Tiong Seng files police report against subsidiary’s former MD and his wife
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The Singapore Exchange-listed Tiong Seng Holdings conducted an internal investigation into the couple after it received a whistle-blower report.
PHOTO: LIANHE ZAOBAO
Yong Jun Yuan
SINGAPORE - Construction group Tiong Seng Holdings has lodged a police report against the former managing director of its subsidiary Robin Village Development (RVD), Mr Michael Seah, and his wife Neo Kim Neo.
In a bourse filing on Tuesday, the company said it conducted an internal investigation into the couple after it received a whistle-blower report about Mr Seah’s conduct.
It found that Mr Seah and Madam Neo, who served as RVD’s head of human resources and administration, had allegedly diverted business and profits to SW Metal & Construction, a company owned and controlled by their daughter.
Tiong Seng also discovered that Mr Seah and Madam Neo had allegedly wrongfully utilised RVD’s resources for personal gain and to benefit SW Metal & Construction.
The company added that a preliminary estimate from the internal investigation put the potential loss to RVD at approximately $3 million.
Aside from filing a police report on Aug 4, RVD has also instructed its lawyers to pursue claims and commence legal proceedings against Mr Seah, Madam Neo, their daughters and SW Metal & Construction for losses and damages arising from the alleged wrongdoing.
Mr Seah stepped down as managing director on Sept 12, 2022, and remained as a technical adviser to RVD until March 25, 2023.
Shares of Tiong Seng closed 4.84 per cent higher at 6.5 cents on Wednesday. THE BUSINESS TIMES
