MAS, police investigate companies under CoAssets Group

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SINGAPORE: The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department of the Singapore Police Force (SPF) have launched an ...

SINGAPORE: The Monetary Authority of Singapore and the Commercial Affairs Department of the Singapore Police Force have launched an investigation into various companies under CoAssets Ltd for possible regulation breaches.

In March last year, MAS issued a direction to CA Funding to"prohibit the company from listing new issuances, onboarding new investors and accepting subscription of securities". "MAS also directed CA Funding to appoint an independent external auditor to review the effectiveness of its remedial measures to address these deficiencies," the statement said.However in early December, it was revealed that the company had transferred about S$40 million of its borrowings to a small debt recovery firm called Sunfits, according to a report by Tech In Asia.

In the same month, CA Funding informed MAS it had failed to comply with the minimum base capital requirement under the Securities and Futures Act and intended to cease operations, said the joint statement.

 

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