Lim How Teck exits as chairman of Temasek-backed Heliconia Capital, months after police arrest

Mr Lim's departure comes after he took a leave of absence from his role as chairman following his arrest in February. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Lim How Teck has stepped down as chairman of Temasek-backed Heliconia Capital, months after he was arrested in his capacity as the lead independent director of Raffles Education Corp.

Lim's departure comes after he took a leave of absence from his role as chairman of the investment firm following his arrest in February this year.

His resignation was announced via a bourse filing from CSE Global - one of Heliconia's portfolio companies - on Wednesday (Aug 24).

The international technology group announced in the filing that Lim would resign from his role as non-executive non-independent director of CSE Global with immediate effect since he was stepping down as Heliconia's chairman.

The investment firm had nominated Lim to be on CSE Global's board in the first place.

This also means Lim would be vacating his position as a member of the group's audit and risk committee, as well as nominating committee.

In February this year, five directors from Raffles Education were arrested, with their bail set at $30,000 each, following investigations from the Monetary Authority of Singapore and the Commercial Affairs Department.

The investigations are related to disclosures made by the company about a claim by Affin Bank against certain subsidiaries of the company, including Raffles K12 and Raffles Iskandar, which manage schools in Malaysia.

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