MAS pulls CT Bright Investment's licence
The Monetary Authority of Singapore has revoked the capital markets services licence of CT Bright Investment.
The decision to revoke the license was made due to CT Bright Investment (CTBI)’s numerous breaches of MAS's rules and licence conditions.
CTBI was found to have not started fund management activities within six months of the issuing of its licence, according to a report by Straits Times.
It also did not seek an extension to commence its fund management business as required by the MAS.
CTBI had also in 2018 breached its licence condition by not informing the MAS of the resignation of one of its two directors.
The MAS has said of the situation that “MAS takes a serious view of CTBI's and its CEO's flagrant disregard of MAS' rules, licence conditions and written direction.”