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SINGAPORE – New Silkroutes Group has announced the resignations of its Chairman Goh Jin Hian and Chief Financial Officer William Teo Thiam Chuan, who are assisting the Singapore Police Department of Commercial Affairs with the investigations.
Dr. Goh resigned “to devote more time to his personal affairs,” while Teo resigned “to focus on personal matters and pursue other interests,” the main board-listed health care firm said in separate documents before the Singapore. Exchange on Thursday night (October 15). Both outputs have immediate effect.
Early Thursday morning, New Silkroutes had announced that its auditor Deloitte & Touche had issued a disclaimer of opinion on the group’s financial statements for the financial year ended June 30.
On September 30, the company revealed that Dr. Goh, son of former Singapore Prime Minister Goh Chok Tong, and Teo were being investigated by CAD for a possible infringement under the Securities and Futures Act. New Silkroutes said at the time that it understands the alleged crime to be bogus trading and market manipulation related to past buybacks and acquisitions.
Dr. Goh is also being sued by the court managers of an unrelated company, the oil trader Inter-Pacific Petroleum, for more than US $ 156 million (S $ 212.2 million) in losses he suffered due to his alleged breach of duties when he was its director.
His resignation as the non-independent, non-executive chairman of New Silkroutes comes just over a week after he resigned as chairman of a publicly traded company, Cordlife Group.
In his own presentation Thursday night after New Silkroutes, Cordlife announced that Dr. Goh also resigned as an independent director effective immediately.
Dr. Goh was the CEO of New Silkroutes from July 2015 to October 1 of this year, when he assumed the role of president in a move announced in July.
Mr. Kelvyn Oo Cheong Kwan, former corporate director and CEO of New Silkroutes, is also assisting with the CAD investigation. Oo had resigned from the company on August 1 to “pursue personal interests and other opportunities.”
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