The Commercial Affairs Department has commenced investigations on New Silkroutes Group, for possible breaches of the Securities and Futures Act.
“One of the directors of the company and certain senior management and former management are also assisting the CAD in the said investigation,” said executive director and CEO of NSG Dr Goh Jin Hian in a Sept 25 SGX announcement.
“The company will be providing its full cooperation with the CAD and the MAS to assist the said investigation and will make further updates as and when there are further significant developments on the matter. The group’s business and operations have not been affected and will continue as usual,” Dr Goh added.
In a separate filing on Sept 27, TEHO International Inc, another listed company, said that its independent director Kelvyn Oo is under investigations by the CAD in relation to NSG for a possible offence under the Securities and Futures Act.
“NSG has disclosed in its announcement dated 25 September 2020 that one of its directors and certain senior management and former management are also assisting the CAD in the Investigation,” said TEHO in its announcement.
Oo, who used to be the chief corporate officer and an executive director of NSG, left on Aug 1 to “pursue other opportunities”. The probes are not related to TEHO, the company said.
Oo joined NSG back in 2015 and an ID before becoming an ED in 2017. He is now a consultant with Genesis Law Corporation.
NSG has seen changes to its board recently. Besides Oo who left on Aug 1, Pao Kiew Tee, the former chairman, quit on the same day. With effect from Oct 1, Dr Goh, son of former prime minister Goh Chok Tong, will quit as CEO and become the chairman instead.
Two other independent directors have joined the board on Aug 1. The first is Darrell Lim Chee Lek, who is now an executive director of BRC Asia. The second is Chua Siong Kiat, who is also an ID of other SGX listed companies such as foodstuff maker China Star Food Group; Kitchen Culture Holdings which is trying to expand into a China-based artificial intelligence business, and Axington Inc, controlled by the famous Loh cousins better known for their exploits with purportedly Paris-headquartered Bellagraph Nova.
The NSG board also consists of executive director Shen Yuyun; independent non-executive directors Chen Chou Mei Mei Vivien Dr Chua Soon Kian Andrew.
