CAD investigates Jason Holdings director, subsidiary; impounds director's passport

THE Commercial Affairs Department (CAD) is investigating Jason Holdings director Jason Sim Chon Ang and the company's subsidiary Jason Parquet Specialist (Singapore) regarding a possible offence under the penal code, the company announced late on Thursday.

Mr Sim was interviewed by Singapore's white collar crime investigator on Aug 1, and ordered to produce documents and information from 2008 to 2016. His travel documents were impounded on Aug 2.

Shares of Jason Holdings, a flooring specialist, remain suspended.

A report by EY on May 24 highlighted a number of potential breaches of fiduciary duties in the management and administration of Jason Parquet. EY's findings included deposits and prepayments made by Jason Parquet using trust receipts obtained from banks without underlying goods; accounts receivable financing from different banks obtained using progress claims with identical work values and descriptions at different times; discrepancies in inventories; and an improper hire purchase transaction involving a vehicle registered to Mr Sim's spouse.

Mr Sim was suspended from his role as chief executive of Jason Holdings following that report.