The group will appoint an independent reviewer to investigate the allegations.
Pine Capital Group has called for a trading suspension as its shareholders expressed concerns regarding the operations of the group’s subsidiary Advance Capital Partners Asset Management Private Limited (ACPAM), receiving allegations in respect of potential conflict of interest and possible lapses in internal control.
This follows after ACPAM has received a notice of termination of management agreement between ACPAM and Advance Opportunities Fund I (AOF I) last 19 March.
“[T]he 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 group said in an SGX filing.
Pine Capital also mentioned that they will appoint an independent reviewer to investigate the ‘numerous’ allegations received since January 2019, in consultation SGX.
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