Sevens Atelier assisting CAD and MAS in probe

Sep 21, 2023

SEVENS Atelier said on Wednesday (Sep 20) that it is assisting the authorities with an investigation into an offence under the Securities and Futures Act.

In a bourse filing on Wednesday after trading hours, the property consultancy company said the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) had ordered it to provide various documents and information relating to the investigation.

These included all e-mails from the corporate e-mail accounts of Richard Koh Chye Heng, the company’s immediate former executive chairman and chief executive, Vanessa Lim Xiu Fang, its executive director, and Tang Yao Zhi, a member of its management team.

The authorities also ordered Sevens Atelier to provide supporting documents relating to certain announcements it made between 2021 and 2022.

These announcements included that of a new controlling shareholder of the company on Jun 22, 2021.

At the time, Sevens Atelier had announced that Sylvester Lim Wei Zhi would be the new controlling shareholder, following the transfer of 56 million shares, or 26.1 per cent of the share capital, for S$3 million from the previous controlling shareholder, Xu Jia Zu Holdings.

Another announcement on Sep 8, 2021 related to the appointment of Vanessa Lim Xiu Fang, who is Lim’s sister, as executive director.

The third announcement on Apr 28, 2022 relates to the proposed diversification, proposed acquisition, proposed disposal and proposed change of name. The company was known as Pan Asian Holdings until June 2022.

Sevens Atelier said it would “fully cooperate with the authorities” in the investigation.

“The company will make further announcements regarding the aforementioned investigation as and when there are material developments,” it added.

Shares of Sevens Atelier were unchanged at S$0.051 before the group requested a trading halt on Wednesday afternoon. The counter resumes trading on Thursday.