On 27 January 2023, Fong Kah Kuen (“Fong”), former chief executive officer (“CEO”) and director of Xpress Holdings Limited (“Xpress”) (now known as A-Smart Holdings Ltd), was charged with 14 counts under Section 133 of the Securities and Futures Act (“SFA”) and one count under Section 137(1) of the SFA for breaching disclosure obligations of a CEO/director and substantial shareholder respectively.
Between 31 October 2013 and 29 July 2014, while Fong was the CEO of Xpress, he allegedly furnished inaccurate information to Xpress about his direct and deemed interests in Xpress shares on three occasions. These three occasions form the subject matter of the charges under Section 133(1)(g) punishable under Section 134(1)(c) of the SFA.
Separately on 6 November 2013, when Fong ceased to be a substantial shareholder of Xpress, he allegedly failed to give notice in writing to Xpress within two business days after he became aware of this. This forms the subject matter of the charge under Section 137(1) punishable under Section 137D(1)(a) of the SFA.
Between 19 May 2014 and 5 June 2015 while Fong was the CEO and/or director of Xpress, he had allegedly failed to give notice in writing to Xpress within two business days on changes in his direct and deemed interest in Xpress shares on 11 occasions. The shareholding changes arose from the disposal of Xpress shares in Fong’s personal trading account as well as those held by a corporate entity owned by Fong. These 11 occasions form the subject matter of the charges under Section 133(3) punishable under Section 134(1)(b) of the SFA.
If convicted, an individual will face imprisonment for a term not exceeding two years, a fine not exceeding $250,000, or both, for each count of the SFA charges.
SINGAPORE POLICE FORCE
27 January 2023 @ 4:45 PM