Singapore Raids Brokerages, Business Times Says

The Monetary Authority of Singapore and city-state’s Commercial Affairs Department raided at least four brokerages earlier this week, taking in unidentified people for questioning and seizing items, the Business Times reported.

The raids took place on Monday, according to the newspaper, which cited people it didn’t identify as well as a statement from the MAS, the city-state’s financial-market regulator and central bank, in the report on Friday.

The MAS is investigating possible contraventions of the Securities and Futures Act (Chapter 289) together with the CAD, the newspaper said, citing an unidentified spokesman from the MAS. They had obtained documents and items from several broking firms and trading representatives, the newspaper said, citing the MAS. The MAS comments in the report didn’t say which brokerage premises had been targeted.

The MAS and CAD raided the trading floors of DBS Vickers Securities, Maybank Kim Eng Holdings Ltd., OCBC Securities Pte and Phillip Securities Pte, according to the Business Times report. The people taken in for questioning were believed to be remisiers, the report said, citing people it didn’t identify.

Spokespeople from Maybank Kim Eng, Oversea-Chinese Banking Corp., Phillip Securities and DBS Vickers declined to comment on the report.

— With assistance by Jake Lloyd-Smith

(Corrects to remove erroneous reference to the MAS in last paragraph.)
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