Sevens Atelier, VCPlus turn spotlight on how boards should respond to CAD, MAS probes

OVER the past week, it came to light that the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have asked Sevens Atelier and VCPlus to assist in an investigation.

But the two companies have taken different approaches in informing the market.

On Sep 20, Sevens Atelier said in a four-paragraph announcement that it had been asked to hand over emails and corresponding attachments in the corporate email accounts belonging to former chairman and chief executive Richard Koh Chye Heng, executive director Lim Xiu Fang Vanessa, and a member of its management team named Tang Yao Zhi.