KTL Global CEO assisting MAS, police in investigation of possible Securities and Futures Act offence

SINGAPORE - The chief executive of a Singapore-listed offshore services company has been asked to assist the authorities in an investigation over a possible offence under the Securities and Futures Act.

KTL Global's Mr Tan Kheng Yeow told the board that he will cooperate fully with the Monetary Authority of Singapore and the Commercial Affairs Department in their investigation, the company said in a Singapore Exchange announcement on Monday (Oct 30).

Mr Tan, 45, has been executive director of KTL Global since 2007 and his family is the substantial shareholder of the company, which is a subsidiary of the privately held ship chandler and trader Kim Teck Leong.

The KTL Global board said in its statement: "The board of directors wish to emphasise that the business and operations of the company are not affected in any way by this investigation and will continue as normal."

It added that further announcements on the progress of the investigation will be made "as appropriate".