Property consultancy firm Sevens Atelier assisting with probe by MAS, police’s financial crime unit
[ad_1]
SINGAPORE: Property consultancy firm Sevens Atelier is assisting the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) with an investigation into an offence under the Securities and Futures Act.
The company announced this on Wednesday (Sep 20) in a filing on the Singapore Exchange (SGX).
It said it received an order to provide documents and information to MAS and CAD, the police’s financial crimes unit.
These include all emails and corresponding attachments in the corporate email accounts belonging to the company’s former executive chairman and CEO Richard Koh Chye Heng, executive director Lim Xiu Fang Vanessa and a management team employee named Tang Yao Zhi.
Headquartered in Singapore, Sevens Atelier is described on its website as a “full-fledged consultancy service for the Design & Build of premium landed properties in Singapore and Australia”.
Sevens Atelier was formerly known as Pan Asian Holdings Limited until June 2022.
The authorities also requested supporting documents relating to announcements made by Sevens Atelier on several dates in 2021 and 2022, on matters such as a new controlling shareholder of the company, the appointment of an executive director and a proposed diversification, acquisition, disposal and name change.
One of the announcements, on Jun 22, 2021, relates to Mr Sylvester Lim Wei Zhi’s purchase of shares from Xu Jia Zu Holdings, which was then the controlling shareholder.
Mr Lim became the new controlling shareholder with the S$3 million (US$2.19 million) purchase.
His sister, Ms Lim, was appointed executive director of the company on Sep 8, 2021.
“The board and the management team will cooperate fully with the authorities on their investigation,” Sevens Atelier said in its SGX statement.
“The company will make further announcement(s) regarding the aforementioned investigation as and when there are material developments.”
CNA has contacted MAS and the Singapore Police Force for more information on the investigation.
[ad_2]
Source link
