Another Cordlife director arrested amid CAD probe; interviews for 3 others postponed

CORDLIFE Group’s non-independent non-executive director Yiu Ming Yiu is the latest to be arrested after getting called or an interview with the Commercial Affairs Department (CAD).

The company said in a bourse filing on Friday (Apr 5) that while Yiu – who is not based in Singapore – attended the interview, three other directors – who are similarly based overseas – opted to postpone the interview. 

Non-independent non-executive directors Zhai Lingyun and Chen Xiaoling have received CAD’s agreement to postpone their interviews to May 21.

Independent director Joseph Wong Wai Leung informed CAD that he could not attend the interview due to health reasons. 

CAD has not indicated its agreement for a postponement at this point, so Wong is “uncertain” of the next interview date, the company added.

With Yiu’s arrest, the number of arrested individuals who are linked to the CAD probe now stands at seven. The company had announced the arrest of four of its directors and its ex-group chief executive officer on Mar 22, and the arrest of its chief financial officer on Mar 27.

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The company said it understands that Yiu’s arrest is linked to potential breaches of its disclosure obligations in relation to the irregular temperatures of its cryogenic storage tank, which was first disclosed on Nov 30, 2023.

Cordlife, meanwhile, said the implicated directors will continue to serve on the board. This is because the board is of the view that it would be in the company’s interests to do so.

That said, the board assured that it will continue to consider and assess the suitability of all directors to continue serving on the board, pending the development of the Investigations. 

The company also said the company’s appointment of new independent directors to serve as additional checks and balances will be contingent on how investigations evolve.

Yiu has been released on bail. 

For now, the company stated that it will continue to monitor the investigations’ progress and cooperate fully with the regulatory authorities. Its operations continue as usual, it pointed out.

Trading of the company’s shares, which last closed at S$0.172, is still subject to a halt.