CT Bright Investment is no longer allowed to continue its fund management business in Singapore after the Monetary Authority of Singapore revoked its capital markets services licence with effect from Dec 9.
This was due to numerous breaches of MAS's rules and licence conditions, the central bank said on Thursday. CTBI did not start fund management activities within six months of the issuing of its licence, and did not seek an extension to commence its fund management business as required by the MAS. The company also did not lodge numerous regulatory returns under the Securities and Futures Act, and Futures Regulations, despite repeated reminders to the company and its chief executive Tanawat Wansom.CTBI had also in 2018 breached its licence condition by not informing the MAS of the resignation of one of its two directors - who was the company's relevant professional and appointed representative.