Co-founders of water treatment firm Memiontec out on bail amid CAD probe
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CAD's interview with the firm's co-founders was part of its investigations into a potential offence under Section 201 of the Securities and Futures Act.
ST PHOTO: DESMOND WEE
Chong Xin Wei
SINGAPORE - The co-founders of water treatment company Memiontec Holdings have been released on bail after being interviewed by the Commercial Affairs Department (CAD).
The interview was part of CAD’s investigations into a potential offence under Section 201 of the Securities and Futures Act, the company said on Aug 19.
Executive director and chief executive officer Tay Kiat Seng and managing director Soelistyo Dewi Soegiharto were arrested after attending interviews on Aug 14. They were subsequently released on bail.
Memiontec noted that Ms Soegiharto has surrendered her passport to CAD, while Mr Tay is allowed to travel overseas subject to prior clearance by the department.
Meanwhile, the company’s nominating committee – which excludes Mr Tay – assessed that the pair are suitable to remain as directors.
It also said no immediate additional measures need to be taken currently to safeguard against internal control and other risks associated with their continued appointment.
The investigations are still ongoing and the arrests of Mr Tay and Ms Soegiharto may not lead to them being formally charged in court, said Memiontec.
It also pointed out that based on the information available to the committee as at Aug 19, the investigations are not related to the business and operations of the group.
“As such, there is unlikely to be any material adverse impact to the business and operations of the group,” said Memiontec.
Executive director and CEO Tay Kiat Seng (above) and his wife, managing director Soelistyo Dewi Soegiharto, were interviewed by the Commercial Affairs Department.
PHOTO: LIANHE ZAOBAO FILE
It added that the pair will provide updates when there are material developments relating to the investigations, and that it will make further announcements when necessary.
The nominating committee and Memiontec’s board – excluding Mr Tay and Ms Soegiharto – will also continue to monitor the progress and further developments of the investigations, it said.
If there is any material development, the nominating committee will also reassess the pair’s continued appointment, said the company.
Shares of the company closed up 5.63 per cent, or 0.4 cent, at 7.5 cents on Aug 19. THE BUSINESS TIMES
