Singapore News

News from Singapore

Jade buyout being investigated

Posted by jtsmyth8 on April 21, 2008

4 organisations are now involved in the widening official probe into the aborted takeover of Singapore-listed Jade Technologies.

The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) have recently announced that they are also looking into the fiasco.

They have joined efforts by two other regulatory and enforcement bodies – the Commercial Affairs Department (CAD), the white-collar crime unit, and the Securities Industry Council (SIC), which polices takeovers.

Earlier this month, major Jade shareholder Anthony Soh pulled the plug on a proposed $117 million buyout of the company after admitting he had insufficient funds. (story)

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