Singapore, Singapore--(Newsfile Corp. - November 26, 2021) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTCQX: RAFFF) Consistent with the Company's commitment in keeping all shareholders updated on the affairs of the Company, the Board provides an update as to its progress in revoking the Management Cease Trade Order dated October 29, 2021 (the "Order") which the Company attained for the purposes of maintaining the continuity of its trading market as a result of the Company failure to have filed its annual financial statements for the fiscal year ending June 30, 2020.
While the Company acknowledges its compliance responsibility with all applicable securities regulations, the delay in finalizing its financial statements is due to the fact a director and officer of the Company (who is now a former director and officer) in another foreign jurisdiction with the sole access to required financial information compulsory to completing fully disclosing audited financial statements has fallen seriously ill (and is slowly recovering) and all efforts by the Company to access the director and the information has not been successful up to date.
The Company has decided to pursue all available options including and not limited to legal action in order to get the necessary disclosure and regularize its standing with the Canadian securities commissions within the most practical earliest time.
About Raffles Financial Group Limited
Raffles Financial Group is listed on the Canadian Securities Purchase under the stock symbol (CSE: RICH), the Frankfurt Stock Purchase under the stock symbol (FSE: 4VO) and the OTC Markets under the stock symbol (OTCQX: RAFFF)
Raffles Financial Pte Ltd is the operating subsidiary of Raffles Financial Group Limited
Please visit www.rafflesfinancial.co for more information.
Raffles Financial Private Limited (a wholly owned subsidiary of Raffles Financial Group Limited) is an exempt corporate finance advisory firm, registered with the Monetary Authority of Singapore, which provides public listing advisory and arrangement services. RFP serves as advisor for family trusts, family offices and investment funds.
For more information, please contact:
Dong Shim, CFO
604-283-9853 OR
Monica Kwok, Investor Relations
Phone: +65 6909 8765
Email: monica@rafflesfinancial.co
Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105255
