SINGAPORE - New Silkroutes Group has announced the resignations of its chairman Goh Jin Hian and finance director William Teo Thiam Chuan, both of whom are assisting the Singapore Police's Commercial Affairs Department with investigations.
Dr Goh quit "to devote more time to his personal affairs", while Mr Teo stepped down "to focus on personal matters and to pursue other interests", the mainboard-listed healthcare firm said in separate filings with the Singapore Exchange late on Thursday night (Oct 15). Both departures are with immediate effect.
Earlier on Thursday morning, New Silkroutes had announced that its auditor Deloitte & Touche had issued a disclaimer of opinion on the financial statements of the group for the financial year ended June 30.
On Sept 30, the company disclosed that Dr Goh, the son of former Singapore prime minister Goh Chok Tong, and Mr Teo were under probe by the CAD over a possible offence under the Securities and Futures Act. New Silkroutes said then that it understands that the alleged offence is false trading and market rigging to do with past share buy-backs and acquisitions of shares.
Dr Goh is also being sued by the judicial managers of an unrelated firm - oil trader Inter-Pacific Petroleum - over US$156 million (S$212.2 million) in losses it sustained due to his alleged breach of duties when he was its director.
His resignation as New Silkroutes non-independent and non-executive chairman comes just over a week after he quit as chairman of a separate listed company, CordLife Group, although he has remained as an independent director.
Dr Goh was New Silkroutes' CEO from July 2015 till Oct 1 this year, when he took over as chairman in a move announced in July.
Mr Kelvyn Oo Cheong Kwan, New Silkroutes' former chief corporate officer and executive director, is also assisting with the CAD probe. Mr Oo had resigned from the company on Aug 1 to "pursue personal interest and other opportunities".
This article was first published in The Straits Times. Permission required for reproduction.