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Cordlife to strengthen operating protocols to have suspension lifted: Group CEO
SINGAPORE &ndash Embattled private cord blood bank Cordlife is rolling out initiatives to enhance its operational standards in order to have its suspension order lifted, said the company&rsquo s recently appointed group chief executive Ivan Yiu Pang Fai in a letter to shareholders on March 22.
Earlier in the day, the company announced in a bourse filing that its former group CEO Tan Poh Lan and four senior executives had been arrested for potential breaches of the company&rsquo s disclosure obligations in relation to its mishandling of cord blood units.
In another bourse filing at 5.11pm addressing shareholders, Mr Yiu detailed efforts aimed at strengthening Cordlife&rsquo s procedures and operations and rebuilding trust with its stakeholders.
Mr Yiu, who was appointed group chief executive on Feb 19, said there are a number of challenges facing Cordlife, particularly its six-month suspension, and the loss of trust that has come thereafter.
He added that with the ongoing investigation by the Commercial Affairs Department, Cordlife faces further uncertainty.
Mr Yiu said that his immediate goal is to focus on a rectification plan, which the company is closely working with the Ministry of Health (MOH) on, in order to have its suspension lifted, so it can resume collecting new cord blood and human tissue for the Singapore business.
Under the MOH order &ndash which started on Dec 15 &ndash Cordlife has to stop the collection, testing, processing and/or storage of any new cord blood and human tissues, or providing any new types of tests to patients.
Mr Yiu said the company is working to institute stringent measures to enhance its operational standards with assistance from experts.
He said that some of the initiatives to strengthen Cordlife&rsquo s standard operating procedures (SOPs) and equipment operating procedures (EOPs) are:
Enlisting the expertise of the Foundation for the Accreditation of Cellular Therapy to provide guidance and reinforce Cordlife&rsquo s procedures and organisational structure
Implementing a more advanced digitalised lab monitoring system to enhance real-time monitoring of the company&rsquo s Singapore laboratory facility, both remotely and on-site
Fortifying Cordlife&rsquo s fail-safe measures to ensure uninterrupted operations even under adverse conditions
Providing extensive training for staff to explain the rationale and importance of every SOP and EOP while also cultivating a stronger sense of accountability and responsibility
Increasing the number of experienced technical personnel to improve laboratory expertise and processing capabilities.
&ldquo I deeply understand the importance of our services and the urgency of resolving the situation in Singapore as soon as possible. We are working in full compliance with MOH and all related authorities to understand the problems at hand and take the appropriate remedial steps thereafter. As we address this, we will ensure that all corrective actions taken are sustainable, and that these good practices continue beyond the rectification exercise,&rdquo said Mr Yiu.
He added that as a client of Cordlife himself, he is &ldquo deeply disappointed that such lapses occurred in an organisation of such high esteem&rdquo .
&ldquo I feel a huge responsibility to understand the situation more deeply and make amends while also meeting our existing client commitments. Having handled large-scale infrastructure projects across the region, I am acutely aware of the importance of robust SOPs and EOPs.&rdquo he said, adding that he had visited some of the company&rsquo s offices and laboratories to better understand the business operations and issues at hand.
Mr Yiu said that suspension and ongoing investigations are isolated to the company&rsquo s operations in Singapore and do not impact the operations of the subsidiaries located outside Singapore.
The entities in the other markets operate independently, with their own dedicated team, and adhere to their respective local laws and regulations, he added.
&ldquo While I am confident that we can make enhancements to our operational procedures in the foreseeable future, rebuilding trust within our community will require sustained efforts over a longer term. Together with the team, we are determined to achieve that.&rdquo
He added that the company will provide regular updates on its progress.
Low liquidity stock, so difficult to predict. At least the overseas ops not impacted, so might still be worth something. However, the biz depends on customer TRUST which is not easy to rebuild.
ysh2006 ( Date: 23-Mar-2024 05:47) Posted:
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What price can this share go down ? 10c ?
