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07-07-2011, 07:48 AM
Jul 7, 2011
Teledata under CAD investigation
Info sought on proposal to buy Internet service provider Centrin Online
By Yasmine Yahya
THE white-collar crime unit is investigating Singapore-listed Teledata over possible offences under the Securities and Futures Act.
The communications services provider announced yesterday that the Commercial Affairs Department (CAD) had notified the firm of the probe but it did not disclose other details.
It has asked Teledata to provide information and documents relating to various corporate activities between August 2009 and March last year.
The CAD wants paperwork relating to Teledata's proposed acquisition of PT Centrin Online, an Indonesian Internet service provider.
Teledata announced in December 2009 that it would buy a 77.7 per cent stake in Centrin Online for $17.2 million but two months later, it said the plan was off.
The CAD has also asked for the e-mail of former Teledata chief executive (CEO) Christopher Pan dating from Aug 1, 2009, to March 31, last year.
Mr Pan was ousted from his position in April last year by major shareholder Meritus Resources.
He is now suing Teledata for $1.305 million, claiming wrongful dismissal. Mr Pan is also suing Teledata's former director, Mr Desmond Ong Tai Tiong, and adviser Agus Anwar. He alleges there was a 'conspiracy between the defendants to injure him by unlawful means, that is, to remove him from his post as CEO'.
Mr Agus has been making his own headlines. The former bank owner was declared bankrupt in March and reportedly owes 23 creditors $103.3 million in total.
He is also in the midst of another legal dispute, this time against EC Investment over the sale of a $37 million bungalow at Ridout Road that he bought in 2006.
Meanwhile, the CAD has also requested for information relating to the purchase of Teledata shares by Calypso Management Holdings in October 2009.
Calypso, which is owned by Mr Pan, bought the shares - they amounted to 17.62 per cent of Teledata - from Teledata's former managing director, Mr Quek Chek Lan.
This transaction resulted in Mr Pan becoming Teledata's new controlling shareholder and he was appointed CEO the following month.
The CAD has also asked Teledata to provide the names of directors, management personnel and corporate secretaries at the firm between Aug 1, 2009, and March 31, last year.
It has also sought board resolutions and minutes of board meetings over the same period.
Teledata has also been asked to hand over copies of all documents relating to announcements made to the Singapore Exchange (SGX) between Oct 29, 2009 - the day it announced the sale of shares to Calypso and Dec 22, 2009, the day it announced the proposed acquisition of a stake in Centrin Online.
Senior partner at law firm Lee & Lee, Mr Adrian Chan, noted that it was rare for a firm to provide such details about the areas in which CAD is requesting its assistance. However, the move is a good one, as the list of information being sought gives shareholders an inkling of what the focus of the investigation is likely to be, he said.
'In this case, we can see that the CAD is seeking information related to a certain period in the past when a different management was in place, and this would reassure shareholders that the ongoing business wouldn't be affected.'
Teledata was placed on a watch list by the SGX in March this year after it reported its third consecutive full-year loss and its market capitalisation dropped below $40 million.
yasminey@sph.com.sg
Teledata under CAD investigation
Info sought on proposal to buy Internet service provider Centrin Online
By Yasmine Yahya
THE white-collar crime unit is investigating Singapore-listed Teledata over possible offences under the Securities and Futures Act.
The communications services provider announced yesterday that the Commercial Affairs Department (CAD) had notified the firm of the probe but it did not disclose other details.
It has asked Teledata to provide information and documents relating to various corporate activities between August 2009 and March last year.
The CAD wants paperwork relating to Teledata's proposed acquisition of PT Centrin Online, an Indonesian Internet service provider.
Teledata announced in December 2009 that it would buy a 77.7 per cent stake in Centrin Online for $17.2 million but two months later, it said the plan was off.
The CAD has also asked for the e-mail of former Teledata chief executive (CEO) Christopher Pan dating from Aug 1, 2009, to March 31, last year.
Mr Pan was ousted from his position in April last year by major shareholder Meritus Resources.
He is now suing Teledata for $1.305 million, claiming wrongful dismissal. Mr Pan is also suing Teledata's former director, Mr Desmond Ong Tai Tiong, and adviser Agus Anwar. He alleges there was a 'conspiracy between the defendants to injure him by unlawful means, that is, to remove him from his post as CEO'.
Mr Agus has been making his own headlines. The former bank owner was declared bankrupt in March and reportedly owes 23 creditors $103.3 million in total.
He is also in the midst of another legal dispute, this time against EC Investment over the sale of a $37 million bungalow at Ridout Road that he bought in 2006.
Meanwhile, the CAD has also requested for information relating to the purchase of Teledata shares by Calypso Management Holdings in October 2009.
Calypso, which is owned by Mr Pan, bought the shares - they amounted to 17.62 per cent of Teledata - from Teledata's former managing director, Mr Quek Chek Lan.
This transaction resulted in Mr Pan becoming Teledata's new controlling shareholder and he was appointed CEO the following month.
The CAD has also asked Teledata to provide the names of directors, management personnel and corporate secretaries at the firm between Aug 1, 2009, and March 31, last year.
It has also sought board resolutions and minutes of board meetings over the same period.
Teledata has also been asked to hand over copies of all documents relating to announcements made to the Singapore Exchange (SGX) between Oct 29, 2009 - the day it announced the sale of shares to Calypso and Dec 22, 2009, the day it announced the proposed acquisition of a stake in Centrin Online.
Senior partner at law firm Lee & Lee, Mr Adrian Chan, noted that it was rare for a firm to provide such details about the areas in which CAD is requesting its assistance. However, the move is a good one, as the list of information being sought gives shareholders an inkling of what the focus of the investigation is likely to be, he said.
'In this case, we can see that the CAD is seeking information related to a certain period in the past when a different management was in place, and this would reassure shareholders that the ongoing business wouldn't be affected.'
Teledata was placed on a watch list by the SGX in March this year after it reported its third consecutive full-year loss and its market capitalisation dropped below $40 million.
yasminey@sph.com.sg
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