February 28, 2024

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New Silkroutes CEO and finance director assisting with CAD probe, Businesses & Marketplaces News & Major Stories

Mainboard-detailed health care provider New Silkroutes Group disclosed last night that its govt director and main government officer Goh Jin Hian and finance director William Teo are assisting the Professional Affairs Department (CAD) with investigations.

The group was responding to queries lifted by the Singapore Trade (SGX) relating to ongoing investigations by CAD into probable offence beneath the Securities and Futures Act.

The firm stated it understands that the alleged offence is phony investing and market place rigging pursuant to Segment 197 of the Securities and Futures Act in see of earlier share get-backs and acquisitions of shares.

“All share obtain-backs carried out by the firm formerly had been in the ordinary training course and transacted on the open market place and declared in accordance with the share get-back mandate accepted by the shareholders of the enterprise and the SGX-ST’s guidelines and regulations,” reported New Silkroutes.

New Silkroutes had been instructed last month to hand about details and papers for a police probe, according to the team in a bourse filing.

Mr Kelvyn Oo, independent director of Catalist-outlined oil and gasoline-related company Teho International, is also aiding with investigations. Mr Oo was formerly the govt director and chief corporate officer of New Silkroutes but still left on Aug 1.

In reaction to the SGX’s question on irrespective of whether the parties named are topics of the investigation, New Silkroutes claimed that as far as the organization is knowledgeable, no expenses have been built in opposition to the named get-togethers. It also famous that the observe by CAD and the Monetary Authority of Singapore on Sept 24 did not disclose the topic(s) of the investigation.

“The nominating committee and the board are of the watch that Dr Goh and Mr Teo are acceptable to go on as a director and/or executive officer of the company, as investigations are however ongoing and no expenses have been made versus them,” said the team.

Dr Goh, who is the son of previous prime minister Goh Chok Tong, was also selected chairman of the corporation with impact from Aug 1, following the retirement of Mr Pao Kiew Tee as independent director and chairman.

He retires as CEO with outcome from right now and turns into non-government chairman.

The passports of each Dr Goh and Mr Teo have been retained by the CAD neither has been arrested nor billed, and no bail has been demanded to be posted, noted the team.

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