Executive chairman/ceo Kris Taenar Wiluan and his son Richard James Wiluan, executive director, have been interviewed by the CAD into a potential contravention of the provisions, in particular Section 197, of the Securities and Futures Act, Cap. 289, which deals with false trading and market rigging transactions.
“Kris Wiluan was released after his interview with CAD and posted bail while Richard Wiluan was released after his interview without requiring bail,” Singapore-listed KS Energy announced.
“Both have informed the board that they have and will continue to cooperate fully in the investigations, including granting access to all their electronic data, IT equipment and data storage devices from January 2015,” the drilling company said.
“The company has not been approached by the CAD regarding its investigations and the CAD has not revealed any details to the board. The business operations of the group are continuing as usual,” it added.
Meanwhile, the auditors of KPMG has flagged “material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern” in view of KS Energy’s 2016 financial results.
The auditors noted three issues of going concern, including the 2016 loss of SGD126.3m ($89.8m) with current liabilities exceeding current assets, the group’s convertible bonds of SGD61.6m and short-term borrowings from a shareholder of SGD13.3m are subject to restructuring, and the group’s capital commitment of SGD244.8m for an asset under construction that is due for delivery on 31 December 2017.
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