KTL Global, a supplier of rigging equipment to the offshore oil and gas, on Thursday said it got a notice from the Monetary Authority of Singapore (MAS) regarding an investigation into an offence under the Securities and Futures Act.
For the purposes of its investigation, the MAS has requested access to details of the group's local and overseas bank accounts and statements, accounting documents and books, and accounting records relating to the proceeds the company raised from the private placement deal with Infinity Global Consultancy Pte Ltd in March 2015, it said in a statement.
"MAS has not given the company any further details of its investigations. The business and operations of the Company are not affected by the investigations and will continue as normal," the company said.
Last month, KTL Global appointed Tan Kheng Kuan to succeed his brother Tan Kheng Yeow as the company's chief executive officer.
Tan Kheng Yeow's resigned after he was interviewed by the MAS which had requested him to surrender his passport for possible offences under Section 197 of the Securities and Futures Act.
KTL Global said it has extended and will continue to extend its fullest co-operation to MAS in its investigations.
