Another Cordlife director arrested amid CAD probe
Non-independent non-executive director Chen Xiaoling was arrested over alleged disclosure breaches by the private cord blood bank
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ANOTHER director of beleaguered private cord blood bank Cordlife has been arrested by the Commercial Affairs Department.
In a bourse filing on Sunday (May 19), the company said non-independent non-executive director Chen Xiaoling was arrested, and then released on bail on May 15.
Her arrest was related to alleged breaches-of-disclosure obligations by Cordlife on the matter of irregular temperatures in a certain cryogenic storage tank, which was first disclosed by the group on Nov 30, 2023.
Cordlife added in its statement that Chen will continue to serve on the board, as it is in the company’s interest for her to do so. This is because she will be “overseeing and providing guidance on the ongoing work undertaken by the company to investigate and address the lapses identified by the Ministry of Health in relation to its Singapore operations”.
Nevertheless, the board will continue to “consider and assess” Chen’s suitability to continue serving on the board pending the development of the investigations.
Cordlife will also continue to monitor the progress of the investigations and will cooperate fully with the regulatory authorities.
Shares of Cordlife closed 15.4 per cent or S$0.02 higher at S$0.15 on Friday before the announcement.
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