Ascent Bridge Responds to MAS Enforcement Actions

MT Newswires08-02

Ascent Bridge (SGX:AWG) has responded to queries from Singapore Exchange Regulation regarding the Monetary Authority of Singapore's (MAS) enforcement actions against China Capital Impetus Asset Management and its executive director and former CEO, Sun Quan, according to Thursday filings on the Singapore Exchange.

MAS issued a prohibition order against Quan, barring him from regulated activities and any role in capital markets services firms, for failing to ensure China Capital Impetus Asset Management's compliance with the Securities and Futures Regulations.

The enforcement announcement detailed several breaches by China Capital Impetus Asset Management, including inadequate conflict of interest management and failure to comply with reporting requirements.

MAS also declined China Capital Impetus Asset Management's application to upgrade its status to a licensed fund management company, halting its fund management activities from August 1.

Regarding Quan's role at Ascent Bridge, the nominating committee has recommended that Quan continue as executive chairman and CEO.

Effective Aug. 1, Qiu Peiyuan will be appointed joint chairman and joint CEO. The board is also seeking a new independent director to strengthen board oversight.

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