MAS completes investigation on Citadelle; no further action taken

Citadelle did not breach the Trust Companies Act, according to MAS.

The Monetary Authority of Singapore (MAS) said that it has found no breaches in its Trust Companies Act (TCA) regarding operations of Citadelle Corporate Services.

As the investigation did not reveal any breaches of the TCA committed by Citadelle, MAS said that it will be taking no further action against Citadelle.

ALSO READ: MAS, CAD issue joint probe on Citadelle, Senjo over Wirecard mishap

On 3 July 2020, MAS and the Commercial Affairs Department (CAD) of the Singapore Police Force launched a joint investigation of Citadelle, Senjo Group, and its subsidiaries for suspected falsification of accounts under the Penal Code, and suspected operation of a trust business without a license under the Trust Companies Act.

Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS, the financial regulator earlier said in a 2020 statement.

Follow the link for more news on

Monetary Authority of Singapore

A NOTE FROM SINGAPORE BUSINESS REVIEW

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia