Business Times - 10 Apr 2008

OCBC makes CAD report against Soh

Man behind failed Jade bid says he has no idea why report was made

By CHEW XIANG

(SINGAPORE) OCBC Bank has made a report to the Commercial Affairs Department on the events surrounding the failed takeover bid for Jade Technologies.

BT understands that the report was against Anthony Soh and his investment vehicle Asia Pacific Links (APL), but not directed against Jade Technologies, the target of an aborted takeover bid by Dr Soh.

In a statement released last night, OCBC's head of corporate communications Koh Ching Ching said: 'In the course of our advisory assignment, a series of events had occurred which caused us to question the integrity of the representations which we have received. This was the basis for our resignation as financial adviser in the takeover.

'We have reported the matter to the Commercial Affairs Department. Therefore, we are not able to provide any further details at this juncture.'

When contacted, Dr Soh said: 'I have no idea why they reported to CAD. But if it's related to the disclosure of the pledged shares I think it's a bit too far.

'I will cooperate with the authorities and I'll do full disclosure to defend myself.'

Early last month, Dr Soh made through APL a 22.5 cents a share conditional offer for Jade, stating he owned about 46.5 per cent of the company. OCBC Bank was the financial adviser to the offeror.

Dr Soh disclosed in a letter to Jade's board on April 1 he had pledged 30.5 per cent of Jade's share capital to Australian broker Opes Prime as security for margin loans. OCBC Bank quit that day as financial adviser to the offeror.

When Opes failed, ownership of those shares passed to its creditors, among them Merrill Lynch. With a much smaller shareholding than thought, Dr Soh admitted last Saturday he could not guarantee he had enough funds to satisfy full acceptances of the offer.