Incredible Holdings says an independent director assisting in CAD, MAS investigation
[SINGAPORE] Catalist-listed Incredible Holdings said over the weekend that one of its independent directors is assisting in investigations by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).
“The company understands from the independent director that the investigation is related to the affairs of the company,” Incredible stated in a filing on the Singapore Exchange (SGX) website on Saturday (Sep 19).
The filing was made by Incredible’s board and its independent non-executive chairman Jacob Leung.
The filing did not identify the independent director involved with the CAD and MAS investigation.
In its Saturday filing, Incredible stated that the independent director received a letter dated Sep 17 from CAD and MAS requiring them to attend an interview in relation to an investigation on offences under the Securities and Futures Act (Chapter 289) and Securities and Futures Act 2001.
The independent director attended the interview conducted on Sep 18 by the CAD and MAS to assist in the investigation.
“CAD and MAS have not given the company any further details of their investigations,” Incredible said in the weekend filing.
The minutes of an information session held by the company on Aug 27 and filed with SGX on Sep 8 listed Eunice Veon Koh as an independent director who attended the session along with Leung, who is also an independent director.
The minutes also mentioned that Zhou Jia Lin, a non-executive non-independent director had sent her apologies for not being able to be present at the information session. Also unable to attend the meeting was Phillip Fei, who was appointed executive director in July, as he was in Beijing.
Incredible’s shares have been suspended since September 2022. The company held its last annual general meeting (AGM) on Aug 15, 2023 and has not convened meetings for the financial periods ended June 2024 and June 2025, placing it in breach of listing rules.
As a result, Incredible had been directed by the Singapore Exchange Regulation (SGX RegCo), in a notice of compliance dated Apr 28, to hold an in-person information session within four months to update shareholders on the company’s state of affairs and future plans, and to provide an opportunity for investors to raise concerns.
Incredible was also told that it was expected to convene all outstanding AGMs within one year. Failure to comply with these directives could result in disciplinary action, including placing directors and executives on a watch list, SGX RegCo said.
In late May, Incredible Holdings was notified by Singapore Exchange Securities Trading that it was deemed as a cash company under Rule 1017(1) of Catalist Rules with effect from May 28, as the company no longer had any revenue generating business.
