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Camsing Healthcare suspends chairman, who remains in police custody

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 announced on Monday after market close.

In an earlier filing on July 9, Camsing Healthcare had 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. Normal business operations and functions of the board remain stable and have not been materially and adversely affected by her arrest, it said then.

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 for the custody, 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 executive director as a result of the custody, the Board resolved on Aug 19 to suspend all her administrative and executive duties and powers with immediate effect and until notice.

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"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 on any further developments by way of further announcements as and whennecessary, and advised shareholders to exercise caution when dealing in its shares.

Camsing Healthcare's shares have been suspended since Apr 1.

On July 9, it was reported that China wealth manager Noah Holdings has 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.