Starburst Holding’s executive chairman Edward Lim, and managing director Yap Tin Foo have been interviewed by the Corrupt Practices Investigation Bureau.
According to the company in an announcement on Sunday, Nov 15, they were interviewed last Thursday, Nov 12 in connection with Starburst Engineering, a subsidiary company.
Between Nov 12’s open and close of trading on Nov 13, Starburst’s share price dropped by two cents to 38 cents.
Besides Lim and Yap, Wu Guangyi, the company’s chief financial officer and Ng Eng Long Josiah Lawrence, its senior project manager, were interviewed by CPIB as well.
See: Starburst closes FY14 with 51% jump in earnings to $13.2 million
“The board wishes to inform that the aforementioned matter is not related to the current projects of the group, and accordingly does not affect the business and operations of the Group,” said the company in its Nov 15 announcement.
According to company, Lim, Yap and Ng are currently on bail. Yap’s passport has been retained and Ng’s passport has been requested to be provided on Nov 16.
According to the company, its board, with Lim and Yap recusing themselves, is of the view that they should continue with their respective responsibilities and duties in the operation of the group's businesses to ensure business continuity and the board will reassess its position where appropriate in due course.
