SINGAPORE (THE BUSINESS TIMES) – Cordlife Group's board on Friday (Oct 2) said it is supportive of Dr 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 prime minister Goh Chok Tong – is assisting the Commercial Affairs Department (CAD) with investigations in relation to healthcare and energy firm New Silkroutes Group.
The Singapore police's CAD is looking into a possible offence under the Securities and Futures Act, and New Silkroutes on Wednesday said it understood that the alleged offence is false trading and market rigging, in view of past share buybacks and share purchases.
Dr Goh, who was chief executive officer of New Silkroutes until he vacated the role on Thursday, is one of the individuals assisting CAD with the investigations. He remains the chairman of New Silkroutes.
Cordlife's board – with Dr Goh abstaining – on Friday said it is of the view that his assistance with the probe "does not compromise his ability to fulfil his duty as the chairman and independent director of the company", based on the information currently available to the board.
In its assessment of the suitability of Dr Goh's service on the board, Cordlife will monitor the progress of the CAD investigations, and will make further announcements as and when there are any material developments.
The board will request that he updates it on the progress of the probe, in order for the company to comply with disclosure obligations under listing rules.
As far as the board is aware, the investigations are not related to Cordlife or its subsidiaries. Accordingly, the business and operations are not expected to be affected.
Besides Dr Goh, New Silkroutes finance director William Teo and its former chief corporate officer Kelvyn Oo are also assisting with the CAD's investigations. Mr Oo, who left New Silkroutes in August, is an independent Read More – Source