Ajisen Ramen operator Japan Foods’ lead independent director investigated by CAD
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Mainboard-listed Japan Foods’ key restaurant brands include Ajisen Ramen, Menya Musashi, Konjiki Hototogisu, Yakiniku Shokudo, Milan Shokudo and Tokyo Shokudo.
PHOTO: JAPAN FOODS HOLDING
SINGAPORE – The lead independent director of restaurant operator Japan Foods, Ms Tan Cher Ting, is currently out on bail after being interviewed by the Commercial Affairs Department (CAD) on Feb 11.
The interview is in connection with an investigation into a possible offence under the Securities and Futures Act (SFA). The investigation relates specifically to Section 219 of the Act, which concerns the conduct of persons in possession of inside information.
In a bourse filing on the evening of Feb 12, mainboard-listed Japan Foods said Ms Tan – who also chairs its board’s nominating committee – had informed the company that the investigation is a personal matter and does not involve the shares or business activities of Japan Foods.
Nevertheless, in view of the ongoing investigation, the board has accepted the nominating committee’s recommendation for Ms Tan to relinquish her roles as lead independent director and chairwoman of the nominating committee. She will remain a member of the committee.
It added that, to the best of the nominating committee’s and the board’s knowledge, Ms Tan has not been charged with any offence. Since her appointment to the board in 2023, she has conducted herself “in an independent and professional manner”.
“Tan has confirmed that she will provide updates to the board as and when there are any material developments in relation to the investigation,” the board said.
The company added that it will continue to monitor developments and reassess Ms Tan’s suitability for her current appointment should there be any material changes.
In view of Ms Tan relinquishing her role, the chairman of the remuneration committee, Mr Benny Lim, will take over as chairman of the nominating committee. Meanwhile, Ms Tan will replace Mr Lim as chairwoman of the remuneration committee.
Mr Jason Lee, the current chairman of the audit and risk committee, will be appointed lead independent director.
The company’s key restaurant brands include Ajisen Ramen, Menya Musashi, Konjiki Hototogisu, Yakiniku Shokudo, Milan Shokudo and Tokyo Shokudo.
Shares of Japan Foods closed flat at 15.9 cents on Feb 13, after the announcement. THE BUSINESS TIMES
