SINGAPORE - Catalist-listed Zhongxin Fruit and Juice said on Sunday (June 5) that its lead independent director Ngiam Zee Moey is being questioned by the Commercial Affairs Department (CAD) for possible regulatory breaches.
Mr Ngiam had informed the the fruit juice maker on Friday (June 3) that he is being interviewed "for possible infringements under Section 203(2) reading with Section 331 of the Securities and Futures Act (Chapter 289) of Singapore, for matters that happened during the period from 2006 to 2009 when the company was known as New Lakeside Holdings Ltd."
Pending the outcome of the CAD investigation, the board was informed that Mr Ngiam has been released on bail and for the purposes of the investigation, he has surrendered his travel document, said the company.
It added that the board understood from Mr Ngiam that the CAD investigation is currently on going and he will cooperate fully with its investigation.
The board said it wishes to emphasize that the business and operations of the company are not affected in any way by the CAD investigation and will continue as normal.
The company said it will monitor the progress of the investigation and will make suh further announcements as appropriate.