Raffles United directors under probe furnish bond to report back to CAD

SINGAPORE - Bearings and seals supplier Raffles United Holdings on Thursday (May 17)announced that several of its board members have provided a bond to report back to the Commercial Affairs Department (CAD) regarding potential breaches of the Securities and Futures Act.

Managing director Teo Teng Beng, executive director Teo Xian-Hui Amanda Marie, and CFO Ho Hui Min have each provided bonds to report back to the CAD on May 31 to assist further in its investigations.

With the provision of the bonds, the passports of Mr Teo, Ms Teo and Ms Ho were released by the CAD for the purposes of overseas travel.

Separately, Koh Hai Yang, business development director of Raffles United's subsidiary Kian Ho, and Teo Teng Ho, former consultant of the company and brother of Mr Teo Teng Beng, have both been requested by the CAD to provide a bond.

Michelle Ibanez Gonzales, an administrative accounts executive of Kian Ho has also been requested to report back to the CAD on May 25 to assist in further investigations.

In an exchange filing on Thursday, Raffles United said that the firm will continue to extend its fullest cooperation to CAD in its investigations and will make announcements as and when there are further significant developments on this matter.

It added that the group's operations are not affected by the investigations and will continue as per normal.

The counter last traded unchaged at S$0.115 apiece on May 11.

A version of this article appeared in the print edition of The Straits Times on May 17, 2018, with the headline ''. Print Edition | Subscribe