Singapore — In the latest development concerning the New Silkroutes Group, the healthcare provider announced on Tuesday night (Oct 20) that it had appointed Mr Darrell Lim Chee Lek as acting independent non-executive chairman of the board with effect from the same day.
Mr Lim takes over from Dr Goh Jin Hian, the son of former Prime Minister Goh Chok Tong. Dr Goh had announced on Thursday night (Oct 15) that he had resigned as chairman.
Dr Goh’s role as non-independent and non-executive chairman had been announced earlier this year. He had been with the company since July 2015.
Mr Lim was appointed to the board on Aug 1, 2020, as an independent non-executive director, and became lead independent director this month. He was formerly the head of investor relations at the Singapore Exchange.
According to a report in Business Times, other members of the board include executive director Shen Yuyun, independent non-executive director Vivien Chen Chou Mei Mei, non-independent non-executive director Andrew Chua Soon Kian, and independent non-executive director Alex Chua Siong Kiat.
These developments follow the announcement by the Commercial Affairs Department (CAD) that it had launched an investigation against the company last month over a possible breach of securities laws.
The company said it understands that the alleged offence is false trading and market rigging pursuant to Section 197 of the Securities and Futures Act in view of past share buy-backs and acquisitions of shares.
Both Dr Goh, who was the chief executive officer and executive director until he became chairman on Oct 1, as well as finance director William Teo are involved in the CAD investigation.
The passports of both men have been impounded by the CAD although neither person has been arrested or charged.
Only two weeks ago, the company said it had no plans to suspend Dr Goh and Mr Teo from their duties and made special mention of Dr Goh’s contributions to the firm. Dr Goh’s transition from company CEO and chairman also took place as planned despite the probe.
In Singapore Exchange filings late on Thursday night (Oct 15), the company revealed that both Dr Goh and Mr Teo had resigned from their posts with immediate effect.
It said that Dr Goh resigned “to devote more time to his personal affairs”, while Mr Teo quit “to focus on personal matters and to pursue other interests”.
Another director who recently left the company is Mr Kelvyn Oo. He is also assisting with the CAD probe. /TISG
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