The police probe against mainboard-listed investment holdings firm New Silkroutes Group (NSG) over a possible securities breach did not impede the company from carrying out its succession plans.
The company announced that it appointed VicPearly Wong to replace Goh Jin Hian as chief executive, in an SGX filing on Wednesday (30 Sept).
Dr Goh, the son of former Singapore Prime Minister Goh Chok Tong, served as NSG’s CEO and executive director for just over five years, since July 2015. A doctor by training, Dr Goh left the healthcare sector to join oil and gas firm Digiland – which was later renamed NSG – in 2014.
He told the Straits Times that his decision to exit a familiar field was “a kind of midlife crisis” and added, “Even my own parents thought I was nuts” for wanting to switch sectors. The doctor-businessman was made executive director of Digiland in June 2015 before becoming the firm’s CEO/Executive Director a month later.
NSG announced changes to Dr Goh’s role within the firm in July this year. Revealing that Dr Goh will take over as company chairman on 1 Aug, NSG announced that he will retire as CEO with effect from 1 Oct to become a non-executive chairman thereafter.
On Thursday, Dr Goh was succeeded by Dr Wong as NSG CEO. Dr Wong’s link to NSG goes back to 2017 when the company acquired a 51 per cent stake in her three dental clinics and two medical and dental equipment supply companies.
The firm acquired the Orange Orthodontics & Dentofacial Orthopaedics, Orange Aesthetics and Oral Maxillofacial Surgery, and Orange Dental Specialist clinics as well as Wren Dental and Medical Supplies and Greedygums for a total consideration of S$1.08 million.
Dr Wong, who is the founder and director of the three clinic and two supply firms, was subsequently made clinical director (dental) of NSG’s Healthsciences International.
Dr Wong’s appointment as NSG CEO comes amid a police probe into the firm over an alleged offence of false trading and market rigging in view of past share buy-backs and acquisitions of shares.
In a separate SGX filing on Wednesday, NSG said that the passports of Dr Goh and finance director William Teo has been impounded by the Commercial Affairs Department (CAD), although both individuals have not been arrested nor charged.