MAS REPRIMANDS COMMERZ CAPITAL INTERNATIONAL PTE LTD AND MR MANSINGHANI KISHORE MIRCHUMAL FOR CONTRAVENTIONS OF SECTION 22(1) OF THE FINANCIAL ADVISERS ACT (CAP. 110) (THE “FAA”) AND SECTION 82(1) OF THE SECURITIES AND FUTURES ACT (CAP. 289) (THE “SFA”)

1 On 5 July 2010, MAS reprimanded Commerz Capital International Pte Ltd (“CCIPL”) and Mr Mansinghani Kishore Mirchumal (“Mirchumal”), a director and 99% shareholder of CCIPL, for their respective contraventions of—

(a) section 22(1) of the FAA for holding themselves out to be a financial adviser without being a licensed financial adviser, exempt financial adviser, or person specified in the First Schedule to the FAA; and

(b) section 82(1) of the SFA for carrying on business or holding themselves out to be carrying on business in the regulated activity of fund management without being the holder of a capital markets services licence or otherwise exempted from the requirement to hold a capital markets services licence.

2 CCIPL had from the date of its cessation as an exempt financial adviser, exempt fund manager, and exempt corporate finance adviser, on 24 August 2009 to 8 October 2009, on its website at http://www.commerzcapital.biz (the “Website”)—

(a) continued to represent itself as an “Advisor of the Fund” and a “MAS (Monetary Authority of Singapore) Exempt Company” as well as a “Hedge Fund Advisory Services Company”, thereby holding itself out to be a financial adviser; and

(b) continued to contain information on fund subscription under its “Monetary Management FAQs”, thereby holding itself out as carrying on business in the regulated activity of fund management.

3 Mirchumal had from 24 August 2009 to 8 October 2009 via the Website —

(a) continued to represent himself as an “Exempt Investment Adviser”, thereby holding himself out to be a financial adviser; and

(b) continued to represent himself as a “Fund Manager”, thereby holding himself out as carrying on business in the regulated activity of fund management.

4 Following the Monetary Authority of Singapore’s instructions to remove the representations from the Website, CCIPL has taken steps to remove the Website entirely.

No person shall hold himself out to be a financial adviser, or fund manager, unless he is licensed or exempt under the Financial Advisers Act and the Securities and Futures Act, as the case may be.