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SINGAPORE – The Department of Trade Affairs has launched an investigation into the main board-listed investment holding New Silkroutes Group for a possible offense under the Singapore Securities and Futures Act.
The CAD and the Monetary Authority of Singapore asked New Silkroutes on September 24 to provide certain information and documents for the investigation, Dr. Goh Jin Hian, CEO and CEO of New Silkroutes, told the Singapore Stock Exchange on Friday night (September 27). ).
One of the company’s directors and some senior executives and former management executives are also assisting with the CAD investigation, he added.
On Sunday night, a separate presentation from SGX revealed that Kelvyn Oo Cheong Kwan, a former corporate director and chief executive officer who had been responsible for corporate development, compliance, and regulatory functions for New Silkroutes, is assisting with the CAD investigation. .
Mr. Oo resigned from New Silkroutes on August 1 to “pursue personal interests and other opportunities.”
Teho told SGX on Sunday that Oo, who is now an independent director of Teho International, has informed the Catalist-listed oil and gas company of his help in the investigations.
Teho’s board said this matter “is not related to the company or the group, and … does not affect its business and operations.”
“As of the date of this announcement, the board is of the opinion that Mr. Oo’s assistance in the investigation does not compromise (his) performance of his professional duties as an independent director,” Teho said.
Dr. Goh, who is the son of former Prime Minister Goh Chok Tong, was appointed CEO of New Silkroutes in July 2015, but will be retiring from this position on October 1, as announced in July this year. It was also announced then that he would assume the position of president of the company following the retirement of Mr. Pao Kiew Tee on 1 August.
The current board includes the executive director, Mr. Shen Yuyun, and the non-independent non-executive director, Dr. Andrew Chua Soon Kian. The three independent non-executive directors are Ms. Vivien Chen Chou Mei Mei, Mr. Chua Siong Kiat and Mr. Darrell Lim Chee Lek.
Dr Goh said in Friday’s presentation that Silkroutes business and operations have not been affected and will continue as usual. The investigation also “will not affect the group’s management in the performance of their respective roles and functions.”
New Silkroutes will provide full cooperation to CAD and MAS and provide updates on important developments, he said.
The Straits Times understands that the CAD investigation is not related to a separate matter involving possible legal action against Dr. Goh for alleged breaches of his director’s duties at a marine fuel supplier that had lost its operating license and it is now under judicial management amid financial stress.
Deloitte & Touche, the receivers of Inter-Pacific Petroleum (IPP) and its parent Inter-Pacific Group, were granted a six-month extension of the receivership order for IPP earlier this month. The extension will give Deloitte time to consider possible legal action for alleged negligence by Dr. Goh in the performance of his duties as a director from June 28, 2011 to August 20 of last year.
Meanwhile, New Silkroutes has failed to ditch its oil trading business to focus on health care. The agreement to sell International Energy Group (IEG) to TK Energy expired on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital and IEG.
But in an April 23 update on SGX on how New Silkroutes is managing its business during the pandemic, the group said its energy division is “benefiting from the current situation.”
It said its ocean freight business “is earning above-average freight rates, due to the demand for tankers needed to store excess oil.”
The company added that it is “reviewing its organizational growth strategies to leverage its unique position in the healthcare space, including … in China as a manufacturer of non-woven material used in the production of personal protective medical equipment.”
In its latest results published on August 27, New Silkroutes posted a net loss of $ 2.28 million (Singapore $ 3 million) for the fourth quarter ended June 30, compared to a gain of $ 227,000 a year ago. year. The loss for the full year was $ 1.95 million from a loss of $ 684,000 previously.
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