of Advance Capital Partners Asset Management (ACPAM).

ACPAM is the Catalist-listed investment firm's sole operating subsidiary.

The notice of compliance directs Pine Capital to release the executive summary of the independent review report via the SGXNet immediately and no later than July 22.

Pine Capital appointed KordaMentha on July 15, 2019 as its independent reviewer to review allegations from various parties over ACPAM and its operations, including allegations regarding potential conflict of interest and possible lapses in internal control.

KordaMentha also had to identify and make recommendations on any internal control lapses and potential breaches or non-compliance of rules, laws and regulations, and on the parties responsible for the respective potential breaches or non-compliance.

SGX RegCo said it reminded Pine Capital on seven occasions to release the key findings of the independent review. On July 6, Pine Capital disclosed through its sponsor that it will release the report on or before July 17. As at Monday, Pine Capital has not released the report.

In the event Pine Capital fails to comply with the notice of compliance, SGX RegCo said it reserves the right to release the report and/or its findings.

Trading in Pine Capital shares has been suspended since March 2019.