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Police report lodged on potentially irregular transactions at Singapore River Explorer

Thursday, December 24, 2015 - 14:27

INFORMATION directory firm Global Yellow Pages Limited said that it has lodged a report with the Commercial Affairs Department of the Singapore Police Force in relation to potentially irregular transactions in its subsidiary, Singapore River Explorer.

"The said police report does not relate to any officer or employee of the group," the company said.

"The full extent of the potentially irregular transactions and the amount recoverable has yet to be determined. The company will make further announcements as and when there are material developments on this matter."

Earlier this month, Global Yellow Pages said that it will not continue to operate its river water taxi venture, which Singapore River Explorer was set up to run on a three-year deal that ends this year.

Singapore River Explorer owes the company a loan of S$5.9 million plus S$0.4 million in interest, it said.

Global Yellow Pages is also exposed to S$850,000 that Singapore River Explorer had borrowed from a third-party lender, because the former had provided a corporate guarantee, it said.

Global Yellow Pages closed Thursday trading at S$0.183, up S$0.009 or 5.2 per cent before the latest announcement was out.

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