MAS completes investigation on Citadelle; no further action taken

Citadelle did not breach the Trust Companies Act, according to MAS.

The Monetary Authority of Singapore (MAS) said that it has found no breaches in its Trust Companies Act (TCA) regarding operations of Citadelle Corporate Services.

As the investigation did not reveal any breaches of the TCA committed by Citadelle, MAS said that it will be taking no further action against Citadelle.

ALSO READ: MAS, CAD issue joint probe on Citadelle, Senjo over Wirecard mishap

On 3 July 2020, MAS and the Commercial Affairs Department (CAD) of the Singapore Police Force launched a joint investigation of Citadelle, Senjo Group, and its subsidiaries for suspected falsification of accounts under the Penal Code, and suspected operation of a trust business without a license under the Trust Companies Act.

Citadelle is not licensed to provide trust business services in Singapore, and is not supervised by MAS, the financial regulator earlier said in a 2020 statement.

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Monetary Authority of Singapore

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