New Silkroutes Group announced that non-independent, non-executive chairman Goh Jin Hian and finance director Teo Thiam Chuan William have resigned.

 

Dr Goh quit to " focus on personal matters and to pursue other interests" , while Mr Tan stepped down " to devote more time to his personal affairs" , announced the mainboard-listed healthcare provider in regulatory filings on Thursday late night.

 

The resignations of the two directors at New Silkroutes Group came on the same day when it announced in the morning that its auditor Deloitte & Touche has given a disclaimer of opinion on the financial statements of the group for the financial year ended June 30.

 

Dr Goh, the medically-trained son of former Singapore prime minister Goh Chok Tong, was New Silkroutes Group' s CEO till Oct 1, when he assumed the position of non-executive chairman.

 

He also quit being the chairman of listed Cordlife Group a week ago, but he has remained as an independent director.

 

New Silkroutes had a fortnight ago said Dr Goh and Mr Tan were assisting the Commercial Affairs Department with investigations. The company said it understands that the alleged offence is false trading and market rigging pursuant to Section 197 of the Securities and Futures Act in view of past share buy-backs and acquisitions of shares.

 

Kelvyn Oo is also assisting with investigations. Mr Oo was formerly the executive director and chief corporate officer of New Silkroutes but left in Aug 1.

  Dr Goh Jin Hian retires as chief executive officer of New Silkroutes Group today and is now its non-executive chairman.

 

Mainboard-listed healthcare provider New Silkroutes Group disclosed last night that its executive director and chief executive officer Goh Jin Hian and finance director William Teo are assisting the Commercial Affairs Department (CAD) with investigations.

 

The group was responding to queries raised by the Singapore Exchange (SGX) regarding ongoing investigations by CAD into possible offence under the Securities and Futures Act.

 

The company said it understands that the alleged offence is false trading and market rigging pursuant to Section 197 of the Securities and Futures Act in view of past share buy-backs and acquisitions of shares.

 

" All share buy-backs conducted by the company 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 the SGX-ST' s guidelines and regulations," said New Silkroutes.

 

New Silkroutes had been told last month to hand over information and papers for a police probe, according to the group in a bourse filing.

 

Mr Kelvyn Oo, independent director of Catalist-listed oil and gas-related company Teho International, is also assisting with investigations. Mr Oo was formerly the executive director and chief corporate officer of New Silkroutes but left on Aug 1.

 

In response to the SGX' s query on whether the parties named are subjects of the investigation, New Silkroutes said that as far as the company is aware, no charges have been made against the named parties. It also noted that the notice by CAD and the Monetary Authority of Singapore on Sept 24 did not disclose the subject(s) of the investigation.

 

" The nominating committee and the board are of the view that Dr Goh and Mr Teo are suitable to continue as a director and/or executive officer of the company, as investigations are still ongoing and no charges have been made against them," said the group.

 

Dr Goh, who is the son of former prime minister Goh Chok Tong, was also designated chairman of the company with effect from Aug 1, following the retirement of Mr Pao Kiew Tee as independent director and chairman.

 

He retires as CEO with effect from today and becomes non-executive chairman.

 

The passports of both Dr Goh and Mr Teo have been retained by the CAD neither has been arrested nor charged, and no bail has been required to be posted, noted the group.

MAINBOARD-LISTED health-care provider New Silkroutes Group has been told to hand over information and papers for a police probe, the board disclosed on Friday night.

 

The CAD is reportedly looking into a possible offence under Chapter 289 of the Securities and Futures Act, which regulates activities and institutions in the securities and derivatives industry.

 

One of the directors, as well as some senior management and former management executives, are assisting the Commercial Affairs Department (CAD), the board said, without naming the people involved in the investigations.

 

It said in its statement that the group' s business and operations have not been affected by the probe and will continue as usual, and added that the investigations are not expected to affect how management operates either.

 

New Silkroutes will co-operate fully with the CAD and the Monetary Authority of Singapore (MAS) and will give updates " as and when there are further significant developments on the matter" , the board said.

 

It made its announcement a day after the company got a notice from the CAD and the MAS to produce " certain information and documents" for the probe.