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SINGAPORE – Healthcare provider New Silkroutes Group said on Wednesday (September 30) that its CEO and former CEO Goh Jin Hian, as well as CFO William Teo, are assisting the Department of Commercial Affairs (CAD) with the research.
The Business Times reported that the company said it was responding to inquiries raised by the Singapore Stock Exchange (SGX) regarding CAD’s ongoing investigations into a possible infringement under the Securities and Futures Act.
The group understands that the alleged crime is false trading and market manipulation pursuant to Section 197 of the Securities and Futures Act, in view of past share buybacks and acquisitions.
“All share buybacks made by the company previously were done in the ordinary course and traded on the open market and announced in accordance with the share buyback mandate approved by the shareholders of the company and SGX guidelines and regulations -ST “. he told The Business Times.
Both the passports of Teo and Dr. Goh, who is the son of former Prime Minister Goh Chok Tong, have been withheld by CAD. New Silkroutes Group told The Business Times that none of them have been arrested or charged, and no bail has been required.
Delivery of information and papers for police investigation
According to New Silkroutes in a stock exchange file, he had been notified on September 24 to turn over information and documents for a police investigation.
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.
He also noted that the notice from CAD and the Monetary Authority of Singapore on Sept. 24 did not reveal the subject of the investigation, The Business Times reported.
“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.
Kelvyn Oo, its former CEO and corporate director, is also helping with the investigations. He is currently an independent director of the oil and gas company Teho International, after leaving New Silkroutes on August 1.
Goh involved in possible legal action on a separate matter
Dr. Goh was appointed the new CEO of Silkroutes in July 2015, but he retired from this position effective Thursday (October 1), as announced in July this year.
He was also appointed president of the company effective August 1, following the retirement of Pao Kiew Tee as independent director and president. Upon your retirement as CEO, you will become a non-executive chairman.
He is also involved in possible legal action in a separate matter, for breach of director duties at Inter-Pacific Petroleum (IPP), The Straits Times reported.
The marine fuel supplier had lost its operating license and is now under judicial management amid financial tensions. It is facing potential sell-off after finding itself in rough waters since the COVID-19 pandemic began and oil prices plummeted.
Deloitte & Touche, the judicial manager of IPP and its parent Inter-Pacific Group, is considering possible legal action for alleged negligence of Dr. Goh in the performance of his duties as director from June 28, 2011 to August 30, 2019.
Dr. Goh told The Straits Times that the allegations against him were “unsubstantiated,” and his attorneys have corresponded with Deloitte & Touche.
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