Singapore's Jade Technologies president quits

SINGAPORE, April 29 (Reuters) - Singapore's Jade Technologies (JADE.SI: Quote, Profile, Research, Stock Buzz), probed by authorities after a failed takeover bid, said on Monday its group president has resigned following the departure of its chairman and several key managers.

Anthony Soh, who will remain on the board of the commodities and engineering services company as an non-executive director, was replaced by former Xpress Holdings (XPRL.SI: Quote, Profile, Research, Stock Buzz) Chief Executive Sam Chong Keen.

Shares in Jade Technologies fell 70 percent on April 7 after the company announced Soh failed in his bid to buy Jade because he did not have enough funds to continue with the takeover.

Soh pledged his shares to Australian broker Opes Prime to raise funds for the buyout but Opes went into receivership on March 28.

Sam will be paid 20 million Jade shares over two years instead of a monthly salary. Jade stock stood at S$0.075 by 0122 GMT, down 73 percent since the start of the year.

Over the past two weeks, Jade Technologies said its Chairman Brian Cyril Beazer and Chief Financial Officer Vera Lim have resigned from the company.

Last week, the Straits Times reported that the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority are looking into the failed S$117 million ($86 million) takeover.

The Securities Industry Council is also investigating the withdrawal of the offer, while OCBC Bank (OCBC.SI: Quote, Profile, Research, Stock Buzz), which was a financial adviser to Soh, has reported the case to the Commercial Affairs Department, Singapore's white-collar crime agency. (Reporting by Tan Wei Xin; Editing by Jan Dahinten)