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SINGAPORE (THE BUSINESS TIMES) – Mainboard-listed healthcare provider New Silkroutes Group revealed on Wednesday night (September 30) that its CEO and CEO Goh Jin Hian and CFO William Teo are assisting the Department of Commercial Affairs (CAD) with investigations.
The group was responding to inquiries raised by the Singapore Stock Exchange (SGX) regarding CAD’s ongoing investigations into a possible offense under the Securities and Futures Act.
The company said it understands that the alleged crime is false trading and market manipulation pursuant to Section 197 of the Securities and Futures Act in light of past share buybacks and acquisitions.
“All share buybacks made by the company previously were made in the ordinary course and traded on the open market and announced in accordance with the share buyback mandate approved by the company’s shareholders and SGX guidelines and regulations -ST “. New Silkroutes said.
Earlier this month, New Silkroutes had been told to turn over information and documents for a police investigation, according to the group in a stock exchange file.
Mr. Kelvyn Oo, independent director of Teho International, an oil and gas company listed on the Catalan Stock Exchange, is also assisting with the investigations. Oo was previously CEO and corporate director of New Silkroutes, but left on August 1.
In response to SGX’s question as to whether the named parties are subjects of the investigation, New Silkroutes said that, as far as the company knows, no charges have been brought against the named parties. It also noted that the notice from CAD and the Monetary Authority of Singapore on September 24 did not disclose the subject (s) of the investigation.
“The nominating committee and the board of directors are of the opinion that Dr. Goh and Mr. Teo are suitable to continue as director and / or CEO of the company, as investigations are still ongoing and no charges have been brought against them. “said group.
Dr. Goh, who is the son of former Prime Minister Goh Chok Tong, was also appointed president of the company effective August 1 following the retirement of Pao Kiew Tee as independent director and president. Dr. Goh will retire as CEO effective October 1 and will become the non-executive chairman thereafter.
The CAD has withheld the passports of both Dr. Goh and Mr. Teo; he has not been arrested or charged, and no bond has been required, the group said.
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