As a young child growing up, I’ve always had one notion:
Financial investigations and whatnot are pretty darn boring.
But hey, don’t blame me for the immature thinking; I was like… twenty-three. And according to a wise old man:
“Chinese guys don’t reach puberty before 30.”
But it seems that I don’t actually have to reach 30 to comprehend the severity of it. At the tender age of 23… and four months, I realised why people are so fixated on financial affairs:
They’re indirectly syphoning off our hard-earned money. How can we not stay tuned to it?
Infernal Affairs VIIIIII
According to The Edge Singapore, coffee shop chain operator Kimly has released a press release, stating that its executive chairman Lim Hee Liat and executive director Chia Cher Khiang are currently under investigation by the Monetary Authority of Singapore and the Commercial Affairs Department.
Why; you wonder even though you’re not particularly concerned about them. Well, as it turns out…
They’ve apparently flouted the Securities and Future Act.
No, why, you ask. Why am I telling you about Lim and Chia when the article headline specifies: “Vivian Lai’s Husband Allegedly Under Investigation After Joining Kimly”?
Well, see, it’s kind of because it’s all related. For in addition to Lim and Chia…
Kimly’s former non-executive director Alain Ong Eng Sing is also under the spotlight.
Formerly the CEO of Japanese drink company Pokka’s subsidiary (based out of Singapore), Ong had left Kimly’s board in January this year following the Annual General Meeting (AGM).
In September this year, it had been rumoured that Kimly had actually approached Ong, following his departure from Pokka International. Incidentally, his wife, Vivian Lai, had been a long-time celebrity endorser of the brand while he was there.
(That, of course, you know lah)
Perks of having a celebrity wife, I guess. But I’m digressing; moving on.
The appointment, however, wasn’t confirmed or denied by the coffee shop chain operator.
“We wish to clarify that the Company does not comment on news or information from third party sources and urge shareholders of the Company to be cautious and discerning in assessing any news or information regarding the Company or its subsidiaries.”
At present moment, Lim, Chia (yes they’re still here) and Ong have been interviewed by authorities, and have had their passports impounded, as well as IT equipment and company records seized.
Soon after, the duo (Lim and Chia) were arrested by the Commercial Affairs Department for “having been concerned (with), or reasonably suspected of being involved in, an offence under Section 199 of the Securities and Futures Act”.
According to reports, it could be due to “giving false or misleading statements”. They are now out on bail.
The whole issue seemed to arise from the acquisition of Asian Story Corporation (ASC). And lest you’re wondering if the Kimly we’re talking about is the Kimly Coffeeshop you’re familiar with, yes, it is.
Ong’s situation, however, is still unclear.
In September, Pokka released a statement, expressing that while Ong remains an employee of the company, all his duties have been taken over by the company’s Group CEO, and that an internal audit was being carried out.
So yeah. The saga isn’t over; it has just begun.
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