SINGAPORE (June 11): Wilton Resources’ nominating committee has decided that the company will retain Teo Kiang Kok as its lead independent non-executive director.
Teo, who also holds the role of director in Jadason Enterprises and Hyflux, was brought into the investigation for suspected false and misleading statements as well as breaches of disclosure requirements under Hyflux on Tuesday (June 9).
The company responded to an SGX query on Thursday on Teo’s suitability to remain as the company’s lead independent director.
“Since his appointment on 12 December 2013, Mr Teo has conducted himself professionally as a Director and has consistently acted in an independent manner in the Board,” they said through an SGX filing.
Hyflux and its directors faced a joint probe by the Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) last Tuesday (June 2).
Wilton Resources' shares closed 0.1 cent higher, or 3.2% up, at 3.2 cents.
