An investigation was launched on Friday right into a 43-year-old woman and a 34-year-old man, a director and compliance officer at Samlit, respectively, in accordance with a joint statement from the Monetary Authority of Singapore and the State Police.
“Reports were also received of unusual transfers in Samlit’s corporate bank accounts and its director’s personal bank account,” the statement said. “MAS regrets that Samlit did not take a more responsible course of action but has chosen to surrender its license at this time.”
According to the statement, following Samlit’s sudden give up of its MAS license, it took steps to safeguard funds in Samlit’s corporate bank accounts, including ordering the corporate to acquire approval for all withdrawals and transfers of funds. The secured funds shall be sufficient to cover Samlit’s unfinished remittance obligations, he said.
The authorities “understand the frustration faced by affected payers and urge these payers to hunt redress under Singapore’s legal framework,” the statement said.
