CATALIST-LISTED fruit juice manufacturer Zhongxin Fruit and Juice on Sunday announced that its lead independent director Ngiam Zee Moey is being interviewed by the Commercial Affairs Department (CAD) of the Singapore Police Force.
Mr Ngiam had informed the company of this on Friday, citing "possible infringements" under Section 203(2) with Section 331 of the Securities and Futures Act (Chapter 289) of Singapore, for matters that took place from 2006 to 2009, when the company was then known as New Lakeside Holdings.
Section 203(2) states that an entity, trustee or person responsible for securities which are listed for quotation on a securities exchange "shall not intentionally, recklessly or negligently fail to notify the securities exchange" of information on specified events or matters as they occur or arise for the purpose of the securities exchange making that information available to a securities market operated by the securities exchange.
Such information is required to be disclosed by the securities exchange under the listing rules or any other requirement of the securities exchange, according to the SFA.
Pending the outcome of the CAD investigation, the board was informed that Mr Ngiam has been released on bail. For the purposes of the investigation, he has surrendered his travel document, Zhongxin said in the announcement.
The board understood from Mr Ngiam that the CAD investigation is currently ongoing and he will cooperate fully with the CAD in the investigation, Zhongxin added.
Business and operations of the company are not affected in any way by this investigation and will continue as normal, said Zhongxin.