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SINGAPORE (THE BUSINESS TIMES) – Beleaguered healthcare provider New Silkroutes Group announced on Tuesday night (October 20) the appointment of Darrell Lim Chee Lek as acting independent non-executive chairman of the board effective October 20.
He replaces former President Goh Jin Hian, the son of former Singapore Prime Minister Goh Chok Tong, who resigned amid investigations by the Department of Trade Affairs (CAD) earlier this month.
Lim was appointed to the New Silkroutes board on August 1, 2020 as an independent non-executive director and became a principal independent director this month. At the end of July, he was listed as an executive director of the board of BRC Asia, a co-founder of the hedge fund Bright Point Capital and a non-executive director of XM Studios. He was previously Head of Investor Relations at the Singapore Stock Exchange.
Other board members include Executive Director Shen Yuyun, Independent Non-Executive Director Vivien Chen Chou Mei Mei, Non-Independent Non-Executive Director Andrew Chua Soon Kian, and Independent Non-Executive Director Alex Chua Siong Kiat.
On September 30, the company revealed that Dr. Goh and then-CFO William Teo Thiam Chuan were under investigation by CAD for a possible offense under the Securities and Futures Act.
New Silkroutes said at the time that it understood the alleged offense to be bogus trading and market manipulation related to past buybacks and acquisitions.
Since then, Teo has also left the company. Another director who recently left New Silkroutes is Kelvyn Oo, who had been CEO and corporate director until he resigned on August 1. He is also helping with CAD research.
New Silkroutes shares closed unchanged at 8.2 cents on Tuesday, ahead of the announcement.
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