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22-10-2021, 07:55 AM
THU, OCT 21, 2021 - 5:13 PM
RAFFLES Education on Thursday (Oct 21) disclosed that the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have requested documents relating to loan facilities extended to its subsidiaries. The private education provider, which called for a trading halt on Oct 19, also responded to claims in a letter by shareholder Oei Hong Leong.
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the authorities are investigating a potential offence under section 203 of the Securities and Futures Act, which covers continuous disclosures. An offence is deemed to have been committed if material information was not disclosed on the exchange to shareholders when it occurred.
The documents requested relate to a loan extended by Affin Bank to Raffles K12 and Raffles Iskandar in Malaysia.
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Separately, Raffles Education provided exact figures on compensation to refute allegations made by Oei about executive pay.
Chew received compensation of S$2.9 million, and not S$5 million as claimed, the company said. His wife Chung received S$372,240, and not almost S$500,000.
The company has written to Oei to request an explanation of his bases for these allegations and several others made in a letter issued by Oei dated Oct 16.
https://www.businesstimes.com.sg/compani...ny-refutes
RAFFLES Education on Thursday (Oct 21) disclosed that the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have requested documents relating to loan facilities extended to its subsidiaries. The private education provider, which called for a trading halt on Oct 19, also responded to claims in a letter by shareholder Oei Hong Leong.
......
the authorities are investigating a potential offence under section 203 of the Securities and Futures Act, which covers continuous disclosures. An offence is deemed to have been committed if material information was not disclosed on the exchange to shareholders when it occurred.
The documents requested relate to a loan extended by Affin Bank to Raffles K12 and Raffles Iskandar in Malaysia.
......
Separately, Raffles Education provided exact figures on compensation to refute allegations made by Oei about executive pay.
Chew received compensation of S$2.9 million, and not S$5 million as claimed, the company said. His wife Chung received S$372,240, and not almost S$500,000.
The company has written to Oei to request an explanation of his bases for these allegations and several others made in a letter issued by Oei dated Oct 16.
https://www.businesstimes.com.sg/compani...ny-refutes
