New Silkroutes Group has confirmed that its chairman Dr Goh Jin Hian is one of the company's directors assisting the Commercial Affairs Department with investigations over a possible offence under the Securities and Futures Act.
NSG “understands that the alleged offence is false trading and market rigging pursuant to section 197 of the SFA in view of past share buy-backs and acquisitions of shares.”
The company maintains that all share buy-backs made previously were in the ordinary course and transacted on the open market and announced in accordance with the share buy-back mandate approved by the shareholders of the company and SGX.
NSG first announced on Sept 25 that “one of the directors of the company and certain senior management and former management are also assisting the CAD in the said investigation.”
The company did not name any of the individuals under probe back then, but did so on Sept 30 in response to queries by the Singapore Exchange.
NSG has also confirmed that Kelvyn Oo, who quit on Aug 1 as its chief corporate officer and executive director, is also under probe.
Oo’s involvement was announced on Sept 27 by TEHO International Inc, another listed company, where he serves as an independent director.
Besides Dr Goh, son of former prime minister Goh Chok Tong, and Oo, William Teo Thiam Chuan, NSG's finance director, is assisting in the investigation as well.
In its Sept 30 announcement, NSG says Dr Goh and Teo are deemed suitable to continue in their existing roles with the company as “investigations are still ongoing and no charges have been made against them.”
“Dr Goh and Mr Teo have always conducted their duties professionally and in the best interest of the Group,” the company adds.
“Dr Goh has also acted above and beyond the duties of an Executive Director when to assist the Group, he extended a personal guarantee as additional security for certain credit facilities to the Group,” says NSG. In a separate announcement, NSG said Dr VicPearly Wong has been appointed its CEO.
Dr Wong, a specialist orthodontist by training, takes over from the role vacated by Dr Goh.
"Our strategic vision for NSG in the next decade will be our transformation to an innovative healthcare company. We will be leveraging on deep learning platforms and advanced computing infrastructures to develop our artificial intelligence driven capabilities in healthcare," says Dr Wong.
