Cordlife files police report against former employees for ‘potential wrongdoings’

Renald Yeo

Published Thu, Apr 18, 2024 · 12:01 AM

Cordlife has convened a committee of inquiry as part of its efforts to investigate how one of its storage tanks was exposed to temperatures above acceptable limits. PHOTO: BT FILE

CORDLIFE Group has filed a police report on Wednesday (Apr 17) against some of its former employees, following the preliminary findings of an internal investigation conducted by an external consultant.

The consultant “has uncovered preliminary evidence of potential wrongdoings involving mostly former employees of the group in connection with the Tank A incident”, Cordlife said in a bourse filing on Wednesday night.

Tank A refers to one of the storage tanks at Cordlife that were exposed to temperatures above acceptable limits at different periods from November 2020.

The company did not explain what the potential wrongdoings entailed.

The external consultant was engaged by a committee of inquiry (COI) comprising “certain directors of the company”.

The COI was convened to conduct internal investigations and is “part of efforts to investigate how the Tank A incident had occurred and to prevent similar occurrences in the future”, Cordlife said.

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The arrests of Cordlife's directors and group chief executive are related to alleged breaches-of-disclosure obligations regarding its storage tanks' exposure to irregular temperatures.

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Cordlife says it cannot be certain of the viability and potency of every CBU stored in the high-risk tanks and will deem that the CBUs in these tanks are impacted by temperature excursions.

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The committee’s work is ongoing, the company added.

Shares of Cordlife closed S$0.002 or 1.4 per cent higher at S$0.15 on Wednesday, prior to the announcement.

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