Sevens Atelier has been asked to assist in a probe by the Commercial Affairs Department and the Monetary Authority of Singapore under the Securities and Futures Act.
The company, which up till June 2022 was called Pan Asian Holdings, has been asked to provide documents and information belonging to Richard Koh Chye Heng, the company's former executive chairman and CEO.
Similar documents and correspondences by executive director Vanessa Lim Xiu Fang and another employee Tang Yao Zhi have been requested as well.
According to Sevens Atelier, the probe is related to a series of events announced by the company from more than two years ago.
On June 21 2021, the company announced it has a new controlling shareholder. This came after Xu Jia Zu Holdings sold 56 million shares,or 26.14% of the share capital, to Sylvester Lim Wei Zhi for $3 million, or 5.36 cents each.
On Sept 8 2021, the company appointed Vanessa Lim Xiu Fang as its executive director. She is the sister of Sylvester.
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On April 28 2022, the company announced plans to pay $12 million to acquire design and build business from one Eric Cheng Lye Meng.
With the acquisition completed on June 14, the company changed its name to Sevens Atelier.
At the same time, the company sold its a clutch of its then businesses to Koh, the former executive chairman and CEO.
"The board and the management team will cooperate fully with the authorities on their investigation. The company will make further announcements regarding the aforementioned investigation as and when there are material developments," says Sevens Atelier.
Sevens Atelier shares last changed hands at 5.1 cents, down 60.77% year to date.
