Oxley further clarifies background facts with regard to CEO allegations
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Property developer Oxley has further clarified that CEO Ching Chiat Kwong represented it in considering the Pili Land in Venice, Italy.
PHOTO: LIANHE ZAOBAO
SINGAPORE – Property developer Oxley Holdings issued further clarifications to allegations around its chief executive officer (CEO) in a bourse filing on July 25.
The company announced that upon further examination of the background facts, executive chairman and CEO Ching Chiat Kwong informed the board that he was representing Oxley in considering the possibility of developing Pili Land in Venice, Italy into a waterfront township.
A preliminary feasibility study was carried out but the results showed that the costs would be too high for the project to be commercially viable.
No further steps were taken regarding Pili Land and no discussions about the purchase price or any other details had taken place.
In an earlier announcement on July 24, Oxley said allegations of Mr Ching’s involvement in corruption investigations against public officials in Venice were unfounded and untrue. This was in response to three new articles detailing his involvement in a probe involving Venice mayor Luigi Brugnaro, who allegedly granted favours to developers for kickbacks.
Other than Pili Land being undertaken as a project by Oxley, the other purchases of Palazzo Donà and Palazzo Papadopol were Mr Ching’s own personal investments.
Shares of Oxley Holdings were trading up 0.1 cent, or 1.3 per cent, at eight cents as at 9.38am on July 26. THE BUSINESS TIMES
