The corporate regulator announced yesterday it has cancelled the Australian Financial Services Licence of Singapore-based property investment company Aquaint Capital.
ASIC cancelled the company’s Australian Financial Services Licence (AFSL) on 28 February 2017 following its placement into liquidation last year, the regulator said.
“Aquaint is the responsible entity for Aquaint Income Fund, it was placed into liquidation on 1 September 2016 following a creditors' resolution that Aquaint be wound up on the basis that it is insolvent. The liquidators commenced winding up the Scheme on 14 September 2016,” ASIC said.
A spokesperson for ASIC told InvestorDaily the AFSL was cancelled as a matter of course given the company was no longer in operation.
In 2014, Aquaint Capital’s then chief executive Yang Po Tan was taken to court by Singapore’s Council for Estate Agencies (CEA) for conducting unlicensed estate agency work trading under the name AZEA Personal Coaching (APC).
“Under the Estate Agents Act, an estate agent must be licensed with CEA before it can market local or foreign properties in Singapore,” the CEA said in a release on 21 May 2014.
“Tan, trading as APC, faces five charges for acting as an estate agent without being licensed as an estate agent.”
Ms Tan was subsequently sentenced with “a total fine of $48,000, in default nine weeks' imprisonment”, the CEA said.