Camsing Healthcare suspends chairman

Singapore

CAMSING Healthcare has suspended all administrative and executive duties and powers of chairman and executive director Lo Ching, who remains in the custody of the Shanghai police, the mainboard-listed firm said on Monday after market close.

In a July 9 filing, Camsing Healthcare said that it was made aware on July 5 that Ms Lo was being held by the Yangpu Branch of the Shanghai Public Security Bureau.

In its update on Monday, Camsing Healthcare said that the Shanghai police have not disclosed the reasons for or incidents leading to the custody. Camsing Healthcare said it will continue making enquiries to ascertain the reasons and whether there is any relation to the group.

Given that the board is still ascertaining whether the custody has any relation to the group and given that Ms Lo has not been able to discharge her duties as an executive director as a result of the custody, the board resolved on Aug 19 to suspend her duties and powers with immediate effect and until notice.

"The board considers that the suspension of duties and powers of Ms Lo is in the best interests of the company and the shareholders as a whole," added the company. It said it would update shareholders and potential investors as and when necessary, and advised caution when dealing in its shares. Trading in its shares has been suspended since April 1.

On July 9, it was reported that China wealth manager Noah Holdings filed a lawsuit against Hong Kong-listed Camsing International Holding, of which Ms Lo is also chairman, in relation to a 3.4 billion yuan (S$667 million) asset management product that is in danger of default. Noah Holdings also reported Camsing International to regulators.