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SINGAPORE: Catalist-listed China Yongsheng said on Thursday it is being investigated by the Monetary Authority of Singapore (MAS) for possible breach of the Securities and Futures Act (SFA).
The company said that the investigation is for possible contravention to Section 203 of the SFA between February and May 2008.
MAS has requested for several documents from the company, including those that document its policy, procedures and designation of responsibilities for compliance with the firm's corporate disclosure obligations under SGX listing rules.
At the same time, MAS has asked for information and documents related to the company's acquisition of a land parcel in Suzhou, as well as for the payment of a deposit for the acquisition.
The company had acquired the land as part of a joint venture with Suzhou Jinzhu Property Development Co.
China Yongsheng has informed the SGX that it is preparing the information and documents to be provided to MAS and will keep shareholders updated on further developments.
- CNA/so
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