Enforcement Actions
Published Date: 01 July 2020

Two former corporate finance advisers charged for providing false information to MAS

Singapore, 1 July 2020… Mr Lan Kangming and Mr Wee Toon Lee were charged today for offences under 162(3) of the Securities and Futures Act (SFA).

2          Mr Lan and Mr Wee each face 3 charges of providing false information to MAS investigators on 26 October 2018.

3          At the material time, Mr Lan and Mr Wee were appointed representatives of UOB Kay Hian Pte Ltd (UOBKH) carrying out regulated corporate finance advisory activities. They were both in the Initial Public Offering (IPO) team of UOBKH.

Background to the case

4          Between June and August 2018, MAS conducted an onsite inspection of UOBKH. The objective of the inspection was to assess UOBKH’s controls, policies and procedures in relation to its role as an issue manager for IPOs.

 

5          During the inspection, Mr Lan and Mr Wee provided to MAS different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager for the IPO listing.

 

6          Mr Lan and Mr Wee are accused of providing false information in their statements to MAS, when MAS investigators subsequently questioned Mr Lan and Mr Wee concerning the due diligence reports.

 

7          If convicted, for each charge of section 162(3) of the SFA, Mr Lan and Mr Wee face a fine not exceeding $50,000 or an imprisonment for a term not exceeding 2 years, or both.