SINGAPORE (THE BUSINESS TIMES) - Yangzijiang Shipbuilding announced in a bourse filing on Monday (Feb 21) that its independent director Teo Yi-Dar is assisting with investigations by the Commercial Affairs Department (CAD) in relation to potential offences by Tee International under the Securities and Futures Act.
Mr Teo is currently a non-executive non-independent director of Tee International.
In an earlier announcement by Tee International, the company said that it has been ordered to provide CAD access to information and documents concerning the company and its subsidiaries.
This came just a day after the Singapore Exchange said it reported the mainboard-listed engineering group to the authorities for potential offences under the Act. The bourse operator is also investigating the company for potential listing rule breaches.
All of Tee International's independent directors, its non-executive director and the managing director of its engineering and construction business were also asked to assist with CAD's investigations, the company said in a bourse filing. They were interviewed by the CAD on Feb 17 and 18.
None of the current directors or management personnel had been asked to surrender their passports, according to Tee International on Feb 18.
No further information has been made available to the board as the investigation remains confidential, said Yangzijiang.
The board has also assessed the circumstances giving rise to the matter and, as at the date of this announcement, is of the opinion that Mr Teo is able to fulfil his duties professionally as an independent director of the company.
Shares of Yanzijiang ended on Monday flat at $1.40. Shares of Tee International last traded at 3.2 cents on June 15, 2021. The company had requested for a voluntary trading suspension, as it was reviewing its existing business amid a significant loss reported for its fourth quarter ended May 31, 2021.