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http://www.todayonline.com/Singapore/EDC120403-0000078/2-being-investigated-for-market-rigging
04:46 AM Apr 03, 2012
SINGAPORE - Engineering and integrated real estate group Tee International non-executive chairman Bertie Cheng Shao Shiong and its group chief executive Phua Chian Kin are being investigated by the Commercial Affairs Department (CAD) for alleged market manipulation.
In filings to the Singapore Exchange last night, the board of the mainboard-listed company said Mr Cheng and Mr Phua "are the subject of the investigations" for possible contravention of market rigging provisions in the Securities and Futures Act (Chapter 289).
"Mr Cheng and Mr Phua have indicated that they will cooperate fully with CAD in its investigations, and are providing CAD with access to the relevant records for the period from July 1, 2008 to March 31, 2009," the board said in the statements signed off by its executive director Saw Chin Choo.
The board reiterated that the "business and operations of the company are not affected by the CAD investigations and will continue normally". It added that the company will monitor the progress of the investigation and will make such further announcements when appropriate.
Mr Cheng is a veteran corporate figure here, having served as chief executive officer of POSB for 23 years, until his retirement in 1997. In June 2010, he was appointed as special adviser to the bank. He was awarded the Public Administration Medal (Silver) in 1984 and the Public Service Medal in 2001.
04:46 AM Apr 03, 2012
SINGAPORE - Engineering and integrated real estate group Tee International non-executive chairman Bertie Cheng Shao Shiong and its group chief executive Phua Chian Kin are being investigated by the Commercial Affairs Department (CAD) for alleged market manipulation.
In filings to the Singapore Exchange last night, the board of the mainboard-listed company said Mr Cheng and Mr Phua "are the subject of the investigations" for possible contravention of market rigging provisions in the Securities and Futures Act (Chapter 289).
"Mr Cheng and Mr Phua have indicated that they will cooperate fully with CAD in its investigations, and are providing CAD with access to the relevant records for the period from July 1, 2008 to March 31, 2009," the board said in the statements signed off by its executive director Saw Chin Choo.
The board reiterated that the "business and operations of the company are not affected by the CAD investigations and will continue normally". It added that the company will monitor the progress of the investigation and will make such further announcements when appropriate.
Mr Cheng is a veteran corporate figure here, having served as chief executive officer of POSB for 23 years, until his retirement in 1997. In June 2010, he was appointed as special adviser to the bank. He was awarded the Public Administration Medal (Silver) in 1984 and the Public Service Medal in 2001.
if not lose face .
