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SINGAPORE: No Signboard Holdings said Thursday (May 2) that its chief executive, Lim Yong Sim, had been arrested earlier this week by local authorities and released on bail.
The arrest of April 30 was made on "reasonable suspicion" that sections of the Securities and Futures Act on forged trade, market-rigging and insider trading "could have been violated "said the operator of seafood restaurants listed on the Catalan list the Singapore Stock Exchange (SGX).
Mr. Lim was not charged with any offense, the company's file added.
The chain of restaurants, known for its iconic white pepper dish, is currently under investigation by the Department of Commercial Affairs (CAD) for an unsuccessful share buyback dated Jan. 31 .
According to documents previously filed by SGX, Mr. Lim had asked the company's broker, UOB Kay Hian, on January 31 to queue up to buy his own shares at a price of up to $ 0.14 in Singapore. , after obtaining shareholder approval at the annual general meeting. held the same day.
This price has exceeded the regulatory limit set for share repurchase prices and the company's shares have jumped by nearly 24%, prompting the interrogation of SGX.
In his response to the stock market operator on February 3, No Signboard explained that the move was "an honest mistake on the part of Mr. Lim because he had not noticed that the purchase stock at prices up to Singapore $ 0.14 exceeded the 5% cap. " above the average closing price of the last five days authorized under the $ 0.1222 $ share purchase warrant as at January 31, 2019 ".
The purchase of shares also took place during a "blackout period" – a period of restricted trading in the company's shares – as no board had held a meeting of the committee. audit and the Board of Directors to approve its first quarter results.
"In view of the above, the purchase of shares inadvertently resulted in two (…) breaches of trading in the Company's shares during the blackout period and the purchase of shares at a price above the cap of market capitalization, "the company said. .
Subsequently, on April 29, No Signboard stated that CAD had asked to participate in the investigations.
From April 24 to 26, he provided the DAC with information on the documents relating to the abandoned share buyback and copies of these documents. No files, files or equipment belonging to the company have been seized, adds the press release.
CAD also got the statements from the company's general manager and chief financial officer, Voon Sze Yin. The ABC has kept its passport for the first – a decision that the company has described as a requirement during investigations.
In its latest filing on Thursday, the company said copies of the documents related to the abortion buyout had been provided to the CAD in accordance with Article 35 of the Code of Criminal Procedure.
"The board wants to reiterate that the company's business and operations will not be affected and will continue as usual," he said.
"The company will continue to cooperate fully with the ASC in investigations."
The shares of No Signboard on the Catalist chalkboard were last seen 2.4% at $ 0.083 Singapore Thursday afternoon.
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