Change - Announcement of Appointment::Appointment of Executive Director

Issuer & Securities

Issuer/ Manager
IFAST CORPORATION LTD.
Securities
IFAST CORPORATION LTD. - SG1AF5000000 - AIY
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
30-Dec-2015 17:13:21
Status
New
Announcement Sub Title
Appointment of Executive Director
Announcement Reference
SG151230OTHRKTDV
Submitted By (Co./ Ind. Name)
Lim Chung Chun
Designation
Chairman / Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of iFAST Corporation Ltd. ( the Company ) is pleased to announce the appointment of Mr Kelvin Yip Hok Yin as Executive Director of the Company with effect from 1 January 2016.

Details of Mr Kelvin Yip Hok Yin as required under Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited are set out below.

Please refer to Appendix A for information on the composition of the Board of Directors and Board Committees effective 1 January 2016.



By Order of the Board
Lim Chung Chun
Chairman / Chief Executive Officer

30 December 2015


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The initial public offering of shares and listing of iFAST Corporation Ltd. on the Main Board of the Singapore Exchange Securities Trading Limited was jointly sponsored by DBS Bank Ltd. and RHB Securities Singapore Pte. Ltd. (formerly known as DMG & Partners Securities Pte Ltd) as joint issue managers, bookrunners and underwriters ("Joint Issue Managers, Bookrunners and Underwriters"). The Joint Issue Managers, Bookrunners and Underwriters assume no responsibility for the contents of this announcement.

Additional Details

Date Of Appointment
01/01/2016
Name Of Person
Kelvin Yip Hok Yin
Age
40
Country Of Principal Residence
Hong Kong
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Nominating Committee ("NC") had reviewed the qualifications and working experience of Mr Kelvin Yip Hok Yin ("Mr Kelvin Yip") and recommended his appointment.

The Board approved the appointment of Mr Kelvin Yip as Executive Director of the Company.
Whether appointment is executive, and if so, the area of responsibility
Executive. As Chief Operating Officer of iFast Financial (HK) Limited and iFast Platform Services (HK) Limited, Mr Kelvin Yip is responsible for the overall operation of the Hong Kong platfom business and act as co-supervisor for operations of iFAST Platform Services (Shenzhen) Qianhai Limited.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
April 2014 - Present : Chief Operating Officer, iFAST Financial (HK) Limited and iFast Platform Services (HK) Limited
Mr Kelvin Yip is responsible for the overall operation of the Hong Kong platfom business and act as co-supervisor for operations of iFAST Platform Services (Shenzhen) Qianhai Limited.


April 2009 - March 2014 : General Manager, Platform Services (HK), iFast Financial (HK) Limited and iFast Platform Services (HK) Limited
Mr Kelvin Yip was responsible for the B2B investment platform business, act as a member of the product committee, provide guidance and requirements on the initial set up and ongoing enhancement of portfolio management module, manage and mitigate enterprise risks.


May 2006 - April 2009 : From Analyst to Assistant Research Manager to Research Manager,
iFast Financial (HK) Limited
The responsibilities of Mr Kelvin Yip include present investment ideas and fund analysis, manage the recommended portfolio of different risk ratings with research team, conduct fund due diligence and research on underlying stocks of equities and bond indices.


April 2001 - December 2003 : Environmental Engineer, Hip Hing Construction Company Limited/Vibro (HK) Limited
As Environmental Engineer, Mr Kelvin Yip was responsible for setting up an environmental management system for a civil engineering division to manage the environmental aspects of civil and building projects on site.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Shares
445,662 ordinary shares registered in his own name. Mr Kelvin Yip is deemed interested in 41,568 ordinary shares held by his wife, Mdm Tang Soo Kia.

Options
Mr Kelvin Yip has 186,000 options under the iFAST Employee Share Option Scheme.

His wife, Mdm Tang Soo Kia has 126,750 options under the iFAST Employee Share Option Scheme.

Performance Shares
Mr Kelvin Yip has 49,200 performance shares under the iFAST Corporation Performance Share Plan.

His wife, Mdm Tang Soo Kia has 19,400 performance shares under the iFAST Corporation Performance Share Plan.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
NIL
Present
iFAST Financial (HK) Limited
iFAST Platform Services (HK) Limited
iFAST Nominees (HK) Limited
Treasure Crown Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
Yes
If Yes, Please provide full details
In his capacity as COO of iFast Financial (HK) Limited ["iFAST HK"], Mr Kelvin Yip Hok Yin is concerned with the management in relation to iFAST HK which is being investigated by the Securities and Futures Commission ["SFC" ] of Hong Kong pursuant to Section 182(1) of the Securities and Futures Ordinance (Cap 571) of Hong Kong ["SFO"].

On 20 September 2012, iFAST HK received a notice of inspection under Section 180 of the SFO from the SFC (the "Inspection"). This was the first time such an inspection was conducted since iFAST HK began its operations in 2007.

Subsequent to the Inspection, the Inspection findings were referred to the Enforcement Division of the SFC. Since 16 July 2013, the Enforcement Division of the SFC has been conducting investigations on iFAST HK under Section 182(1) of the SFO. As of the date of the Prospectus, the SFC has not concluded its investigation on whether there are potential breaches under the SFO or other applicable laws and regulations.

According to Section 194 in Part IX of the SFO, the maximum fine that the SFC may impose, among other sanctions including a suspension or revocation of license of iFAST HK and/ or its responsible officers that could be imposed concurrently, is up to a maximum of HK$10 million or three (3) times of the profit gained/ loss avoided, whichever is higher.

The abovementioned information has been disclosed in the Company's prospectus dated 4 December 2014.
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
No
If No, Please provide details of any training undertaken in the roles and responsibilities of a director of a listed company
The Company will arrange for Mr Kelvin Yip to attend relevant course to familiarise himself with the roles and responsibilities of a director of a listed company on the SGX-ST.

Attachments

iFAST_Appendix_A.pdf
Total size =52K