Singapore Arrests Restaurant Chain CEO for Suspected Trading Breach
(Bloomberg) -- The head of Singapore restaurant chain No Signboard Holdings Ltd. was arrested on “reasonable suspicion” of breaching the Securities and Futures Act.
Chief Executive Officer Lim Yong Sim was arrested and released on bail, the restaurant known in the city-state for its signature white pepper crab dish said in a statement on Thursday. The suspected breach is in connection to an abortive share buyback, in which shares were purchased at a price above the permitted level and during a black-out period.
Lim hasn't been charged with any offense, the company said, adding that its business will not be affected and will continue as usual.
No Signboard said April 29 it was requested by the Commercial Affairs Department, the white-collar crime police, to assist in investigations. Both its CEO and Chief Financial Officer Voon Sze Yin gave statements to the CAD, and Lim's passport was retained.
In a subsequent statement on Thursday, No Signboard said its CEO and CFO will continue in their roles as no charges have been made. The company will reassess its position when there is a basis to do so.
To contact the reporters on this story: Jasmine Ng in Singapore at jng299@bloomberg.net;Melissa Cheok in Singapore at mcheok2@bloomberg.net
To contact the editors responsible for this story: Joyce Koh at jkoh38@bloomberg.net, Tom Redmond, Melissa Cheok
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
