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Natural Cool Holdings Ltd Updates On Regulatory Actions By SGX And Other Authorities; Board Change


Thursday, 31 Oct 2013 06:19am EDT 

Natural Cool Holdings Ltd announced that with reference to the announcement made earlier, regarding the investigation conducted by the MonetaryAuthority of Singapore (MAS) against Mr Ang Choon Cheng (Mr Ang), the Chief Executive Officer (CEO) of the Company pursuant to Division 3 of Par IX of the Securities and Futures Act (Chapter 289) (SFA). On October 31, 2013, Mr Ang voluntarily entered into a civil penalty agreement with MAS in connection with certain trades carried out by him in the shares in the Company during the period between January 9, 2008 to June 16, 2009, against Section 197(1)(b) and 201(b) of the SFA. Under the terms of the civil penalty agreement, Mr Ang has paid a civil penalty of $150,000 to MAS without court action, comprising a civil penalty of $90,000 for contravening Section 197(1)(b) of the SFA and $60,000 for contravening Section 201(b) of the SFA. Mr Ang has resigned as a director and CEO of the Company on October 31, 2013. Mr Ang has also given a voluntary undertaking to MAS not to be a company director for a period of one year with effect from October 31, 2013. The Company also announced that Mr Tsng Joo Peng (Mr Tsng), currently an Executive Director of the Company, shall be appointed as the CEO of the Company on October 31, 2013. 

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