PROPERTY consultancy firm Sevens Atelier responded to a series of questions from the Singapore Exchange Securities Trading (SGX-ST) on Friday (Sep 22), regarding its assistance with an investigation into an offence under the Securities and Futures Act.

On Wednesday, the company said it had been ordered by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) to provide various documents and information relating to the aforementioned investigation.

These included all emails and corresponding attachments in the corporate email accounts belonging to Richard Koh Chye Heng, the company’s former executive chairman and chief executive officer); Lim Xiu Fang Vanessa, its executive director; and Tang Yao Zhi, a member of the company’s management team.

It was also ordered to provide supporting documents in connection with announcements made by the company on Jun 22, 2021; Sep 8, 2021 and Apr 28; 2022. These announcements related to the company’s new controlling shareholder; its appointment of executive director; and proposals related to diversification, acquisition, disposal and change of name, respectively.

SGX-ST had asked Sevens Atelier for updates on the progress of the probe – specifically whether the trio of Koh, Lim and Tang had been interviewed by the authorities; if they had surrendered their passports; if they had been arrested, or had been formally charged.

In the company’s response on Friday, it said Koh is currently awaiting to be interviewed by the authorities to assist with the investigation, while Lim and Tang attended separate interviews with them on Sep 21 and Sep 20 respectively.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

None have surrendered their passports to the authorities, the company added. They also have not been arrested or formally charged.

The company also told SGX-ST that no restrictions or conditions had been imposed by the authorities on any of the three parties. Koh, Lim and Tang are “currently unaware that they are the subject of the investigation”, it added.

The company also confirmed to SGX-ST that it is currently not aware of further information pertaining to the nature of the investigation in addition to those already been disclosed.

SGX-ST had also asked Sevens Atelier to disclose the assessments of its nominating committee and sponsor and bases on the trio’s suitability to remain as board members and key management of the company, and if it was complying with the corresponding Catalist rule.

In response, the company noted that Lim is in charge of the company’s overall strategic direction, while Tang is in charge of the overall operations of a key subsidiary.

Taking this into consideration, it would not be in the company’s interest to take any action “which will compromise the performance of their current respective duties unless further information becomes available to suggest so.”

“The nominating committee does not consider it necessary to implement additional measures at this juncture to safeguard against risks associated with the retention of Ms Lim and Mr Tang,” it said.

It added that the committee will continue to assess as more information becomes available from the investigation, and that Lim and Tang have also undertaken to keep the board updated on the progress of the investigation.

Meanwhile, the company said that “nothing has come to the sponsor’s attention that questions Ms Lim’s or Mr Tang’s integrity, character” and their ability to comply with the specific Catalist rule pointed out by SGX-ST.

Likewise, the sponsor will closely monitor the developments in relation to the investigation, and “continue to evaluate and assess Ms Lim’s and Mr Tang’s continual compliance” with the Catalist rule.

The company said it will make further announcements “as and when necessary”. Its board will also continue to monitor the investigation’s progress, “reassess its position”, and provide updates on material developments.

Shares of Sevens Atelier last traded at S$0.04 on Thursday.