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Jason Holdings (formerly: Jason Parquet Holdings)
02-06-2018, 07:47 PM.
Post: #31
RE: Jason Holdings (formerly: Jason Parquet Holdings)
(31-05-2018, 07:23 PM)cyclone Wrote: SGX reprimands Jason Holdings Limited and its former Executive Director and Chief Executive Officer, Mr Jason Sim Chon Ang

Singapore Exchange reprimands Jason Holdings Limited and Mr Jason Sim Chon Ang, the Company’s former Executive Director and Chief Executive Officer, for breaches of the Catalist Rules.

Based on findings of the reviews conducted by Ernst & Young Advisory Pte Ltd, the Company’s internal auditors and external auditors, and taking into account representations made to SGX by Jason Holdings Limited and Mr Sim, the breaches are as follows:
(a) Catalist Rule 703(1)(a) read with Catalist Rule 703(4)(a) and Paragraph 27(a) of Appendix 7A, requires an issuer to announce material information concerning the Group. In complying with the Exchange’s disclosure requirements, the content of each announcement should be factual, clear and succinct.

The Group materially overstated its revenue in its half-year financial results for the financial period ended 30 June 2015 ("1HY2015") announced on 14 August 2015.

(b) Catalist Rule 720(1) read with Catalist Rule 406(3)(b) requires directors and management to demonstrate character and integrity expected of directors and management of listed issuers.

Mr Sim gave instructions and authorised the inclusion of Undelivered Materials (as defined in this reprimand) in progress claim billings to customers, resulting in the overstatement of revenue in the Group’s 1HY2015 financial statements. Mr Sim also submitted falsified supporting documents to obtain short term trade financing facilities from banks for JHL’s principal subsidiary, Jason Parquet Specialist (Singapore) Pte Ltd.

SGX has referred the case to the relevant authorities.

More details in

Mr Sim now selling wanton mee.

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28-07-2018, 12:09 PM. (This post was last modified: 28-07-2018, 12:11 PM by CY09.)
Post: #32
RE: Jason Holdings (formerly: Jason Parquet Holdings)
Former CEO has been found guilty of falsifying documents and cheating banks of more than $5 million. The falsification probably occurred when the company was listed. Considering that Mr Jason Sim probably made millions from this cheating, a max sentence of 10 years jail seems like a "worth it trade" Smile

The lapses were there but I am surprised how external auditors were unable to discover fraud when it has been happening for over 4 years.

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