CAD starts investigation into KLW Holdings
THE white-collar crime busters have come knocking on the doors of KLW Holdings.
The Catalist-listed doormaker on Monday said it had received a notice dated Nov 19 from the Commercial Affairs Department (CAD), stating that it was investigating an offence under the Securities and Futures Act.
The CAD had on Nov 19 interviewed the group's head of operations and human resources, Gaw Kuan Ching Jaslin. Ms Gaw, who was formerly the group financial controller, was released on bail.
Similarly, the company's former managing director, Lee Boon Teck, was questioned by the CAD on Nov 19 and 20. Mr Lee, now a consultant of the firm, has been asked to surrender all travel documents and access to certain other documents.
CAD has also requested access to the group's accounting records, banking records, corporate secretarial documents, draft announcements prepared for the company and all relevant IT equipment and corporate emails from Jan 1, 2012 onwards.
These come after the firm's special auditor found apparent lapses in internal controls and potential breaches of disclosure rules.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Deutsche Bank unveils wealth targets after hiring push in Asia
HSBC asked by US$890 billion investor group to set new energy goal
Stocks to watch: DBS, KIT, Clint, Elite Commercial Reit
Booking says room reservations to slow amid Middle-East conflict
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
Block raises annual forecast on resilient consumer spending