Singapore Remittance Firm Hits Back at MAS, Denies Fraud

A Singapore remittance company is hitting back against the city-state’s financial regulator, disputing its recounting of events amid a fund-freeze scandal and denying allegations of suspected fraudulent trading.

Samlit Moneychanger Pte categorically rejects that it carried on any business for any fraudulent purpose and “any claims to such effect are entirely false and or misconceived,” the firm said in an emailed statement to Bloomberg News, re-iterating an earlier denial after the Monetary Authority of Singapore and police last week jointly said they were investigating the firm and two of its managers.