It doesn' t matter if someone helped him draft the letter, to make sure the grammer, language, etc is suitable. At least it was signed off as
Yours sincerely,
Ivan Yiu
Group Chief Executive Officer
Meanwhile, the previous comms is either from the Company Secretary, Low Mei Wan (usually an outsourced vendor with necessary legal qualifications), or from the previous CEO. I noticed it was signed off as
For and on behalf of the Board
CORDLIFE GROUP LIMITED
Tan Poh Lan
Executive Director and Group CEO
The current CEO Ivan Yiu showed ownership and leadership in this crisis, while Tan Poh Lan is deflecting the accountability behind the Board members in all her comms.
Yours sincerely,
Ivan Yiu
Group Chief Executive Officer
Meanwhile, the previous comms is either from the Company Secretary, Low Mei Wan (usually an outsourced vendor with necessary legal qualifications), or from the previous CEO. I noticed it was signed off as
For and on behalf of the Board
CORDLIFE GROUP LIMITED
Tan Poh Lan
Executive Director and Group CEO
The current CEO Ivan Yiu showed ownership and leadership in this crisis, while Tan Poh Lan is deflecting the accountability behind the Board members in all her comms.
uiop1223 ( Date: 22-Mar-2024 20:37) Posted:
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U believe written by him? 😂
cmengchan ( Date: 22-Mar-2024 20:23) Posted:
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Finally the new CEO came out and address the shareholders.
Unlike the previous CEO and management, they have kept to the background as much as possible. None of them have stand up as an individual to address the shareholders.
22 March 2024 Letter to Shareholders
by Ivan Yiu Group Chief Executive Officer
https://links.sgx.com/FileOpen/CGL%20-%20Letter%20to%20Shareholders%20from%20GCEO.ashx?App=Announcement& FileID=792788
Unlike the previous CEO and management, they have kept to the background as much as possible. None of them have stand up as an individual to address the shareholders.
22 March 2024 Letter to Shareholders
by Ivan Yiu Group Chief Executive Officer
https://links.sgx.com/FileOpen/CGL%20-%20Letter%20to%20Shareholders%20from%20GCEO.ashx?App=Announcement& FileID=792788
Moh restrictions on new blood testing for 6 months means no new business. Company already reporting weak financials. Ceo quitted. Maybe there will be customers suing the company for negligence for their losses. How about CAD investigations? Will it result in a lawsuit against the company? There are just too many downsides to even consider buying today. Comparing companies that are having problems many have their stocks prices in pennies. I would not want to touch this counter at all.
If this is in the US, I can assure you that shareholders will be filing a class action lawsuit.
Its whistleblower.. MOH failed as well
moonsun ( Date: 22-Mar-2024 12:44) Posted:
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If rely on SGX audits? if any.. nothing will surfaced..
anyway entire board mostly non medical.. approved by sgx ?
MOH audits throw up all these discrepancies.. without it, the entire board can winkhood shareholders as they know minimum action or consequences from sgx regco..
so still have to thanks moh. Going forward guess they should tighten their audits too
anyway entire board mostly non medical.. approved by sgx ?
MOH audits throw up all these discrepancies.. without it, the entire board can winkhood shareholders as they know minimum action or consequences from sgx regco..
so still have to thanks moh. Going forward guess they should tighten their audits too
Actually I blame MOH more than any other agencies.
They should understand how important cord blood is and therefore, should have put in more stringent monitoring and inspections.
They should understand how important cord blood is and therefore, should have put in more stringent monitoring and inspections.
moonsun ( Date: 22-Mar-2024 11:08) Posted:
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This is a sad thing happening to our market here. For too long, our sgx regco regulators have been lax and turn a blind eye to all these corporate governance issues..
We retail investors are now paying the price
We retail investors are now paying the price
It will be a grave injustice to parents who lost their children' s cord blood if these people are not charged and jailed.
You cannot put profit above matters of life and death.
