SINGAPORE - The Commercial Affair Department (CAD) has closed its investigations on two senior executives of Yongnam Holdings.
The construction company said it had been informed by chief executive officer (CEO) Seow Soon Yong and finance director Chia Sin Cheng that they had been told by the CAD recently that their cases had been closed.
"Pursuant to this, both Mr Chia and Mr Seow have received a copy each of the respective letters sent by the CAD to each of their respective banks notifying the banks that the fixed deposits held by the banks as security for bail can now be released," said Yongnam in a statement dated May 20.
Mr Seow and Mr Chia had separately informed Yongnam in February 2012 and June 2009 respectively that they were assisting the white collar crime buster in its investigation on possible infringement of section 218 of the Securities and Futures Act.
The section deals with insider trading.