Melvin Goh Kim San (right, in a 2016 photo), executive chairman of Eurosports Global, was at the office of the Commercial Affairs Department, "for investigation" under the Securities and Futures Act.
“CAD has retained Mr Goh’s mobile phone as part of the investigation. Mr Goh has voluntarily surrendered his passport to the CAD,” said the company in its Aug 5 announcement.
The company has also been served with an order by the Monetary Authority of Singapore and CAD to, if need asked, produce “certain documents” required for the investigation.
“The company will cooperate with the authorities in this regard.”
See also: EuroSports' EV venture not expected to generate meaningful revenue in the next 12 months: CGS-CIMB
Meanwhile, with investigations pending, Goh has “voluntarily agreed” to a suspension of his duties as the executive chairman, CEO and director of EuroSports.
Andy Goh Kim Hup (left), deputy CEO, will take over in the interim.
“The board assures that the business and operations of the group will not be affected and will continue as usual.”
EuroSports shares closed Aug 5 at 25 cents, up 4.17% for the day and more than 47% year to date.