You cannot put profit above matters of life and death.
cmengchan ( Date: 22-Mar-2024 06:12) Posted:
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CAD arrests Cordlife' s directors following botched storage tank debacle
Cordlife Group says four of its directors as well as its former CEO have been arrested and interviewed by the Commercial Affairs Department over potential disclosure breach.
Cordlife, which sells storage services for cord blood cells, reported last November that some its tanks were not maintained at the right temperature.
Dr Ho Choon Hou, Cordlife' s acting chairman and non-independent non-executive director independent directors Yeo Hwee Tiong and Cheong Tuck Yan Titus Jim non-independent non-executive director Chow Wai Leong as well as Tan Poh Lan, former group CEO and executive director, have been arrested, interviewed and out on bail.
Thet Hnin Yi, the company' s CFO, has been asked to assist with the Investigations, but she has not been arrested, placed on bail or charged with any offence.
In addition, four of Cordlife' s directors who are now not based in Singapore are told to report to CAD on April 2 for interviews.
They are Joseph Wong Wai Leung, an independent director, and three non-independent and non-executive directors Zhai Lingyun, Chen Xiaoling and Yiu Ming Yiu.
See also: TDCX to support Volvo in enhancing its customer service experience in Europe
" Given that the current board has been overseeing the investigation to address the lapses identified by the Ministry of Health, the majority of the board is of the view that it would be in the interests of the company for all directors to continue serving on the board," says Cordlife.
Zhai and Chen, on the other hand, disagree as they hold the view that their fellow directors who have been arrested and released on bail are not suitable to remain on the board.
" The board will continue to consider and assess the suitability of all directors to continue serving on the board, pending the development of the investigations," says Cordlife.
In addition, depending on how the investigations evolve, the board might appoint new IDs to serve as additional checks and balances for the company.
Cordlife claims that its operations will also continue to operate as usual.
Cordlife substantial shareholders submit separate EGM requisition notices to remove directors in tussle
BELEAGUERED cord-blood bank Cordlife : P8A 0% is now embroiled in a shareholder dispute, with two substantial shareholders separately requisitioning to remove directors from its board.
In a bourse filing on Thursday (Mar 21), Cordlife said it received a notice on Mar 14 from Phillip Securities as nominee for one shareholder, Nanjing Xinjiekou Department Store Co, requesting the board convene an extraordinary general meeting (EGM).
In the notice, there were seven ordinary resolutions. Four concerned the removal of four directors &ndash acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong. Wong is also the company&rsquo s former chairman, who stepped down in February.
The remaining three concerned the appointment of three individuals to the board &ndash Teo Tong Kooi, Xu Tianhong and Cai Yong.
These moves, if approved, should be effective immediately upon conclusion of the EGM, the resolutions added.
The notice further provides that if the EGM is not convened prior to the upcoming annual general meeting (AGM), it will serve as &ldquo a special notice to the company&rdquo .
Phillip Securities also requisitioned that the company directors circulate the resolutions contained in the notice to be voted on at the AGM.
Nanjing Xinjiekou Department Store holds around 20.3 per cent of Cordlife, as at Mar 20, 2023, according to Cordlife&rsquo s annual report.
Meanwhile, on Mar 18, the company received a letter from controlling shareholder TransGlobal Real Estate Group &ndash which has a 27.9 per cent stake in Cordlife &ndash also requisitioning an EGM to vote on three resolutions.
The first ordinary resolution in the TransGlobal letter was to reject the proposed resolutions in the Mar 14 requisition notice from Phillip Securities.
The other two ordinary resolutions concerned the removal of two non-independent, non-executive directors &ndash Shally Chen, also known as Chen Xiaoling, and Zhai Lingyun.
Both directors were previously nominated to the board by Shanghai-listed Nanjing Xinjiekou Department Store and are involved with the company. Chen is a senior director, while Zhai is the chair of Nanjing Xinjiekou&rsquo s board.
The notice further provides that if the EGM is not convened prior to the upcoming AGM, it will serve as &ldquo a special notice to the company&rdquo and TransGlobal requested the company directors circulate the resolutions contained in the notice to be voted on at the AGM.
