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CORDLIFE Group’s board of directors said on Friday that it supports Goh Jin Hian’s continued service as chairman and independent director.
CORDLIFE Group’s board of directors said on Friday that it supports Goh Jin Hian’s continued service as chairman and independent director.
This is even as the 51-year-old, who is the son of former Singaporean Prime Minister Goh Chok Tong, is assisting with Department of Trade Affairs (CAD) investigations in relation to energy and health company New Silkroutes Group.
Singapore Police CAD is investigating a possible infringement under the Securities and Futures Act, and New Silkroutes said Wednesday that it understood the alleged infringement to be fake trading and market manipulation, in light of buybacks and share purchases. past.
Dr. Goh, who was the chief executive officer (CEO) of New Silkroutes until he stepped down Thursday, is one of the people helping CAD with the investigations. He is still the president of New Silkroutes.
Cordlife’s board of directors, with Dr. Goh abstaining, said on Friday that it is of the opinion that his assistance with the investigation “does not compromise his ability to discharge his duty as president and independent director of the company,” according to the information currently available for the dashboard.
In its assessment of the suitability of Dr. Goh’s service on the board, Cordlife will monitor the progress of CAD investigations and make further announcements as important developments occur.
The directory will ask you to update it on the progress of the investigation, so that the company complies with the disclosure obligations under the listing rules.
As far as the board is aware, the investigations are not related to Cordlife or its subsidiaries. Consequently, the business and operations are not expected to be affected.
[[nid:449189]]In addition to Dr. Goh, New Silkroutes CFO William Teo and his former corporate director Kelvyn Oo are also assisting with the investigations.
Oo, who left New Silkroutes in August, is an independent director of the Teho International company, which is listed on the oil and gas exchange.
New Silkroutes on Thursday named a new CEO, specialist orthodontist VicPearly Wong.
Separately, the Singapore High Court approved the offer of two large bank creditors to finance Inter-Pacific Petroleum’s (IPP) lawsuit against Dr. Goh, a former IPP director, The Business Times reported.
Societe Generale and Maybank seek to recover at least US $ 156 million (S $ 51 million) in losses that they claim were the result of Dr. Goh’s alleged negligence, according to court documents.
Shares of Cordlife, which is traded on the motherboard, which provides private umbilical cord blood banking services, last traded Wednesday at $ 0.36.
New Silkroutes shares traded on the Mainboard fell 0.1 Singapore cent or 0.9 percent to trade at 10.6 cents as of 9.52 a.m. Friday.
This article was first published in The Business Times. Permission is required for reproduction.
