Pine Capital said it was suspending trade in its shares after «numerous allegations» about its operating subsidiary, Advance Capital Partners, including conflict of interest and lapses in internal controls.
In addition, Advance Capital Partners Asset Management (ACPAM) received notice on Tuesday of the termination of its management agreement with Advance Opportunities Fund I (AOF I), Singapore-based Pine Capital Group said in a filing to SGX after the market close on Thursday.
«The board has been looking into the allegations and needs time to gather the relevant information and take the necessary action subject to appropriate advice,» the filing said.
No Clarity
«The board is of the view that there is no clarity on the state of affairs of the company as at the date of this announcement and is unable to ascertain that all material information pertaining to the company and its subsidiaries, and their operation have been announced and disclosed,» it added.
In consultation with SGX, the board will appoint an independent reviewer to investigate the allegations received since January, the filing said.
Directors Step Down
On Tuesday, Pine Capital said two independent directors have stepped down, effective Monday because they were «unable to obtain sufficient information in a timely manner to discharge fiduciary responsibilities.»
In early March, Tan Choon Wee resigned as interim CEO and executive chairman, ahead of an attempt to oust him from the asset management group.
This article was previously published on Shenton Wire.