Cordlife said it is seeking legal advice as it considers both notices.
Cordlife called for a trading halt on Mar 14. Before the trading halt, the counter was trading down 6.3 per cent, or S$0.015, to S$0.225.
On Thursday, Cordlife said it will continue to remain under a trading halt, pending an announcement that will be released separately.
Cordlife was recently thrust into the spotlight after the Ministry of Health (MOH) began investigations into the company&rsquo s processes.
In November last year, the mainboard-listed healthcare provider was slapped with a six-month suspension notice by MOH, after it was found to have kept some cord-blood tanks at above acceptable temperature limits.
The audit found that the private cord-blood bank had exposed cryopreserved cord-blood units in seven tanks at suboptimal temperatures of above -150 degrees Celsius.
At the time, the cord-blood units in one of the seven tanks were confirmed to have been damaged. Some 2,200 cord-blood units in the tank belong to at least 2,150 clients.
MOH said the final results of the tests on the affected cord-blood units will be ready by end-March.
It also found three other process lapses at Cordlife and said it would require the healthcare group to rectify these issues by end-May.
Behind the scenes
Amid the ongoing investigations, the company also shuffled its top management. In February this year, it appointed Yiu Pang Fai as its group chief executive, succeeding Tan Poh Lan, who tendered her resignation in October last year to &ldquo pursue personal interests&rdquo .
Yiu Pang Fai was previously an executive director at TransGlobal Group&rsquo s family office division in Hong Kong, and has familial ties to Cordlife even prior to his appointment &ndash his brother Yiu Ming Yiu is a non-independent, non-executive director of the healthcare company.
His parents, Yiu Chi Shing and Lui Yim Sheung, are also deemed interested in the shares of Cordlife held by TransGlobal Real Estate Group.
Cordlife&rsquo s board said that it had considered the recommendation of the nominating committee and assessed Yiu Pang Fai&rsquo s qualification and experience, and was of the view that he had the requisite experience and capability to assume the role of group CEO.
However, following a commentary by The Business Times on Yiu Pang Fai&rsquo s appointment, Cordlife provided a further update to the bourse, which revealed that some directors had reservations about the appointment.
After the nominating committee found that Yiu Pang Fai had the requisite experience and capability to assume the position, Cordlife&rsquo s board put his appointment to a vote.
Two directors, Yiu Ming Yiu and Chow Wai Leong, abstained from the vote &ldquo for the avoidance of doubt&rdquo , as they were nominee directors of TransGlobal Real Estate Group, and Yiu Ming Yiu was the brother of Yiu Pang Fai.
Meanwhile, Nanjing Xinjiekou-nominated directors Chen and Zhai expressed their reservations about the appointment of Yiu Pang Fai as they had proposed the board conduct an executive search for the company&rsquo s group CEO.
In particular, they proposed that the company appoint a group CEO with the requisite qualifications, expertise and experience in the medical field to &ldquo lead the company through the current crisis, as well as to prepare for the future&rdquo .
As their proposal was not supported by the other directors, they then abstained on the board&rsquo s decision to appoint Yiu Pang Fai.
At the same time Cordlife was addressing the group CEO issue, it announced that its chairman Wong had stepped down due to &ldquo personal family and health reasons&rdquo .
Then vice-chairman Ho, who is also a non-independent, non-executive director, was appointed acting chairman of the board until the appointment of a new chairman.
Finally?..
https://www.channelnewsasia.com/singapore/cordlife-directors-arrested-former-group-ceo-mishandling-blood-cord-units-4213591
https://www.channelnewsasia.com/singapore/cordlife-directors-arrested-former-group-ceo-mishandling-blood-cord-units-4213591
Looks like sufficient info of possible fraud if CAD is involved now.
