SINGAPORE (July 1): Steel galvanising company AGV Group is under probe by the Commercial Affairs Department and the Monetary Authority of Singapore.
On June 30, the company was told by the authorities to provide certain information and documents in relation to an offence under the Securities and Futures Act (Chapter 289) for the period from July 1 2017 to 31 March 31 2018.
A director of the company, who wasn’t named by AGV in its announcement, has given a statement to CAD to assist in the said investigation.
The company has five directors: executive chairman Damien Chua Wei Kee, who was appointed to the board on Jan 10 2019; lead independent director Chong Kwang Shih who was appointed on June 20 2018; and two other independent directors Stanley Choong Yoon Fatt and Aloysius Wee, who were both appointed on Nov 13 2018. Executive director Albert Ang was appointed to the board on Oct 2 2015.
AGV said it will cooperate with CAD and MAS to assist the said investigation and will make further updates as and when appropriate and that its business and operations have not been affected and will continue as usual.
“The investigations will also not affect the key executive management of the Group in their discharge of their respective roles and functions,” AGV added.
For the half year ended March 31 2020, AGV reported losses of $193,000, significantly lower from $3.2 million in losses incurred in the year earlier. Revenue in the same period was $7.56 million, up from $1.88 million from the year earlier.
AGV shares closed July 1 at 5.4 cents, up 3.85% for the day and 170% year to date.