Its too late to kick him out. Ths kind of misconducts are not easy to detact.
uiop1223 ( Date: 22-Mar-2024 04:18) Posted:
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Speechless. Hope this serves as a lesson on what constitute disclosures to any office bearers
CORDLIFE GROUP LIMITED
(Company Registration No.: 200102883E)
(Incorporated in the Republic of Singapore)
INVESTIGATIONS BY THE COMMERCIAL AFFAIRS DEPARTMENT
The board of directors (the &ldquo Board&rdquo ) of Cordlife Group Limited (the " Company" and together with its
subsidiaries, the " Group" ) wishes to announce that the Company has received a notice dated 19 March
2024 (" Notice" ) from the Commercial Affairs Department (" CAD" ) and the Monetary of Authority of
Singapore (" MAS" ) pursuant to Section 20 of the Criminal Procedure Code 2010 of Singapore, requiring
the provision of certain documents and information in connection with investigations by the CAD into
an offence under the Securities and Futures Act 2001 of Singapore (the " Investigations" ). The Notice
was served on the Company by officers from the CAD at the Company&rsquo s office on 19 March 2024 and
the Company has produced some of the documents listed in the Notice to the CAD officers.
As at the date of this announcement, the Company has been informed by the following Directors and
former Director, that they have attended interviews at the offices of the CAD and have been arrested in
connection with the Investigations and released on bail:
(a) Dr Ho Choon Hou, Acting Chairman, Non-Independent Non-Executive Director
(b) Mr Yeo Hwee Tiong, Independent Director
(c) Mr Cheong Tuck Yan Titus Jim, Independent Director
(d) Mr Chow Wai Leong, Non-Independent Non-Executive Director
(e) Ms Tan Poh Lan, former Executive Director and Group Chief Executive Officer
The Company understands that the offence is in connection with potential breaches of the disclosure
obligations of the Company in relation to the irregular temperatures of a certain cryogenic storage tank
of the Company, which was first disclosed by the Company in its announcement dated 30 November
2023.
The Company further understands that Ms Thet Hnin Yi, Chief Financial Officer, has been asked to
assist with the Investigations, but she has not been arrested, placed on bail or charged with any offence
as at the date of this announcement.
The CAD and MAS also issued a notice to the Company pursuant to Section 21 of the Criminal
Procedure Code 2010 of Singapore dated 19 March 2024, addressed to the Directors. The Company
understands that the following Directors of the Company, who are not currently based in Singapore, are
required to attend at the offices of the CAD for an interview in connection with the Investigations on 2
April 2024:
(i) Mr Joseph Wong Wai Leung, Independent Director
(ii) Mr Zhai Lingyun, Non-Independent Non-Executive Director (" Mr Zhai" )
(iii) Ms Chen Xiaoling, Non-Independent Non-Executive Director (" Ms Chen" )
(iv) Mr Yiu Ming Yiu, Non-Independent Non-Executive Director
At the time of this announcement, the Company has received undertakings from all the Directors, Ms
Tan Poh Lan and Ms Thet Hnin Yi, to inform the Board of the ongoing Investigations and subsequent
developments.
Given that the current Board has been overseeing and providing guidance on the ongoing work
undertaken by the Company to investigate and address the lapses identified by the Ministry of Health
in relation to the Company' s Singapore operations, the majority of the Board is of the view that it would
be in the interests of the Company for all Directors to continue serving on the Board. Mr Zhai and Ms
Chen disagree that the Directors who have been arrested and released on bail are suitable to remain
on the Board. The Board will continue to consider and assess the suitability of all Directors to continue
serving on the Board, pending the development of the Investigations. In addition, depending on how
the Investigations evolve, the Board will also consider the possibility of the appointment of new
Independent Directors, to serve as additional checks and balances for the Company.
The Company will continue to monitor the progress of the Investigations and will cooperate fully with all
regulatory authorities on the said Investigations, and will update its shareholders as and when there are
any material updates on the above. The Group' s operations will also continue to operate as usual.
In the meantime, shareholders of the Company and potential investors should exercise caution when
dealing in the shares of the Company. They should consult their stockbrokers, bank managers, solicitors
or other professional advisers if they have any doubt about the actions they should take.
CORDLIFE GROUP LIMITED
(Company Registration No.: 200102883E)
(Incorporated in the Republic of Singapore)
INVESTIGATIONS BY THE COMMERCIAL AFFAIRS DEPARTMENT
The board of directors (the &ldquo Board&rdquo ) of Cordlife Group Limited (the " Company" and together with its
subsidiaries, the " Group" ) wishes to announce that the Company has received a notice dated 19 March
2024 (" Notice" ) from the Commercial Affairs Department (" CAD" ) and the Monetary of Authority of
Singapore (" MAS" ) pursuant to Section 20 of the Criminal Procedure Code 2010 of Singapore, requiring
the provision of certain documents and information in connection with investigations by the CAD into
an offence under the Securities and Futures Act 2001 of Singapore (the " Investigations" ). The Notice
was served on the Company by officers from the CAD at the Company&rsquo s office on 19 March 2024 and
the Company has produced some of the documents listed in the Notice to the CAD officers.
As at the date of this announcement, the Company has been informed by the following Directors and
former Director, that they have attended interviews at the offices of the CAD and have been arrested in
connection with the Investigations and released on bail:
(a) Dr Ho Choon Hou, Acting Chairman, Non-Independent Non-Executive Director
(b) Mr Yeo Hwee Tiong, Independent Director
(c) Mr Cheong Tuck Yan Titus Jim, Independent Director
(d) Mr Chow Wai Leong, Non-Independent Non-Executive Director
(e) Ms Tan Poh Lan, former Executive Director and Group Chief Executive Officer
The Company understands that the offence is in connection with potential breaches of the disclosure
obligations of the Company in relation to the irregular temperatures of a certain cryogenic storage tank
of the Company, which was first disclosed by the Company in its announcement dated 30 November
2023.
The Company further understands that Ms Thet Hnin Yi, Chief Financial Officer, has been asked to
assist with the Investigations, but she has not been arrested, placed on bail or charged with any offence
as at the date of this announcement.
The CAD and MAS also issued a notice to the Company pursuant to Section 21 of the Criminal
Procedure Code 2010 of Singapore dated 19 March 2024, addressed to the Directors. The Company
understands that the following Directors of the Company, who are not currently based in Singapore, are
required to attend at the offices of the CAD for an interview in connection with the Investigations on 2
April 2024:
(i) Mr Joseph Wong Wai Leung, Independent Director
(ii) Mr Zhai Lingyun, Non-Independent Non-Executive Director (" Mr Zhai" )
(iii) Ms Chen Xiaoling, Non-Independent Non-Executive Director (" Ms Chen" )
(iv) Mr Yiu Ming Yiu, Non-Independent Non-Executive Director
At the time of this announcement, the Company has received undertakings from all the Directors, Ms
Tan Poh Lan and Ms Thet Hnin Yi, to inform the Board of the ongoing Investigations and subsequent
developments.
Given that the current Board has been overseeing and providing guidance on the ongoing work
undertaken by the Company to investigate and address the lapses identified by the Ministry of Health
in relation to the Company' s Singapore operations, the majority of the Board is of the view that it would
be in the interests of the Company for all Directors to continue serving on the Board. Mr Zhai and Ms
Chen disagree that the Directors who have been arrested and released on bail are suitable to remain
on the Board. The Board will continue to consider and assess the suitability of all Directors to continue
serving on the Board, pending the development of the Investigations. In addition, depending on how
the Investigations evolve, the Board will also consider the possibility of the appointment of new
Independent Directors, to serve as additional checks and balances for the Company.
The Company will continue to monitor the progress of the Investigations and will cooperate fully with all
regulatory authorities on the said Investigations, and will update its shareholders as and when there are
any material updates on the above. The Group' s operations will also continue to operate as usual.
In the meantime, shareholders of the Company and potential investors should exercise caution when
dealing in the shares of the Company. They should consult their stockbrokers, bank managers, solicitors
or other professional advisers if they have any doubt about the actions they should take.
Kick the clueless CEO out. Its a joke that hes appointed